Clean Energy Production Tax Incentives Act of 2007

A bill to amend the Internal Revenue Code of 1986 to extend and expand various tax incentives for production of renewable energy and clean energy sources, and for other purposes.

5/24/2007--Introduced.
Clean Energy Production Tax Incentives Act of 2007 - Amends the Internal Revenue Code to:
(1) increase the rate of the tax credit for producing electricity from renewable resources and extend such credit through 2018;
(2) extend the national limitation amount for clean renewable energy bonds through 2017;
(3) extend the advanced coal project tax credit; and
(4) extend through 2018 the tax credit for investment in qualified fuel cell and microturbine property and solar property.
Allows new tax credits for the capture and storage or use of carbon dioxide and for investment in clean coal energy bonds, carbon dioxide capture bonds, and electric transmission property and bonds.
Treats certain controlled foreign corporations created or organized under the laws of a tax haven country (as identified by the Secretary of the Treasury) as domestic corporations for income tax purposes.
Includes in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income (income attributable to property manufactured outside of the United States and imported for sale into the United States). Changes the effective date of certain loss deferral rules applicable to leases entered into with a foreign person or entity on or before March 12, 2004. Sets forth rules for the application of the economic substance doctrine in evaluating transactions with tax implications. Imposes a penalty for understatements of tax due to transactions lacking economic substance. Denies a tax deduction for interest on underpayments of tax due to transactions lacking economic substance.

... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Byron Dorgan [D, ND]

Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.1508

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 24, 2007

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All Bill Actions

• May 24, 2007: Read twice and referred to the Committee on Finance.
• Introduced on May 24, 2007.

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Related Issue Areas:

• Coal
• Taxation
• Air pollution
• Air pollution control
• 28 more
• Alternative energy sources
• Bonds
• Business
• Carbon cycle
• Carbon dioxide
• Clean coal technology
• Corporation taxes
• Electric power production
• Electric power transmission
• Energy
• Environmental protection
• Finance
• Foreign corporations
• Fuel cells
• Imports
• Income tax
• Investment tax credit
• Leases
• Losses
• Solar energy
• Tax administration
• Tax credits
• Tax evasion
• Tax havens
• Tax penalties
• Tax shelters
• Taxation of foreign income
• Trade

Data from the Congressional Research Service

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Blog Coverage

May 23, 2007 Bill Action: Introduced: S. 1508: A bill to amend the Internal ...

Byron Dorgan [D-ND] introduced S. 1508: A bill to amend the Internal Revenue Code of 1986 to extend and expand various tax incentives for production of renewable energy and clean energy sources, and for other purposes. ...

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