H.R.5351 Renewable Energy and Energy Conservation Tax Act of 2008
http://www.opencongress.org/bill/110-h5351/show
Renewable Energy and Energy Conservation Tax Act of 2008
To amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation.
Summary:
This bill would repeal roughly $18 billion in manufacturing tax credits for oil and gas companies while extending and increasing tax credits for a wide range of renewable energy programs. It is expected to cause a contentious debate in the Senate, where it's chances of being approved are uncertain.
Other Bill Titles (3 more)Hide Other Bill Titles
* Official: To amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation. as introduced.
* Short: Renewable Energy and Energy Conservation Tax Act of 2008 as passed house.
* Short: Renewable Energy and Energy Conservation Tax Act of 2008 as introduced.
2/27/2008--Passed House without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Renewable Energy and Energy Conservation Tax Act of 2008 - Amends Internal Revenue Code provisions relating to renewable energy sources and energy conservation. Title I: Production Incentives -
(Sec. 101) Extends through 2011 the tax credit for the production of electricity from renewable resources (e.g., wind, closed and open-loop biomass, geothermal energy, small irrigation power, municipal solid waste, and qualified hydropower). Imposes a limit on such tax credit based upon investment in renewable resource facilities placed in service after 2009 in lieu of the current phaseout provisions for such credit.
(Sec. 102) Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of the tax credit for producing electricity from renewable resources.
(Sec. 103) Extends through 2016 the energy tax credit for investment in solar energy and fuel cell property.
Allows an offset against alternative minimum tax liability for certain energy tax credit amounts.
Increases to $1,500 the credit limitation for fuel cell property. Allows public electric utility property to qualify for the energy tax credit.
(Sec. 104) Allows a new tax credit for investment in qualified new clean renewable energy bonds.
(Sec. 105) Extends through 2009 the special rule for the treatment of gain from electronic transmission transactions by a qualified electric utility (as defined by the Federal Power Act).
(Sec. 106) Extends through 2014 the tax credit for residential energy efficient property expenditures. Increases to $4,000 the maximum amount of such credit for solar electric property. Includes residential small wind equipment and geothermal heat pumps as property eligible for such credit. Allows credit amounts to offset alternative minimum tax liability. Title II: Conservation - Subtitle A: Transportation - Part I: Vehicles -
(Sec. 201) Allows a new tax credit for the production of plug-in hybrid vehicles. Defines "qualified plug-in hybrid vehicle" as a motor vehicle weighing less than 14,000 pounds that meets certain emission standards under the Clean Air Act and that is propelled to a significant extent by an electric motor that draws electricity from a rechargeable battery.
(Sec. 202) Extends through 2010 the tax credit for installing nonhydrogen alternative fuel refueling property. Increases the rate of the tax credit for alternative fuel refueling property expenditures from 30 to 50% and raises the dollar limit for commercial properties to $50,000.
(Sec. 203) Modifies the definition of "passenger automobile" for purposes of limitations on depreciation and expensing of vehicles to include any four-wheeled vehicles that are designed primarily to carry passengers over public streets, roads, or highways and that are rated at not more than 14,000 pounds gross vehicle weight.
Part 2: Fuels -
(Sec. 211) Extends through 2010 the income and excise tax credits for biodiesel (including agri-biodiesel) and renewable diesel used as fuel. Eliminates the requirement that renewable diesel be made using a thermal depolymerization process. Modifies the definition of "renewable diesel" for purposes of the income and excise tax credits for biodiesel and renewable diesel used as fuel to exclude any fuel derived from coprocessing biomass with a feedstock that is not biomass.
(Sec. 212) Disqualifies foreign-produced fuel that is used or sold for use outside the United States for the income and excise tax credits for alcohol, biodiesel, renewable diesel, and alternative fuel production.
(Sec. 213) Allows an alcohol fuels tax credit for the production of qualified cellulosic alcohol fuel.
Part 3: Other Transportation Incentives -
(Sec. 221) Allows employees to exclude reimbursements for bicycle commuting expenses from gross income.
(Sec. 222) Allows a tax credit against payroll liabilities of New York Liberty Zone governmental units (i.e., New York State, the City of New York, or any agencies or instrumentalities thereof) for expenditures involving transportation infrastructure projects in or connecting with the New York Liberty Zone.
