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2007-2008 Renewable Energy Legislation

Enacted Legislation

H.R. 1424 Emergency Economic Stabilization Act of 2008
Introduced March 9, 2008 by Rep. Patrick Kennedy
Provides authority for the federal government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers. Also provides a patch for the alternative minimum tax and extends the production tax credit (PTC) for wind energy for one year, the investment tax credit (ITC) for solar energy projects for eight years and the new markets tax credit (NMTC) for one year. Allows states to allocate an additional $8 per capita in low-income housing tax credit (LIHTC) amounts in 2008, 2009 and 2010 in the Midwestern Disaster Area. Also allows Texas and Louisiana to allocate $16 per capita in additional LIHTC amounts in 2008, 2009 and 2010 based on the populations of Brazoria, Chambers, Galveston, Jefferson and Orange counties in Texas and Calcasieu and Cameron parishes in Louisiana.

Summary of Energy, Extenders, AMT and Disaster Tax Provisions in the Emergency Economic Stabilization Act of 2008 October 1, 2008

List of Counties Included in the Midwestern Disaster Area

Joint Committee on Taxation Technical Explanation of the Tax Provisions of H.R. 1424 October 1, 2008

Statement of Administration Policy Regarding H.R. 1424— Emergency Economic Stabilization Act of 2008, Energy Improvement and Extension Act of 2008, and Tax Extenders and Alternative Minimum Tax Relief Act of 2008 October 3, 2008

Introduced Legislation

H.R. 7060 Renewable Energy and Job Creation Tax Act of 2008
Introduced September 25, 2008 by Rep. Charles  Rangel
Would extend production tax credit for wind energy for one year and investment tax credits for solar energy projects for eight years. Also extends a number of expiring tax incentives, including the new markets tax credit.

Ways and Means Committee Staff Summary of H.R. 7060

Preliminary JCT Estimate of Cost of H.R. 7060

S. 3335, The Jobs, Energy, Families and Disaster Relief Act
Introduced July 24, 2008 by Sen. Max Baucus
Builds on the Energy Independence and Tax Relief Act of 2008 (S. 3125), which extends and expands production and investment tax credits for renewable energy, by adding provisions to provide immediate relief to victims of floods and other natural disasters, replenish the Highway Trust Fund to enable vital infrastructure repairs and more job creation, and require parity for mental health care treatment with other medical treatment in the nation’s health care system. Would also extend the NMTC for one year.

Estimated Revenue Effects of The Jobs, Energy, Families and Disaster Relief Act July 24, 2008

Summary of the Provisions of The Jobs, Energy, Families and Disaster Relief Act

H.R. 6049, Renewable Energy and Job Creation Act of 2008 (As Passed by House on May 21, 2008)
Introduced May 14, 2008 by Rep. Charles Rangel
Among other things, would extend and modify the renewable energy production tax credit and extend and modify the solar energy and fuel cell investment tax credit. Would provide almost $20 billion of tax incentives for investment in renewable energy, carbon capture and sequestration demonstration projects, energy efficiency and conservation.

Press Release and Summary: Senate Passes Baucus-Grassley Clean Energy Incentives, Extensions of Expiring Tax Cuts, Disaster Relief and Protection from Alternative Minimum Tax September 23, 2008

Baucus Floor Statement Regarding Energy, Tax Extenders September 18, 2008

Legislative Text to the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 September 17, 2008

Staff Summary of the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 September 17, 2008

Estimated Revenue Effects of the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 September 17, 2008

Legislative Text to the Energy Improvement and Extension Act September 17, 2008

Staff Summary of the Energy Improvement and Extension Act September 17, 2008

Estimated Revenue Effects of the Energy Improvement and Extension Act September 17, 2008

Press Release: Baucus, Grassley, Senate Leaders Agree To Move Clean Energy Incentives, Extend Expiring Tax Cuts, Offer Disaster Tax Relief, Protect Millions From Alternative Minimum Tax September 16, 2008

The Energy Independence and Investment Act of 2008
As of September 11, 2008 by Sens. Max Baucus and Charles Grassley
Energy tax legislation that includes long-term extensions of wind and solar energy tax credits. The bill extends the placed-in-service date for the Section 45 renewable energy production tax credit, through December 31, 2011. The package also includes and extension of the 30 percent investment tax credit for solar energy property and qualified fuel cell property, as well as the 10 percent investment tax credit for microturbines, for eight years—through 2016.

