S 3098 PCSCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.CommentsClose CommentsPermalink

June 6, 2008CommentsClose CommentsPermalink

Mr. MCCONNELL (for himself, Mr. KYL, Mr. GRASSLEY, Mr. HATCH, Mr. ROBERTS, Mr. INHOFE, Mr. MARTINEZ, Mr. CRAPO, Mr. SUNUNU, Mr. WICKER, and Mr. ENSIGN) introduced the following bill; which was read the first timeCommentsClose CommentsPermalink

June 9, 2008CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

(a) Short Title- This Act may be cited as the ‘Alternative Minimum Tax and Extenders Tax Relief Act of 2008’.CommentsClose CommentsPermalink





(b) Amendment of 1986 Code- Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.CommentsClose CommentsPermalink





(c) Table of Contents- The table of contents of this Act is as follows:CommentsClose CommentsPermalink





Sec. 1. Short title; amendment of 1986 Code; table of contents.CommentsClose CommentsPermalink

TITLE I--ALTERNATIVE MINIMUM TAX RELIEF

Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits.CommentsClose CommentsPermalink





Sec. 102. Extension of increased alternative minimum tax exemption amount.CommentsClose CommentsPermalink

TITLE II--INDIVIDUAL TAX PROVISIONS

Sec. 201. Deduction for State and local sales taxes.CommentsClose CommentsPermalink





Sec. 202. Deduction of qualified tuition and related expenses.CommentsClose CommentsPermalink





Sec. 203. Deduction for certain expenses of elementary and secondary school teachers.CommentsClose CommentsPermalink





Sec. 204. Tax-free distributions from individual retirement plans for charitable purposes.CommentsClose CommentsPermalink





Sec. 205. Treatment of certain dividends of regulated investment companies.CommentsClose CommentsPermalink





Sec. 206. Stock in RIC for purposes of determining estates of nonresidents not citizens.CommentsClose CommentsPermalink





Sec. 207. Qualified investment entities.CommentsClose CommentsPermalink

TITLE III--BUSINESS TAX PROVISIONS

Sec. 301. Extension and modification of research credit.CommentsClose CommentsPermalink





Sec. 302. New markets tax credit.CommentsClose CommentsPermalink





Sec. 303. Subpart F exception for active financing income.CommentsClose CommentsPermalink





Sec. 304. Extension of look-thru rule for related controlled foreign corporations.CommentsClose CommentsPermalink





Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements.CommentsClose CommentsPermalink





Sec. 306. Enhanced charitable deduction for contributions of food inventory.CommentsClose CommentsPermalink





Sec. 307. Extension of enhanced charitable deduction for contributions of book inventory.CommentsClose CommentsPermalink





Sec. 308. Modification of tax treatment of certain payments to controlling exempt organizations.CommentsClose CommentsPermalink





Sec. 309. Basis adjustment to stock of S corporations making charitable contributions of property.CommentsClose CommentsPermalink





Sec. 310. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.CommentsClose CommentsPermalink





Sec. 311. Extension of economic development credit for American Samoa.CommentsClose CommentsPermalink





Sec. 312. Extension of mine rescue team training credit.CommentsClose CommentsPermalink





Sec. 313. Extension of election to expense advanced mine safety equipment.CommentsClose CommentsPermalink





Sec. 314. Extension of expensing rules for qualified film and television productions.CommentsClose CommentsPermalink





Sec. 315. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.CommentsClose CommentsPermalink





Sec. 316. Extension of qualified zone academy bonds.CommentsClose CommentsPermalink





Sec. 317. Indian employment credit.CommentsClose CommentsPermalink





Sec. 318. Accelerated depreciation for business property on Indian reservation.CommentsClose CommentsPermalink





Sec. 319. Railroad track maintenance.CommentsClose CommentsPermalink





Sec. 320. Seven-year cost recovery period for motorsports racing track facility.CommentsClose CommentsPermalink





Sec. 321. Expensing of environmental remediation costs.CommentsClose CommentsPermalink





Sec. 322. Extension of work opportunity tax credit for Hurricane Katrina employees.CommentsClose CommentsPermalink

TITLE IV--EXTENSION OF CLEAN ENERGY PRODUCTION INCENTIVES

Sec. 401. Extension and modification of renewable energy production tax credit.CommentsClose CommentsPermalink





Sec. 402. Extension and modification of solar energy and fuel cell investment tax credit.CommentsClose CommentsPermalink