Subtitle B: Other Conservation Provisions -
(Sec. 231) Authorizes the issuance of qualified energy conservation bonds to finance local government conservation and greenhouse gas reduction projects. Imposes a national limitation of $3.6 billion on the issuance of such bonds.
(Sec. 232) Extends the tax credit for nonbusiness energy property expenditures through 2009. Includes energy-efficient biomass fuel stoves as property eligible for such tax credit.
(Sec. 233) Extends the tax deduction for energy efficient commercial buildings through 2013.
(Sec. 234) Revises the amounts allowable under the tax credit for energy efficient appliances produced after 2007 (i.e., dish washers, clothes washers, and refrigerators) and extends such credit through 2010.
(Sec. 235) Allows a five-year recovery period for the depreciation of qualified energy management devices. Defines " energy management device" as a device that measures and records electricity usage data on a time-differentiated basis in at least 24 separate time segments per day and allows for the exchange of electricity-usage information and data.
Title III: Revenue Provisions -
(Sec. 301) Denies the tax deduction for income attributable to domestic production of oil, gas, or any related products for major integrated oil companies. Reduces such deduction by 3% for taxpayers other than major integrated oil companies after 2009.
(Sec. 302) Revises the method for calculating foreign oil and gas extraction income and foreign oil related income to require a valuation prior to a specified fair market value event.
(Sec. 303) Increases by 3% the estimated tax payment of certain large corporations (assets of not less than $1 billion) in the third quarter of 2013.
Title IV: Other Provisions - Subtitle A: Studies -
(Sec. 401) Directs the Secretary of the Treasury to enter into an agreement with the National Academy of Sciences (NAS) for a review of the Internal Revenue Code to identify the types of tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. Requires NAS to reports its findings to Congress not later than two years after the enactment of this Act. Authorizes appropriations for such study in FY2008-FY2009.
(Sec. 402) Directs the Secretary, in consultation with the Secretaries of Agriculture and Energy, and the Administrator of the Environmental Protection Agency (EPA), to enter into an agreement with NAS to produce an analysis of scientific findings relating to current and future biofuels production and the domestic effects of a dramatic increase in such production activity. Requires NAS to submit an initial report to Congress on its findings within three months after enactment of this Act and a final report within six months.
Subtitle B: Application of Certain Labor Standards on Projects Financed Under Tax Credit Bonds -
(Sec. 411) Applies labor standards under the Davis-Bacon Act to projects financed with new clean renewable energy bonds.
Sponsor
* Rep. Charles Rangel [D, NY-15]
* and 36 Co-Sponsors
o Rep. Xavier Becerra [D, CA-31]
o Rep. Shelley Berkley [D, NV-1]
o Rep. Earl Blumenauer [D, OR-3]
o Rep. Kathy Castor [D, FL-11]
o Rep. Steve Cohen [D, TN-9]
o Rep. Joseph Crowley [D, NY-7]
o Rep. Lloyd Doggett [D, TX-25]
o Rep. Keith Ellison [D, MN-5]
o Rep. Rahm Emanuel [D, IL-5]
o Rep. Eni Faleomavaega [D, AS-0]
o Rep. Gabrielle Giffords [D, AZ-8]
o Rep. John Hall [D, NY-19]
o Rep. Baron Hill [D, IN-9]
o Rep. Mazie Hirono [D, HI-2]
o Rep. Paul Hodes [D, NH-2]
o Rep. Henry Johnson [D, GA-4]
o Rep. Stephanie Jones [D, OH-11]
o Rep. Ronald Kind [D, WI-3]
o Rep. Ron Klein [D, FL-22]
o Rep. John Larson [D, CT-1]
o Rep. Sander Levin [D, MI-12]
o Rep. John Lewis [D, GA-5]
o Rep. Daniel Lipinski [D, IL-3]
o Rep. David Loebsack [D, IA-2]
o Rep. James McDermott [D, WA-7]
o Rep. Jerry McNerney [D, CA-11]
o Rep. Richard Neal [D, MA-2]
o Rep. William Pascrell [D, NJ-8]
o Rep. Earl Pomeroy [D, ND-0]
o Rep. John Sarbanes [D, MD-3]
o Rep. Allyson Schwartz [D, PA-13]
o Rep. Albio Sires [D, NJ-13]
o Rep. Fortney Stark [D, CA-13]
o Rep. Niki Tsongas [D, MA-5]
o Rep. Christopher Van Hollen [D, MD-8]
o Rep. Peter Welch [D, VT-0]
close
Committees
* House Ways and Means
* 1 more
o Senate Finance
close
Amendments- This bill has no amendments.