Senate Finance Committee Staff Summary of the Energy Independence and Investment Act of 2008 September 11, 2008

Estimated Revenue Effects of the Energy Independence and Investment Act of 2008 September 11, 2008

Press Release: Baucus, Grassley Offer Tax Incentives for Clean Energy, Homegrown Jobs September 11, 2008

Statement of Adminstration Policy: H.R. 6049 - Renewable Energy and Job Creation Act of 2008 May 21, 2008

JCT Estimated Revenue Effects of H.R. 6049, Renewable Energy and Job Creation Act of 2008 May 21, 2008

Ways and Means Commitee Description of H.R. 6049, Energy and Tax Extenders Act of 2008

JCT Estimated Revenue Effects of H.R. 6049, Energy and Tax Extenders Act of 2008 May 15, 2008

JCT Description of H.R. 6049, Energy and Tax Extenders Act of 2008 May 15, 2008

 

S. 2886, the Alternative Minimum Tax and Extenders Tax Relief Bill of 2008
Introduced April 17, by Sen. Max Baucus
Among other things, includes an extension of the 30 percent investment tax credit for solar energy property and qualified fuel cell property, as well as the 10 percent investment tax credit for microturbines for one year (through 2009). It also includes an increase of $400 million to the Clean Renewable Energy Bonds (CREBs) program for bonds issued after December 31, 2008.

Summary of Provisions

GOP Senators Letter Urging Passage of Extenders Passage Without Revenue Offsets April 23, 2008

S. 2821 Clean Energy Tax Stimulus Act of 2008 (draft)
Introduced April 3, 2008 by Sen. Maria Cantwell
Among other things, would extend for one year the renewable energy production tax credit and modify and extend the solar energy and fuel cell investment tax credit.

Economic Stimulus Act of 2008

JCT Description of the Economic Stimulus Act of 2008

JCT Score of The Economic Stimulus Act of 2008

JCT Description of the Chairman's Modification of the Economic Stimulus Act of 2008

Estimated Budget Effects Of The Chairman's Modification To The Economic Stimulus Act Of 2008

H.R. 5231 Clean Energy Investment Act of 2008
Introduced February 6, 2008 by Rep. Bruce Braley
Would extend the wind energy production tax credit (PTC) for seven years, to January 1, 2016.

H.R. 5351, Renewable Energy and Energy Conservation Tax Act of 2008
Introduced February 12, 2008 by Rep. Charles Rangel
Would extend renewable energy production tax credit for three years and the investment tax credit for eight years, among other provisions.

Estimated Revenue Effects Of Tax Provisions Contained In H.R. 5351

Technical Explanation Of The Revenue Provisions Of H.R. 5351

Ways and Means Committee Summary of Provisions

H.R. 3221 Renewable Energy and Energy Conservation Tax Act of 2007
(Includes New Direction for Energy Independence, National Security, and Consumer Protection Act)
Introduced July 30, 2007 by Rep. Nancy Pelosi
Incorporates various legislative initiatives for energy conservation, independence, and security, including provisions related to clean renewable energy bonds.

H.R. 2776, Renewable Energy and Energy Conservation Tax Act of 2007
Introduced June 19, 2007 by Rep. Charles Rangel
Appended to to H.R. 3321 on August 4, 2007
Extends the 30 percent investment tax credit for solar energy property and qualified fuel cell property for eight years. Extends the placed-in-service date for four years for qualifying wind and other facilities; it also adds a new category of qualifying facilities -- facilities that generate electricity from marine renewables (e.g., waves and tides).