Sec. 403. Extension and modification of residential energy efficient property credit.CommentsClose CommentsPermalink





Sec. 404. Extension and modification of credit for clean renewable energy bonds.CommentsClose CommentsPermalink





Sec. 405. Extension of special rule to implement FERC restructuring policy.CommentsClose CommentsPermalink

TITLE V--EXTENSION OF INCENTIVES TO IMPROVE ENERGY EFFICIENCY

Sec. 501. Extension and modification of credit for energy efficiency improvements to existing homes.CommentsClose CommentsPermalink





Sec. 502. Extension and modification of tax credit for energy efficient new homes.CommentsClose CommentsPermalink





Sec. 503. Extension and modification of energy efficient commercial buildings deduction.CommentsClose CommentsPermalink





Sec. 504. Modification and extension of energy efficient appliance credit for appliances produced after 2007.CommentsClose CommentsPermalink

TITLE VI--EXTENSION OF ALTERNATIVE FUELS AND MARGINAL PRODUCTION

Sec. 601. Percentage depletion for marginal well production.CommentsClose CommentsPermalink





Sec. 602. Credits for biodiesel and renewable diesel.CommentsClose CommentsPermalink





Sec. 603. Credit for alternative fuels.CommentsClose CommentsPermalink

TITLE VII--TAX ADMINISTRATION

Sec. 701. Permanent authority for undercover operations.CommentsClose CommentsPermalink





Sec. 702. Permanent disclosures of certain tax return information.CommentsClose CommentsPermalink





Sec. 703. Disclosure of information relating to terrorist activities.CommentsClose CommentsPermalink

TITLE I--ALTERNATIVE MINIMUM TAX RELIEFCommentsClose CommentsPermalink

SEC. 101. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.

(a) In General- Paragraph (2) of section 26(a) (relating to special rule for taxable years 2000 through 2007) is amended--CommentsClose CommentsPermalink





(1) by striking ‘or 2007’ and inserting ‘2007, or 2008’, andCommentsClose CommentsPermalink





(2) by striking ‘2007’ in the heading thereof and inserting ‘2008’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 102. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.

(a) In General- Paragraph (1) of section 55(d) (relating to exemption amount) is amended--CommentsClose CommentsPermalink





(1) by striking ‘($66,250 in the case of taxable years beginning in 2007)’ in subparagraph (A) and inserting ‘($69,950 in the case of taxable years beginning in 2008)’, andCommentsClose CommentsPermalink





(2) by striking ‘($44,350 in the case of taxable years beginning in 2007)’ in subparagraph (B) and inserting ‘($46,200 in the case of taxable years beginning in 2008)’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

TITLE II--INDIVIDUAL TAX PROVISIONSCommentsClose CommentsPermalink

SEC. 201. DEDUCTION FOR STATE AND LOCAL SALES TAXES.

(a) In General- Subparagraph (I) of section 164(b)(5) is amended by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 202. DEDUCTION OF QUALIFIED TUITION AND RELATED EXPENSES.

(a) In General- Subsection (e) of section 222 (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 203. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.

(a) In General- Subparagraph (D) of section 62(a)(2) (relating to certain expenses of elementary and secondary school teachers) is amended by striking ‘or 2007’ and inserting ‘2007, 2008, or 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 204. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR CHARITABLE PURPOSES.

(a) In General- Subparagraph (F) of section 408(d)(8) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to distributions made in taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 205. TREATMENT OF CERTAIN DIVIDENDS OF REGULATED INVESTMENT COMPANIES.

(a) Interest-Related Dividends- Subparagraph (C) of section 871(k)(1) (defining interest-related dividend) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Short-Term Capital Gain Dividends- Subparagraph (C) of section 871(k)(2) (defining short-term capital gain dividend) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to dividends with respect to taxable years of regulated investment companies beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 206. STOCK IN RIC FOR PURPOSES OF DETERMINING ESTATES OF NONRESIDENTS NOT CITIZENS.

(a) In General- Paragraph (3) of section 2105(d) (relating to stock in a RIC) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to decedents dying after December 31, 2007.CommentsClose CommentsPermalink

SEC. 207. QUALIFIED INVESTMENT ENTITIES.

