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H.R. 1770, The Corrosion Prevention Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on August 2, 2007, 02:40:44, by webmaster:
H.R. 1770 would amend the Internal Revenue Code of 1986 to encourage the use of corrosion prevention and mitigation measures in the construction and maintenance of business property.
Detailed Summary
Corrosion Prevention Act of 2007 - Amends the Internal Revenue Code to allow a business-related tax credit for 50% of net expenditures for engineering design, materials, and application and installation of corrosion prevention and mitigation technology for depreciable property comprised primarily of metals susceptible to corrosion. Terminates such credit after 2017.
Status of the Legislation
Latest Major Action: 3/29/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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Visitor Comments
Jim Britton
May 4, 2008, 1:45pm (report abuse)This bill would assure the integrity of the offshore pipeline infrastructure which is critical to our energy future in the short term and way beyond oil.
With offshore alternate energy initiatives, wind, wave, tidal geothermal etc we must have a way to send and receive power, and critrical supplies. Given that many of these alternate sources will piggyback the old oil and gas infrastructure it makes sense to keep them serviceable.
A positive tax incentive now would ensure the survival of this vast energy infrastructure.
Failure to enforce current regulations will lead to a catastrophic failure rate in these failities which are already stretched to the limit.
Refer my article World Pipelines Magazine April 2008 page 16.
I vote a resounding yes.