Renewable Energy Tax Incentives Act

A bill to establish a national renewable energy standard, to extend and create renewable energy tax incentives, and for other purposes.

2/14/2008--Introduced.
American Renewable Energy Act of 2008 - Amends the Public Utility Regulatory Policies Act of 1978 to require that electric utilities that sell electricity to consumers generate or purchase a specified percentage (increasing from 2% in 2010 to 20% in 2024) of their electricity from renewable resources (e.g., solar, wind, geothermal, ocean, biomass, landfill gas, or incremental hydropower or geothermal energy).
Renewable Energy Tax Incentives Act - Amends the Internal Revenue Code to provide tax incentives for investment in renewable energy sources and conversation, including by:
(1) extending the tax credit for producing electricity from renewable resources, the energy tax credit, the small ethanol producer tax credit, and the tax credits for investment in clean new renewable energy bonds, biodiesel used as fuel, alternative fuel motor vehicles and refueling property, nonbusiness energy property, and new energy efficient homes, and the tax deduction for energy efficient commercial buildings;
(2) allowing accelerated depreciation of qualified energy management devices and certain reuse and recycling property; and
(3) allowing new tax credits for residential wind property, production of cellulosic biomass alcohol, fossil free alcohol production, and plug-in electric drive motor vehicles.
Extends the tariff duty on ethanol until 2011. Denies major integrated oil companies the tax deduction for income attributable to domestic production of oil, natural gas, and related products. Increases and extends through 2017 the Oil Spill Liability Trust Fund tax. Imposes taxes on:
(1) crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico; and
(2) taxable fuels in foreign trade zones. Revises tax rules relating to:
(1) penalties for sale of fuel failing to meet Environmental Protection Agency (EPA) regulations;
(2) tax credits for fuels produced outside the United States and foreign oil and gas extraction income;
(3) treatment of alcohol and biodiesel fuel mixtures as taxable fuels;
(3) foreign corporation inversion transactions;
(4) leasing of tax-exempt use property to foreign entities; and
(5) taxation of U.S. citizens and permanent residents who revoke citizenship or resident status to avoid U.S. taxation (expatriates).


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Sponsor

• Sen. Amy Klobuchar [D, MN]
• and 2 Co-Sponsors
  • Sen. Maria Cantwell [D, WA]
  • Sen. Olympia Snowe [R, ME]
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Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.2642

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
February 14, 2008

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All Bill Actions

• Introduced on Feb 14, 2008.
• Feb 14, 2008: Sponsor introductory remarks on measure. (CR S1059-1061)
• Feb 14, 2008: Read twice and referred to the Committee on Finance.

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Related Issue Areas:

• Energy
• Administrative procedure
• Alcohol as fuel
• Alternative energy sources
• 60 more
• Biomass energy
• Bonds
• Budgets
• Business
• Cellulose
• Continental shelf
• Corporation taxes
• Depreciation and amortization
• Diesel motor
• Electric power plants
• Electric power production
• Electric utilities
• Electric vehicles
• Energy conservation
• Energy efficiency
• Environmental Protection Agency
• Environmental protection
• Excise tax
• Executive departments
• Expatriation
• Fines (Penalties)
• Foreign corporations
• Free ports and zones
• Gas in submerged lands
• Gas industry
• Geothermal resources
• Government trust funds
• Gulf of Mexico
• Housing
• Hydroelectric power
• Income tax
• Landfills
• Law
• Leases
• Liability for environmental damages
• Marine resources
• Methane
• Minimum tax
• Natural resources
• Ocean energy resources
• Oil pollution
• Oil well drilling
• Petroleum in submerged lands
• Petroleum industry
• Recycling of waste products
• Service stations
• Solar energy
• Solid wastes
• Tariff
• Tax credits
• Tax deductions
• Tax evasion
• Tax exemption
• Tax havens
• Taxation
• Taxation of foreign income
• Trade
• Transportation
• Water pollution
• Wind power

Data from the Congressional Research Service

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Blog Coverage

June 17, 2008 BCS A Woman-Owned Small Business: Biomass Research & Development ...

S.2642, Sen Klobuchar, Amy (introduced 2/14/2008), American Renewable Energy Act of 2008. A bill to establish a national renewable energy standard, to extend and create renewable energy tax incentives, and for other purposes. ...

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Source: BCS A Woman-Owned Small Business

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March 24, 2008 Thinking FIT (feed-in-tariff)

The US Senate bill S.2642 introduced by Sens. Klobuchar, Snowe and Cantwell in the finance committee. This bill (if survive the floor) has the provisions for national energy renewable standards, extension of tax credit and energy tax ...

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Source: Talking Green

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March 04, 2008 Das Bundesverfassungsgericht

Februar 2002 - I ZR 281/99 -, NJW 2002, S. 2642 ). 18. Hiernach kann die Versteigerung anwaltlicher Beratungsleistungen in einem Internetauktionshaus nicht als Werbung um ein Mandat im Einzelfall behandelt werden. ...

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Source: Bundesverfassungsgericht Newsfeed

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