(a) In General- Clause (ii) of section 897(h)(4)(A) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by subsection (a) shall take effect on January 1, 2008.CommentsClose CommentsPermalink

TITLE III--BUSINESS TAX PROVISIONSCommentsClose CommentsPermalink

SEC. 301. EXTENSION AND MODIFICATION OF RESEARCH CREDIT.

(a) Extension- Section 41(h) (relating to termination) is amended--CommentsClose CommentsPermalink





(1) by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’ in paragraph (1)(B),CommentsClose CommentsPermalink





(2) by redesignating paragraph (2) as paragraph (3), andCommentsClose CommentsPermalink





(3) by inserting after paragraph (1) the following new paragraph:CommentsClose CommentsPermalink





‘(2) TERMINATION OF ALTERNATIVE INCREMENTAL CREDIT- No election under subsection (c)(4) shall apply to amounts paid or incurred after December 31, 2007.’.CommentsClose CommentsPermalink





(b) Modification of Alternative Simplified Credit- Paragraph (5)(A) of section 41(c) (relating to election of alternative simplified credit) is amended to read as follows:CommentsClose CommentsPermalink





‘(A) IN GENERAL-CommentsClose CommentsPermalink





‘(i) CALCULATION OF CREDIT- At the election of the taxpayer, the credit determined under subsection (a)(1) shall be equal to the applicable percentage (as defined in clause (ii)) of so much of the qualified research expenses for the taxable year as exceeds 50 percent of the average qualified research expenses for the 3 taxable years preceding the taxable year for which the credit is being determined.CommentsClose CommentsPermalink





‘(ii) APPLICABLE PERCENTAGE- For purposes of the calculation under clause (i), the applicable percentage is--CommentsClose CommentsPermalink





‘(I) 14 percent, in the case of taxable years ending before January 1, 2009, andCommentsClose CommentsPermalink





‘(II) 16 percent, in the case of taxable years beginning after December 31, 2008.’.CommentsClose CommentsPermalink





(c) Conforming Amendment- Subparagraph (D) of section 45C(b)(1) (relating to special rule) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(d) Technical Correction- Paragraph (3) of section 41(h) is amended to read as follows:CommentsClose CommentsPermalink





‘(2) COMPUTATION FOR TAXABLE YEAR IN WHICH CREDIT TERMINATES- In the case of any taxable year with respect to which this section applies to a number of days which is less than the total number of days in such taxable year--CommentsClose CommentsPermalink





‘(A) the amount determined under subsection (c)(1)(B) with respect to such taxable year shall be the amount which bears the same ratio to such amount (determined without regard to this paragraph) as the number of days in such taxable year to which this section applies bears to the total number of days in such taxable year, andCommentsClose CommentsPermalink





‘(B) for purposes of subsection (c)(5), the average qualified research expenses for the preceding 3 taxable years shall be the amount which bears the same ratio to such average qualified research expenses (determined without regard to this paragraph) as the number of days in such taxable year to which this section applies bears to the total number of days in such taxable year.’.CommentsClose CommentsPermalink





(e) Effective Date- The amendments made by this section shall apply to amounts paid or incurred after December 31, 2007.CommentsClose CommentsPermalink

SEC. 302. NEW MARKETS TAX CREDIT.

Subparagraph (D) of section 45D(f)(1) (relating to national limitation on amount of investments designated) is amended by striking ‘and 2008’ and inserting ‘2008, and 2009’.CommentsClose CommentsPermalink

SEC. 303. SUBPART F EXCEPTION FOR ACTIVE FINANCING INCOME.

(a) Exempt Insurance Income- Paragraph (10) of section 953(e) (relating to application) is amended--CommentsClose CommentsPermalink





(1) by striking ‘January 1, 2009’ and inserting ‘January 1, 2010’, andCommentsClose CommentsPermalink





(2) by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Exception to Treatment as Foreign Personal Holding Company Income- Paragraph (9) of section 954(h) (relating to application) is amended by striking ‘January 1, 2009’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink

SEC. 304. EXTENSION OF LOOK-THRU RULE FOR RELATED CONTROLLED FOREIGN CORPORATIONS.

(a) In General- Subparagraph (B) of section 954(c)(6) (relating to application) is amended by striking ‘January 1, 2009’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2007, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.CommentsClose CommentsPermalink

SEC. 305. EXTENSION OF 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD IMPROVEMENTS AND QUALIFIED RESTAURANT IMPROVEMENTS.