Bill Status
Introduced February 12, 2008
Voted on by House February 27, 2008 result-passed
Voted on by Senate result
Considered By President result
Bill Becomes Law
Renewable Energy and Energy Conservation Tax Act of 2008
To amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation.
Summary:
This bill would repeal roughly $18 billion in manufacturing tax credits for oil and gas companies while extending and increasing tax credits for a wide range of renewable energy programs. It is expected to cause a contentious debate in the Senate, where it's chances of being approved are uncertain.
Other Bill Titles (3 more)Hide Other Bill Titles
* Official: To amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation. as introduced.
* Short: Renewable Energy and Energy Conservation Tax Act of 2008 as passed house.
* Short: Renewable Energy and Energy Conservation Tax Act of 2008 as introduced.
2/27/2008--Passed House without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Renewable Energy and Energy Conservation Tax Act of 2008 - Amends Internal Revenue Code provisions relating to renewable energy sources and energy conservation. Title I: Production Incentives -
(Sec. 101) Extends through 2011 the tax credit for the production of electricity from renewable resources (e.g., wind, closed and open-loop biomass, geothermal energy, small irrigation power, municipal solid waste, and qualified hydropower). Imposes a limit on such tax credit based upon investment in renewable resource facilities placed in service after 2009 in lieu of the current phaseout provisions for such credit.
(Sec. 102) Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of the tax credit for producing electricity from renewable resources.
(Sec. 103) Extends through 2016 the energy tax credit for investment in solar energy and fuel cell property.
Allows an offset against alternative minimum tax liability for certain energy tax credit amounts.
Increases to $1,500 the credit limitation for fuel cell property. Allows public electric utility property to qualify for the energy tax credit.
(Sec. 104) Allows a new tax credit for investment in qualified new clean renewable energy bonds.
(Sec. 105) Extends through 2009 the special rule for the treatment of gain from electronic transmission transactions by a qualified electric utility (as defined by the Federal Power Act).
(Sec. 106) Extends through 2014 the tax credit for residential energy efficient property expenditures. Increases to $4,000 the maximum amount of such credit for solar electric property. Includes residential small wind equipment and geothermal heat pumps as property eligible for such credit. Allows credit amounts to offset alternative minimum tax liability. Title II: Conservation - Subtitle A: Transportation - Part I: Vehicles -
(Sec. 201) Allows a new tax credit for the production of plug-in hybrid vehicles. Defines "qualified plug-in hybrid vehicle" as a motor vehicle weighing less than 14,000 pounds that meets certain emission standards under the Clean Air Act and that is propelled to a significant extent by an electric motor that draws electricity from a rechargeable battery.
(Sec. 202) Extends through 2010 the tax credit for installing nonhydrogen alternative fuel refueling property. Increases the rate of the tax credit for alternative fuel refueling property expenditures from 30 to 50% and raises the dollar limit for commercial properties to $50,000.
(Sec. 203) Modifies the definition of "passenger automobile" for purposes of limitations on depreciation and expensing of vehicles to include any four-wheeled vehicles that are designed primarily to carry passengers over public streets, roads, or highways and that are rated at not more than 14,000 pounds gross vehicle weight.
Part 2: Fuels -
(Sec. 211) Extends through 2010 the income and excise tax credits for biodiesel (including agri-biodiesel) and renewable diesel used as fuel. Eliminates the requirement that renewable diesel be made using a thermal depolymerization process. Modifies the definition of "renewable diesel" for purposes of the income and excise tax credits for biodiesel and renewable diesel used as fuel to exclude any fuel derived from coprocessing biomass with a feedstock that is not biomass.
(Sec. 212) Disqualifies foreign-produced fuel that is used or sold for use outside the United States for the income and excise tax credits for alcohol, biodiesel, renewable diesel, and alternative fuel production.
