Generating Renewable Energy and Encouraging Novel Technologies Act of 2007

To amend the Internal Revenue Code of 1986 to generate renewable energy and encourage novel technologies related to the production of energy, and for other purposes.

6/11/2007--Introduced.
Generating Renewable Energy and Encouraging Novel Technologies Act of 2007 - Amends Internal Revenue Code provisions relating to renewable energy and other energy-related tax incentives. Allows current year expensing for:
(1) wind, solar, geothermal, biomass, and ocean energy property used to produce electricity;
(2) qualified fuel cell or microturbine property;
(3) oil shale extraction and processing property; and
(4) coal-to-liquid fuels process property.
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.
Allows accelerated depreciation for electric transmission or distribution property.
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.
Revises tax credit amounts for certain energy efficient appliances (e.g., dishwashers, refrigerators) produced after 2007.
Extends through 2040 the tax credit for producing electricity from advanced nuclear power facilities and increases the amounts of such credit.


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Sponsor

• Rep. Philip English [R, PA-3]
• and 7 Co-Sponsors
  • Rep. Russ Carnahan [D, MO-3]
  • Rep. Marcy Kaptur [D, OH-9]
  • Rep. John Kuhl [R, NY-29]
  • Rep. Donald Manzullo [R, IL-16]
  • Rep. Lee Terry [R, NE-2]
  • Rep. Frederick Upton [R, MI-6]
  • Rep. Rob Wittman [R, VA-1]
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Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.2652

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 11, 2007

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All Bill Actions

• Jun 11, 2007: Referred to the House Committee on Ways and Means.
• Introduced on Jun 11, 2007.

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Related Issue Areas:

• Coal
• Energy conservation
• Taxation
• Alcohol as fuel
• 32 more
• Alternative energy sources
• Biomass energy
• Bonds
• Cellulose
• Coal liquefaction
• Depreciation and amortization
• Diesel motor
• Electric appliances
• Electric power production
• Electric power transmission
• Energy
• Energy conservation in buildings
• Energy efficiency
• Energy facilities
• Excise tax
• Finance
• Fuel cells
• Geothermal resources
• Income tax
• Investment tax credit
• Marine resources
• Natural resources
• Nuclear energy
• Nuclear power plants
• Ocean energy resources
• Oil shales
• Solar energy
• Tax credits
• Tax deductions
• Transportation
• Water resources
• Wind power

Data from the Congressional Research Service

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Blog Coverage

August 19, 2008 Pennsylvania Update

Legislation permanently extending the tax credit for alternative energy production, including wind, solar and hydrogen (HR 2652). A discharge petition on legislation (HR 2279) to expedite the construction of new refining capacity on ...

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Source: Weapons of Mass Discussion

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August 14, 2008 Fact Checking the Left on Energy

Devin Nunes (R-CA); Permanently extend the tax credit for alternative energy production, including wind, solar and hydrogen, as proposed in HR 2652 by Rep. Phil English (R-PA) and in HR 5984 by Rep. Roscoe Bartlett (R-MD) ...

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Source: The Foundry

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May 19, 2008 El GI Bill

O sea, el GI-Bill (HR 2652), por la cual la congresista republicana Ileana Ros-Lehtinen votó a favor. “Como alguien que tiene un miembro de su familia en el ejercito, estoy consternado por los dos votos de Mario Diaz-Balart en contra de ...

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Source: Politicom

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