(a) In General- Clauses (iv) and (v) of section 168(e)(3)(E) (relating to 15-year property) are each amended by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2007.CommentsClose CommentsPermalink

SEC. 306. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF FOOD INVENTORY.

(a) In General- Clause (iv) of section 170(e)(3)(C) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to contributions made after December 31, 2007.CommentsClose CommentsPermalink

SEC. 307. EXTENSION OF ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK INVENTORY.

(a) Extension- Clause (iv) of section 170(e)(3)(D) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Clerical Amendment- Clause (iii) of section 170(e)(3)(D) (relating to certification by donee) is amended by inserting ‘of books’ after ‘to any contribution’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to contributions made after December 31, 2007.CommentsClose CommentsPermalink

SEC. 308. MODIFICATION OF TAX TREATMENT OF CERTAIN PAYMENTS TO CONTROLLING EXEMPT ORGANIZATIONS.

(a) In General- Clause (iv) of section 512(b)(13)(E) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to payments received or accrued after December 31, 2007.CommentsClose CommentsPermalink

SEC. 309. BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.

(a) In General- The last sentence of section 1367(a)(2) (relating to decreases in basis) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 310. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS.

(a) In General- Paragraph (1) of section 7652(f) is amended by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2007.CommentsClose CommentsPermalink

SEC. 311. EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA.

(a) In General- Subsection (d) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended--CommentsClose CommentsPermalink





(1) by striking ‘first two taxable years’ and inserting ‘first 4 taxable years’, andCommentsClose CommentsPermalink





(2) by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 312. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.

Section 45N(e) (relating to termination) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink

SEC. 313. EXTENSION OF ELECTION TO EXPENSE ADVANCED MINE SAFETY EQUIPMENT.

Section 179E(g) (relating to termination) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink

SEC. 314. EXTENSION OF EXPENSING RULES FOR QUALIFIED FILM AND TELEVISION PRODUCTIONS.

Section 181(f) (relating to termination) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink

SEC. 315. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.

(a) In General- Subparagraph (C) of section 199(d)(8) (relating to termination) is amended--CommentsClose CommentsPermalink





(1) by striking ‘first 2 taxable years’ and inserting ‘first 4 taxable years’, andCommentsClose CommentsPermalink





(2) by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 316. EXTENSION OF QUALIFIED ZONE ACADEMY BONDS.

(a) In General- Paragraph (1) of section 1397E(e) is amended by striking ‘and 2007’ and inserting ‘2007, 2008, and 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 317. INDIAN EMPLOYMENT CREDIT.

(a) In General- Subsection (f) of section 45A (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 318. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATION.

(a) In General- Paragraph (8) of section 168(j) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2007.CommentsClose CommentsPermalink

SEC. 319. RAILROAD TRACK MAINTENANCE.

(a) In General- Subsection (f) of section 45G (relating to application of section) is amended by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 320. SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY.

(a) In General- Subparagraph (D) of section 168(i)(15) (relating to termination) is amended to read as follows:CommentsClose CommentsPermalink





‘(D) APPLICATION OF PARAGRAPH- Such term shall apply to property placed in service after the date of the enactment of the Alternative Minimum Tax and Extenders Tax Relief Act of 2008 and before January 1, 2010.’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 321. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

(a) In General- Subsection (h) of section 198 (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to expenditures paid or incurred after December 31, 2007.CommentsClose CommentsPermalink

SEC. 322. EXTENSION OF WORK OPPORTUNITY TAX CREDIT FOR HURRICANE KATRINA EMPLOYEES.

(a) In General- Paragraph (1) of section 201(b) of the Katrina Emergency Tax Relief Act of 2005 is amended by striking ‘2-year’ and inserting ‘4-year’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by subsection (a) shall apply to individuals hired after August 27, 2007.CommentsClose CommentsPermalink

TITLE IV--EXTENSION OF CLEAN ENERGY PRODUCTION INCENTIVESCommentsClose CommentsPermalink

SEC. 401. EXTENSION AND MODIFICATION OF RENEWABLE ENERGY PRODUCTION TAX CREDIT.