(Sec. 213) Allows an alcohol fuels tax credit for the production of qualified cellulosic alcohol fuel.
Part 3: Other Transportation Incentives -
(Sec. 221) Allows employees to exclude reimbursements for bicycle commuting expenses from gross income.
(Sec. 222) Allows a tax credit against payroll liabilities of New York Liberty Zone governmental units (i.e., New York State, the City of New York, or any agencies or instrumentalities thereof) for expenditures involving transportation infrastructure projects in or connecting with the New York Liberty Zone.
Subtitle B: Other Conservation Provisions -
(Sec. 231) Authorizes the issuance of qualified energy conservation bonds to finance local government conservation and greenhouse gas reduction projects. Imposes a national limitation of $3.6 billion on the issuance of such bonds.
(Sec. 232) Extends the tax credit for nonbusiness energy property expenditures through 2009. Includes energy-efficient biomass fuel stoves as property eligible for such tax credit.
(Sec. 233) Extends the tax deduction for energy efficient commercial buildings through 2013.
(Sec. 234) Revises the amounts allowable under the tax credit for energy efficient appliances produced after 2007 (i.e., dish washers, clothes washers, and refrigerators) and extends such credit through 2010.
(Sec. 235) Allows a five-year recovery period for the depreciation of qualified energy management devices. Defines " energy management device" as a device that measures and records electricity usage data on a time-differentiated basis in at least 24 separate time segments per day and allows for the exchange of electricity-usage information and data.
Title III: Revenue Provisions -
(Sec. 301) Denies the tax deduction for income attributable to domestic production of oil, gas, or any related products for major integrated oil companies. Reduces such deduction by 3% for taxpayers other than major integrated oil companies after 2009.
(Sec. 302) Revises the method for calculating foreign oil and gas extraction income and foreign oil related income to require a valuation prior to a specified fair market value event.
(Sec. 303) Increases by 3% the estimated tax payment of certain large corporations (assets of not less than $1 billion) in the third quarter of 2013.
Title IV: Other Provisions - Subtitle A: Studies -
(Sec. 401) Directs the Secretary of the Treasury to enter into an agreement with the National Academy of Sciences (NAS) for a review of the Internal Revenue Code to identify the types of tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. Requires NAS to reports its findings to Congress not later than two years after the enactment of this Act. Authorizes appropriations for such study in FY2008-FY2009.
(Sec. 402) Directs the Secretary, in consultation with the Secretaries of Agriculture and Energy, and the Administrator of the Environmental Protection Agency (EPA), to enter into an agreement with NAS to produce an analysis of scientific findings relating to current and future biofuels production and the domestic effects of a dramatic increase in such production activity. Requires NAS to submit an initial report to Congress on its findings within three months after enactment of this Act and a final report within six months.
Subtitle B: Application of Certain Labor Standards on Projects Financed Under Tax Credit Bonds -
(Sec. 411) Applies labor standards under the Davis-Bacon Act to projects financed with new clean renewable energy bonds.
Sponsor
* Rep. Charles Rangel [D, NY-15]
* and 36 Co-Sponsors
o Rep. Xavier Becerra [D, CA-31]
o Rep. Shelley Berkley [D, NV-1]
o Rep. Earl Blumenauer [D, OR-3]
o Rep. Kathy Castor [D, FL-11]
o Rep. Steve Cohen [D, TN-9]
o Rep. Joseph Crowley [D, NY-7]
o Rep. Lloyd Doggett [D, TX-25]
o Rep. Keith Ellison [D, MN-5]
o Rep. Rahm Emanuel [D, IL-5]
o Rep. Eni Faleomavaega [D, AS-0]
o Rep. Gabrielle Giffords [D, AZ-8]
o Rep. John Hall [D, NY-19]
o Rep. Baron Hill [D, IN-9]
o Rep. Mazie Hirono [D, HI-2]
o Rep. Paul Hodes [D, NH-2]
o Rep. Henry Johnson [D, GA-4]
o Rep. Stephanie Jones [D, OH-11]
o Rep. Ronald Kind [D, WI-3]
o Rep. Ron Klein [D, FL-22]
o Rep. John Larson [D, CT-1]
o Rep. Sander Levin [D, MI-12]
o Rep. John Lewis [D, GA-5]
o Rep. Daniel Lipinski [D, IL-3]
o Rep. David Loebsack [D, IA-2]
o Rep. James McDermott [D, WA-7]
o Rep. Jerry McNerney [D, CA-11]
o Rep. Richard Neal [D, MA-2]
o Rep. William Pascrell [D, NJ-8]
o Rep. Earl Pomeroy [D, ND-0]
o Rep. John Sarbanes [D, MD-3]
o Rep. Allyson Schwartz [D, PA-13]
o Rep. Albio Sires [D, NJ-13]
o Rep. Fortney Stark [D, CA-13]
o Rep. Niki Tsongas [D, MA-5]
o Rep. Christopher Van Hollen [D, MD-8]
o Rep. Peter Welch [D, VT-0]
close
Committees
* House Ways and Means
* 1 more
o Senate Finance
close
Amendments- This bill has no amendments.