House Ways and Means Committee Summary of H.R. 2776

JCT Description of the Renewable Energy and Energy Conservation Tax Act of 2007
June 19, 2007

JCT Estimate of Revenue Effects of the Renewable Energy and Energy Conservation Tax Act of 2007
June 19, 2007

H.R. 2652 Generating Renewable Energy and Encouraging Novel Technologies Act of 2007
Introduced June 11, 2007 by Rep. Phil English
Extends eligibility for clean renewable energy bonds (CREBs) and the issuance authority for such bonds through 2018. Extends through 2018: (1) the tax credit for investment in solar energy and qualified fuel cell property; (2) the income and excise tax credits for alcohol used as fuel and for alternative fuels; (3) the tax credit for nonbusiness energy property expenditures; and (4) the tax deduction for energy efficient commercial building expenditures. Extends through 2016 the tax credit for residential energy efficient property expenditures and increases the amount of such credit. Extends through 2017 the tax credit for using wind, solar, and geothermal resources to produce electricity. Allows new tax credits for: (1) producing electricity from ocean energy; (2) investment in cellulosic biomass ethanol plant property; (3) investment in oil shale extraction and processing property; (4) diesel used as fuel; and (5) investment in a coal-to-liquid fuels project.

Energy Advancement and Investment Act of 2007
Introduced June 19, 2007 by Sen. Max Baucus as an amendment to H.R. 6
(H.R. 6 passed the Senate June 21, 2007 without these provisions)

JCT Description of the Chairman's Modification to the Provisions of the Energy Advancement and Investment Act of 2007
June 19, 2007

Estimated Revenue Effects of the Chairman's Modification to the Provisions of the Energy Advancement and Investment Act of 2007
June 19, 2007

JCT Description of the Energy Advancement and Investment Act of 2007
June 14, 2007

Estimated Revenue Effects of the Energy Advancement and Investment Act
June 14, 2007

S. 1291 Wind Energy Development Act of 2007
Introduced May 3, 2007 by Sen. John Thune
Amends the Internal Revenue Code to: (1) extend through 2012 the tax credit for production of electricity from certain renewable resources; (2) modify the inflation adjustment applicable to such credit; (3) extend through 2012 the tax credit for holders of clean renewable energy bonds and increase the limitation on the amount of such bonds authorized for issuance; and (4) set forth allocations of bond amounts for certain projects.

H.R. 1772 Rural Wind Energy Development Act
Introduced March 29, 2007 by Rep. Earl Blumenauer
Amends the Internal Revenue Code to allow: (1) a tax credit for the installation of wind energy property; and (2) an accelerated depreciation allowance for such property.

S. 673 Rural Wind Energy Development Act
Introduced February 16, 2007 by Rep. Ken Salazar
Amends the Internal Revenue Code to allow: (1) a tax credit for the installation of wind energy property; and (2) an accelerated depreciation allowance for such property.

S. 590 Securing America's Energy Independence Act of 2007
Introduced February 14, 2007
Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability. Expands the definition of "energy property" for purposes of the tax credit to include certain equipment which uses solar energy to generate or store excess electricity. Allows a tax credit for the full amount of qualified photovoltaic property expenditures (currently, limited to 30%).

H.R. 550 Securing America's Energy Independence Act of 2007
Introduced January 18, 2007 by Rep. Michael McNulty
Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability. Includes advanced energy storage systems as energy property for purposes of the tax credit. Provides for a special credit amount for solar photovoltaic energy property and residential energy efficient property based upon kilowatt capacity. Allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property.

H.R. 539 Buildings for the 21st Century Act
Introduced January 17, 2007 by Rep. Allyson Schwartz
Amends the Internal Revenue Code to: (1) increase the allowable amount of the tax deduction for energy efficient commercial building costs; and (2) extend such deduction through 2013.

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