(a) Extension of Credit- Each of the following provisions of section 45(d) (relating to qualified facilities) is amended by striking ‘January 1, 2009’ and inserting ‘January 1, 2010’:CommentsClose CommentsPermalink





(1) Paragraph (1).CommentsClose CommentsPermalink





(2) Clauses (i) and (ii) of paragraph (2)(A).CommentsClose CommentsPermalink





(3) Clauses (i)(I) and (ii) of paragraph (3)(A).CommentsClose CommentsPermalink





(4) Paragraph (4).CommentsClose CommentsPermalink





(5) Paragraph (5).CommentsClose CommentsPermalink





(6) Paragraph (6).CommentsClose CommentsPermalink





(7) Paragraph (7).CommentsClose CommentsPermalink





(8) Paragraph (8).CommentsClose CommentsPermalink





(9) Subparagraphs (A) and (B) of paragraph (9).CommentsClose CommentsPermalink





(b) Production Credit for Electricity Produced From Marine Renewables-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (1) of section 45(c) (relating to resources) is amended by striking ‘and’ at the end of subparagraph (G), by striking the period at the end of subparagraph (H) and inserting ‘, and’, and by adding at the end the following new subparagraph:CommentsClose CommentsPermalink





‘(I) marine and hydrokinetic renewable energy.’.CommentsClose CommentsPermalink





(2) MARINE RENEWABLES- Subsection (c) of section 45 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(10) MARINE AND HYDROKINETIC RENEWABLE ENERGY-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The term ‘marine and hydrokinetic renewable energy’ means energy derived from--CommentsClose CommentsPermalink





‘(i) waves, tides, and currents in oceans, estuaries, and tidal areas,CommentsClose CommentsPermalink





‘(ii) free flowing water in rivers, lakes, and streams,CommentsClose CommentsPermalink





‘(iii) free flowing water in an irrigation system, canal, or other man-made channel, including projects that utilize nonmechanical structures to accelerate the flow of water for electric power production purposes, orCommentsClose CommentsPermalink





‘(iv) differentials in ocean temperature (ocean thermal energy conversion).CommentsClose CommentsPermalink





‘(B) EXCEPTIONS- Such term shall not include any energy which is derived from any source which utilizes a dam, diversionary structure (except as provided in subparagraph (A)(iii)), or impoundment for electric power production purposes.’.CommentsClose CommentsPermalink





(3) DEFINITION OF FACILITY- Subsection (d) of section 45 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(11) MARINE AND HYDROKINETIC RENEWABLE ENERGY FACILITIES- In the case of a facility producing electricity from marine and hydrokinetic renewable energy, the term ‘qualified facility’ means any facility owned by the taxpayer--CommentsClose CommentsPermalink





‘(A) which has a nameplate capacity rating of at least 150 kilowatts, andCommentsClose CommentsPermalink





‘(B) which is originally placed in service on or after the date of the enactment of this paragraph and before January 1, 2010.’.CommentsClose CommentsPermalink





(4) CREDIT RATE- Subparagraph (A) of section 45(b)(4) is amended by striking ‘or (9)’ and inserting ‘(9), or (11)’.CommentsClose CommentsPermalink





(5) COORDINATION WITH SMALL IRRIGATION POWER- Paragraph (5) of section 45(d), as amended by subsection (a), is amended by striking ‘January 1, 2010’ and inserting ‘the date of the enactment of paragraph (11)’.CommentsClose CommentsPermalink





(c) Sales of Electricity to Regulated Public Utilities Treated as Sales to Unrelated Persons- Section 45(e)(4) (relating to related persons) is amended by adding at the end the following new sentence: ‘A taxpayer shall be treated as selling electricity to an unrelated person if such electricity is sold to a regulated public utility (as defined in section 7701(a)(33).’.CommentsClose CommentsPermalink





(d) Trash Facility Clarification- Paragraph (7) of section 45(d) is amended--CommentsClose CommentsPermalink





(1) by striking ‘facility which burns’ and inserting ‘facility (other than a facility described in paragraph (6)) which uses’, andCommentsClose CommentsPermalink





(2) by striking ‘COMBUSTION’.CommentsClose CommentsPermalink





(e) Effective Dates-CommentsClose CommentsPermalink





(1) EXTENSION- The amendments made by subsection (a) shall apply to property originally placed in service after December 31, 2008.CommentsClose CommentsPermalink





(2) MODIFICATIONS- The amendments made by subsections (b) and (c) shall apply to electricity produced and sold after the date of the enactment of this Act, in taxable years ending after such date.CommentsClose CommentsPermalink





(3) TRASH FACILITY CLARIFICATION- The amendments made by subsection (d) shall apply to electricity produced and sold before, on, or after December 31, 2007.CommentsClose CommentsPermalink

SEC. 402. EXTENSION AND MODIFICATION OF SOLAR ENERGY AND FUEL CELL INVESTMENT TAX CREDIT.

