WASHINGTON – The House Democrats unveiled the energy portion of their legislative agenda, and it includes provisions to reign in tax breaks and incentives for oil and gas companies and invest the funds in renewable energy, reports The Washington Post reports.

The proposed legislation would raise an estimated $13 billion in revenue over five years, and would set that money in a fund for use in spending and tax breaks for renewable energy sources but not nuclear power.

Natural Resources Committee Chairman Nick J. Rahall (D-WV) and Ways and Means Committee Chairman Charles B. Rangel (D-NY) sponsored the bill. The measure cuts back breaks for geological work and cuts out oil and gas from a 2004 bill that would effectively decrease their tax rate from 35 percent to 32 percent, the newspaper reports.

The measure also includes language that would require oil and gas companies with offshore exploration in deep water to renegotiate current federal leases before bidding on new federal leases.