Renewable Energy and Energy Conservation Tax Act of 2007 | |
2007-2008 |
Track H.R. 2776 [110th] Because this bill was introduced in a previous session of Congress, no more action can occur on it. |
 Primary Source See |
SummariesHighlights from Project Vote SmartThe following is Project Vote Smart's highlights for this bill, generously made available by PVS: Congressional Research Service SummaryThe following summary was written by the Congressional Research Service, a well-respected nonpartisan arm of the Library of Congress. GovTrack did not write and has no control over these summaries. 8/4/2007--Passed House amended. Renewable Energy and Energy Conservation Tax Act of 2007 - Amends Internal Revenue Code provisions relating to renewable energy sources and energy conservation.
Title
I
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Production Incentives
Section
101
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Extends through 2012 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 2008 in lieu of the current phaseout provisions for such credit.
Section
102
-
Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of the tax credit for producing electricity from renewable resources.
Section
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.
Section
104
-
Allows a new tax credit for investment in qualified new clean renewable energy bonds.
Section
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).
Section
106
-
Repeals the dollar limitation on the residential energy efficient property tax credit for solar electric and solar water heating property expenditures and for qualified fuel cell property expenditures. Requires performance certification of solar water heating property as a condition of eligibility for the tax credit. Allows an offset against alternative minimum tax liability of tax credit amounts.
Title
II
-
Conservation
Subtitle
A
-
Transportation
Section
201
-
Allows a new tax credit for the production of qualified plug-in hybrid motor 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.
Section
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.
Section
203
-
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.
Section
204
-
Allows an alcohol fuels tax credit for the production of qualified cellulosic alcohol fuel.
Section
205
-
Excludes from gross income for income tax purposes reimbursements for bicycle commuting expenses.
Section
206
-
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.
Section
207
-
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
Section
211
-
Authorizes the issuance of tax-credit energy conservation and qualified residential energy efficiency assistance bonds.
Section
213
-
Extends through 2013 the tax deduction for energy efficient commercial building expenditures.
Section
214
-
Revises the tax credit amounts for energy efficient appliances (i.e., dishwashers, clothes washers, refrigerators, and dehumidifiers) produced after 2007.
Section
215
-
Allows a five-year recovery period for the depreciation of qualified energy management devices. Defines "qualified 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
Subtitle
A
-
Denial of Oil and Gas Tax Benefits
Section
301
-
Denies a tax deduction for income attributable to the domestic production of oil, natural gas, or any primary products thereof.
Section
302
-
Increases from five to seven years the amortization period for geological and geophysical expenditures for certain major integrated oil companies (i.e., companies with an average daily worldwide production of crude oil of at least 500,000 barrels, gross receipts in excess of $1 billion, and an ownership interest in a crude oil refiner of 15% or more).
Section
303
-
Revises the standard for calculating foreign oil and gas extraction income for purposes of the foreign tax credit to require a fair market valuation.
Subtitle
B
-
Clarification of Eligibility for Certain Fuel Credits
Section
311
-
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 which is not biomass.
Section
312
-
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.
Title
IV
-
Other Provisions
Subtitle
A
-
Studies
Section
401
-
Directs the Secretary of the Treasury to enter into an agreement with the National Academy of Sciences for a comprehensive review of federal tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. Requires the Academy to report to Congress on such study not later than two years after the enactment of this Act. Authorizes appropriations for FY2008-FY2009.
Section
402
-
Directs the Secretary to enter into an agreement with the Academy to analyze and report to Congress on current scientific findings relating to biofuels production.
Subtitle
B
-
Application of Certain Labor Standards on Projects Financed Under Tax Credit Bonds
Section
411
-
Makes federal public buildings and works labor standards applicable to projects financed by tax credit bonds. |
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