(a) Extension of Credit-CommentsClose CommentsPermalink





(1) SOLAR ENERGY PROPERTY- Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) (relating to energy credit) are each amended by striking ‘January 1, 2009’ and inserting ‘January 1, 2017’.CommentsClose CommentsPermalink





(2) FUEL CELL PROPERTY- Subparagraph (E) of section 48(c)(1) (relating to qualified fuel cell property) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2016’.CommentsClose CommentsPermalink





(3) QUALIFIED MICROTURBINE PROPERTY- Subparagraph (E) of section 48(c)(2) (relating to qualified microturbine property) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2016’.CommentsClose CommentsPermalink





(b) Allowance of Energy Credit Against Alternative Minimum Tax- Subparagraph (B) of section 38(c)(4) (relating to specified credits) is amended by striking ‘and’ at the end of clause (iii), by striking the period at the end of clause (iv) and inserting ‘, and’, and by adding at the end the following new clause:CommentsClose CommentsPermalink





‘(v) the credit determined under section 46 to the extent that such credit is attributable to the energy credit determined under section 48.’.CommentsClose CommentsPermalink





(c) Repeal of Dollar Per Kilowatt Limitation for Fuel Cell Property-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 48(c)(1) (relating to qualified fuel cell), as amended by subsection (a)(2), is amended by striking subparagraph (B) and by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENT- Section 48(a)(1) is amended by striking ‘paragraphs (1)(B) and (2)(B) of subsection (c)’ and inserting ‘subsection (c)(2)(B)’.CommentsClose CommentsPermalink





(d) Public Electric Utility Property Taken Into Account-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (3) of section 48(a) is amended by striking the second sentence thereof.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENTS-CommentsClose CommentsPermalink





(A) Paragraph (1) of section 48(c), as amended by this section, is amended by striking subparagraph (C) and redesignating subparagraph (D) as subparagraph (C).CommentsClose CommentsPermalink





(B) Paragraph (2) of section 48(c), as amended by subsection (a)(3), is amended by striking subparagraph (D) and redesignating subparagraph (E) as subparagraph (D).CommentsClose CommentsPermalink





(e) Effective Dates-CommentsClose CommentsPermalink





(1) EXTENSION- The amendments made by subsection (a) shall take effect on the date of the enactment of this Act.CommentsClose CommentsPermalink





(2) ALLOWANCE AGAINST ALTERNATIVE MINIMUM TAX- The amendments made by subsection (b) shall apply to credits determined under section 46 of the Internal Revenue Code of 1986 in taxable years beginning after the date of the enactment of this Act and to carrybacks of such credits.CommentsClose CommentsPermalink





(3) FUEL CELL PROPERTY AND PUBLIC ELECTRIC UTILITY PROPERTY- The amendments made by subsections (c) and (d) shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).CommentsClose CommentsPermalink

SEC. 403. EXTENSION AND MODIFICATION OF RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT.

(a) Extension- Section 25D(g) (relating to termination) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) No Dollar Limitation for Credit for Solar Electric Property-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 25D(b)(1) (relating to maximum credit) is amended by striking subparagraph (A) and by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENTS- Section 25D(e)(4) is amended--CommentsClose CommentsPermalink





(A) by striking clause (i) in subparagraph (A),CommentsClose CommentsPermalink





(B) by redesignating clauses (ii) and (iii) in subparagraph (A) as clauses (i) and (ii), respectively, andCommentsClose CommentsPermalink





(C) by striking ‘, (2),’ in subparagraph (C).CommentsClose CommentsPermalink





(c) Credit Allowed Against Alternative Minimum Tax-CommentsClose CommentsPermalink





(1) IN GENERAL- Subsection (c) of section 25D is amended to read as follows:CommentsClose CommentsPermalink





‘(c) Limitation Based on Amount of Tax; Carryforward of Unused Credit-CommentsClose CommentsPermalink





‘(1) LIMITATION BASED ON AMOUNT OF TAX- In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for the taxable year shall not exceed the excess of--CommentsClose CommentsPermalink





‘(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, overCommentsClose CommentsPermalink





‘(B) the sum of the credits allowable under this subpart (other than this section) and section 27 for the taxable year.CommentsClose CommentsPermalink





