AllBestEssays.com - All Best Essays, Term Papers and Book Report
Search

Sample House Bill

Essay by   •  March 6, 2017  •  Coursework  •  852 Words (4 Pages)  •  1,065 Views

Essay Preview: Sample House Bill

Report this essay
Page 1 of 4

SEVENTEENTH CONGRESS OF THE        )
REPUBLIC OF THE PHILIPPINES                )
___
Regular Session                                )

CONGRESS
House Bill No. ____


Introduced by:
CUNANAN, FELIX B. II
AGATEP, JORAY C.
GUIAO, JAN ARIELLE C.
PANIQUE, DAN FEDDERBERT P.
LAZATIN, MITZI S.
QUIAMBAO, SHERINE LOIS D.

                                                AN ACT        
PROVIDING FOR TAX EXEMPTIONS TO PETROLEUM COMPANIES ENGAGED IN OPERATIONS RELATING TO RENEWABLE FUEL INDUSTRY AND ITS SOURCES, INCLUDING FURTHER RESEARCH EFFORTS THEREOF

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

CHAPTER I
GENERAL PROVISIONS

SECTION 1. Short Title. This Act shall be known as the “Renewable Fuel Tax Exemptions Act of 2016”

SECTION 2. Declaration of Policy. It shall be the policy of the State to promote the efforts in reducing the adverse effects of traditional products being produced by different industries, such as petroleum, to the environment as a whole. To this end, the State shall encourage the entry of companies in the industry of renewable fuel, including but not limited to the further research of such product and its sources.

SECTION 3. Coverage. This Act shall apply to all persons or entities with majority of its operations relating to renewable fuel research and production.

SECTION 4. Definition of Terms. For purposes of this Act, the following terms are hereinbelow defined:

  1. Petroleum Companies shall refer to all persons or entities engaged in any or all activities relating to the oil industry, including the production, import, and export of petroleum.
  2. Renewable Fuel shall refer to fuels naturally occurring and processed from sources other than fossil fuels and other carbon-emitting sources.
  3. Biofuel shall refer to the other term relating to Renewable Fuel
  4. Research shall refer to efforts of Petroleum Companies to discover new sources for renewable fuel and to discover new methods applicable in processing these sources more efficiently.
  5. Majority of Operations shall refer to 70% of the company’s income or revenue.

CHAPTER II
TAX EXEMPTIONS FOR BIOFUEL PRODUCTION

SECTION 5. Biofuel Production. – Petroleum Companies with majority of its operations engaged in the production of Biofuel or Renewable Fuel shall be exempted to taxes relating to the production and distribution of such, including to business taxes and income taxes for TWO BILLION PESOS (PHP 2,000,000,000.00) of their annual revenues directly related to the biofuel business.

...

...

Download as:   txt (5.1 Kb)   pdf (112.4 Kb)   docx (10.5 Kb)  
Continue for 3 more pages »
Only available on AllBestEssays.com
Citation Generator

(2017, 03). Sample House Bill. AllBestEssays.com. Retrieved 03, 2017, from https://www.allbestessays.com/essay/Sample-House-Bill/65297.html

"Sample House Bill" AllBestEssays.com. 03 2017. 2017. 03 2017 <https://www.allbestessays.com/essay/Sample-House-Bill/65297.html>.

"Sample House Bill." AllBestEssays.com. AllBestEssays.com, 03 2017. Web. 03 2017. <https://www.allbestessays.com/essay/Sample-House-Bill/65297.html>.

"Sample House Bill." AllBestEssays.com. 03, 2017. Accessed 03, 2017. https://www.allbestessays.com/essay/Sample-House-Bill/65297.html.