H.R. 3486, To amend the Internal Revenue Code of 1986 to provide incentives for improving mine safety

• This item is from the 110th Congress (2007-2008) and is no longer current.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.
• This bill, or a similar bill, was reintroduced in the current Congress as H.R. 497, To amend the Internal Revenue Code of 1986 to provide incentives for improving mine safety.

Version saved on September 24, 2007, 18:36:37, by webmaster:

H.R. 3486 would amend the Internal Revenue Code of 1986 to provide incentives for improving mine safety.

Detailed Summary

Amends the Internal Revenue Code to allow a tax credit for 50% of the cost of qualified advanced mine safety equipment property (in lieu of the existing taxpayer election to expense 50% of such property in the current taxable year). Defines such property to include: (1) an emergency communication technology or device for constant communication with individuals outside the mine; (2) an electronic identification and location device; (3) an emergency oxygen-generating device; (4) pre-positioned oxygen supplies; and (5) a comprehensive atmospheric monitoring system to monitor levels of carbon monoxide and other gases present in a mine.

Revises the tax credit for mine rescue team training expenses to: (1) increase the amount of such credit; (2) allow such credit as an offset against the alternative minimum tax; and (3) make such credit permanent.

Status of the Legislation

Latest Major Action: 9/6/2007: 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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