‘(2) CARRYFORWARD OF UNUSED CREDIT-CommentsClose CommentsPermalink





‘(A) RULE FOR YEARS IN WHICH ALL PERSONAL CREDITS ALLOWED AGAINST REGULAR AND ALTERNATIVE MINIMUM TAX- In the case of a taxable year to which section 26(a)(2) applies, if the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a)(2) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.CommentsClose CommentsPermalink





‘(B) RULE FOR OTHER YEARS- In the case of a taxable year to which section 26(a)(2) does not apply, if the credit allowable under subsection (a) exceeds the limitation imposed by paragraph (1) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.’.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENTS-CommentsClose CommentsPermalink





(A) Section 23(b)(4)(B) is amended by inserting ‘and section 25D’ after ‘this section’.CommentsClose CommentsPermalink





(B) Section 24(b)(3)(B) is amended by striking ‘and 25B’ and inserting ‘, 25B, and 25D’.CommentsClose CommentsPermalink





(C) Section 25B(g)(2) is amended by striking ‘section 23’ and inserting ‘sections 23 and 25D’.CommentsClose CommentsPermalink





(D) Section 26(a)(1) is amended by striking ‘and 25B’ and inserting ‘25B, and 25D’.CommentsClose CommentsPermalink





(d) Effective Date-CommentsClose CommentsPermalink





(1) IN GENERAL- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink





(2) APPLICATION OF EGTRRA SUNSET- The amendments made by subparagraphs (A) and (B) of subsection (c)(2) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 in the same manner as the provisions of such Act to which such amendments relate.CommentsClose CommentsPermalink

SEC. 404. EXTENSION AND MODIFICATION OF CREDIT FOR CLEAN RENEWABLE ENERGY BONDS.

(a) Extension- Section 54(m) (relating to termination) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Increase in National Limitation- Section 54(f) (relating to limitation on amount of bonds designated) is amended--CommentsClose CommentsPermalink





(1) by inserting ‘, and for the period beginning after the date of the enactment of the Clean Energy Tax Stimulus Act of 2008 and ending before January 1, 2010, $400,000,000’ after ‘$1,200,000,000’ in paragraph (1),CommentsClose CommentsPermalink





(2) by striking ‘$750,000,000 of the’ in paragraph (2) and inserting ‘$750,000,000 of the $1,200,000,000’, andCommentsClose CommentsPermalink





(3) by striking ‘bodies’ in paragraph (2) and inserting ‘bodies, and except that the Secretary may not allocate more than 1/3 of the $400,000,000 national clean renewable energy bond limitation to finance qualified projects of qualified borrowers which are public power providers nor more than 1/3 of such limitation to finance qualified projects of qualified borrowers which are mutual or cooperative electric companies described in section 501(c)(12) or section 1381(a)(2)(C)’.CommentsClose CommentsPermalink





(c) Public Power Providers Defined- Section 54(j) is amended--CommentsClose CommentsPermalink





(1) by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(6) PUBLIC POWER PROVIDER- The term ‘public power provider’ means a State utility with a service obligation, as such terms are defined in section 217 of the Federal Power Act (as in effect on the date of the enactment of this paragraph).’, andCommentsClose CommentsPermalink





(2) by inserting ‘; Public Power Provider’ before the period at the end of the heading.CommentsClose CommentsPermalink





(d) Technical Amendment- The third sentence of section 54(e)(2) is amended by striking ‘subsection (l)(6)’ and inserting ‘subsection (l)(5)’.CommentsClose CommentsPermalink





(e) Effective Date- The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 405. EXTENSION OF SPECIAL RULE TO IMPLEMENT FERC RESTRUCTURING POLICY.

(a) Qualifying Electric Transmission Transaction-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 451(i)(3) (defining qualifying electric transmission transaction) is amended by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(2) EFFECTIVE DATE- The amendment made by this subsection shall apply to transactions after December 31, 2007.CommentsClose CommentsPermalink





(b) Independent Transmission Company-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 451(i)(4)(B)(ii) (defining independent transmission company) is amended by striking ‘December 31, 2007’ and inserting ‘the date which is 2 years after the date of such transaction’.CommentsClose CommentsPermalink





(2) EFFECTIVE DATE- The amendment made by this subsection shall take effect as if included in the amendments made by section 909 of the American Jobs Creation Act of 2004.CommentsClose CommentsPermalink

TITLE V--EXTENSION OF INCENTIVES TO IMPROVE ENERGY EFFICIENCYCommentsClose CommentsPermalink

SEC. 501. EXTENSION AND MODIFICATION OF CREDIT FOR ENERGY EFFICIENCY IMPROVEMENTS TO EXISTING HOMES.