Bill Status
Introduced February 12, 2008
Voted on by House February 27, 2008 result-passed
Voted on by Senate result
Considered By President result
Bill Becomes Law
Replies to This Discussion
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Permalink Reply by Thomas on -
Emails to California Senators and Congressmen
America has an abundance of natural resources,RIGHT NOW, that can and will put Americans BACK TO WORK-NOT OUT OF WORK. . H.R.6566 will not lower the price of Oil back to around $50 a barrel. I urge you to open up all of our resources owned BY THE AMERICAN PEOPLE. No more blame games,in fighting, greed, power struggles, or dictatorship type controls.
The Daily Fact Sheet
Here are 10 ways that the Democrats’ “no energy” bill fails the American people at a time when real leadership on this issue is needed most:
The Democrats’ “no energy” bill permanently locks up 80 percent of American energy on the Outer Continental Shelf
The Democrats’ “no energy” bill permanently locks up more than 1 trillion barrels of oil from oil shale in the Inter-Mountain West.
The Democrats’ “no energy” bill permanently locks up more than 10 billion barrels of oil on Alaska’s remote North Slope – an area where energy production and wildlife have been safely coexisting for decades.
The Democrats’ “no energy” bill blocks more nuclear power production – clean, efficient, and less costly production that nations such as France have been safely using for years while the United States continues to fall behind.
The Democrats’ “no energy” bill does nothing to construct new clean coal energy production facilities – facilities that are a win-win, with benefits both to consumers and for the environment.
The Democrats’ “no energy” bill raises taxes – a new burden for overstressed consumers already paying high prices at the pump and preparing to pay higher home heating costs this winter.
The Democrats’ “no energy” bill permanently prevents federal agencies from using unconventional and alternative sources of fuel at exactly the time when Congress should be encouraging the use of these fuels.
The Democrats’ “no energy” bill increases electricity costs on families, seniors, and small businesses by creating a new, heavy-handed electricity mandate.
The Democrats’ “no energy” bill includes plans for exactly zero new refineries to be built on American soil. Is this the way to show our competitors around the globe that we are finally serious about achieving energy independence?
The Democrats’ “no energy” bill defies the will of a solid majority of Americans who support the House GOP’s “all of the above” plan to increase American energy production, promote the use of alternative and renewable fuels, and encourage more conservation and efficiency
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Permalink Reply by dan on -
Wow, This kind of partisan ranting will do absolutely nothing to solve our problems.I would suggest you might want to rethink your strategy. We really want to pull people from both sides of the fence. This type of slash and burn rhetoric is EXACTLY why we have his problem. It was a republican and then a democrat president, Nixon and Carter, that last tried to solve this problem. You do not want to start down the road of finger point from there. Which is where we are now.
Thomas, you need to really look at the big picture. We MUST get off the oil. We have to re-tool our economy and we do not have time to bicker. We must take both sides and guide them into the future. When you start this kind of talk you turn those people away. Then if you are lucky you have only 1/2 of the people in the room willing to talk with you. I see this as a real big negative. We MUST get the whole room to move the country.
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Permalink Reply by Chris Rudolph on -
It doesn't matter where the oil comes from - we must get off of it for many, many reasons. A lot of people support more domestic drilling due to a knee-jerk reaction to current fuel prices without regard to the long-term consequences of this activity. We have to get off the merry-go-round.
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