(a) Extension of Credit- Section 25C(g) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Qualified Biomass Fuel Property-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 25C(d)(3) is amended--CommentsClose CommentsPermalink





(A) by striking ‘and’ at the end of subparagraph (D),CommentsClose CommentsPermalink





(B) by striking the period at the end of subparagraph (E) and inserting ‘, and’, andCommentsClose CommentsPermalink





(C) by adding at the end the following new subparagraph:CommentsClose CommentsPermalink





‘(F) a stove which uses the burning of biomass fuel to heat a dwelling unit located in the United States and used as a residence by the taxpayer, or to heat water for use in such a dwelling unit, and which has a thermal efficiency rating of at least 75 percent.’.CommentsClose CommentsPermalink





(2) BIOMASS FUEL- Section 25C(d) (relating to residential energy property expenditures) is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(6) BIOMASS FUEL- The term ‘biomass fuel’ means any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.’.CommentsClose CommentsPermalink





(c) Modifications of Standards for Energy-Efficient Building Property-CommentsClose CommentsPermalink





(1) ELECTRIC HEAT PUMPS- Subparagraph (B) of section 25C(d)(3) is amended to read as follows:CommentsClose CommentsPermalink





‘(A) an electric heat pump which achieves the highest efficiency tier established by the Consortium for Energy Efficiency, as in effect on January 1, 2008.’.CommentsClose CommentsPermalink





(2) CENTRAL AIR CONDITIONERS- Section 25C(d)(3)(D) is amended by striking ‘2006’ and inserting ‘2008’.CommentsClose CommentsPermalink





(3) WATER HEATERS- Subparagraph (E) of section 25C(d) is amended to read as follows:CommentsClose CommentsPermalink





‘(E) a natural gas, propane, or oil water heater which has either an energy factor of at least 0.80 or a thermal efficiency of at least 90 percent.’.CommentsClose CommentsPermalink





(4) OIL FURNACES AND HOT WATER BOILERS- Paragraph (4) of section 25C(d) is amended to read as follows:CommentsClose CommentsPermalink





‘(4) QUALIFIED NATURAL GAS, PROPANE, AND OIL FURNACES AND HOT WATER BOILERS-CommentsClose CommentsPermalink





‘(A) QUALIFIED NATURAL GAS FURNACE- The term ‘qualified natural gas furnace’ means any natural gas furnace which achieves an annual fuel utilization efficiency rate of not less than 95.CommentsClose CommentsPermalink





‘(B) QUALIFIED NATURAL GAS HOT WATER BOILER- The term ‘qualified natural gas hot water boiler’ means any natural gas hot water boiler which achieves an annual fuel utilization efficiency rate of not less than 90.CommentsClose CommentsPermalink





‘(C) QUALIFIED PROPANE FURNACE- The term ‘qualified propane furnace’ means any propane furnace which achieves an annual fuel utilization efficiency rate of not less than 95.CommentsClose CommentsPermalink





‘(D) QUALIFIED PROPANE HOT WATER BOILER- The term ‘qualified propane hot water boiler’ means any propane hot water boiler which achieves an annual fuel utilization efficiency rate of not less than 90.CommentsClose CommentsPermalink





‘(E) QUALIFIED OIL FURNACES- The term ‘qualified oil furnace’ means any oil furnace which achieves an annual fuel utilization efficiency rate of not less than 90.CommentsClose CommentsPermalink





‘(F) QUALIFIED OIL HOT WATER BOILER- The term ‘qualified oil hot water boiler’ means any oil hot water boiler which achieves an annual fuel utilization efficiency rate of not less than 90.’.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made this section shall apply to expenditures made after December 31, 2007.CommentsClose CommentsPermalink

SEC. 502. EXTENSION AND MODIFICATION OF TAX CREDIT FOR ENERGY EFFICIENT NEW HOMES.

(a) Extension of Credit- Subsection (g) of section 45L (relating to termination) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2010’.CommentsClose CommentsPermalink





(b) Allowance for Contractor’s Personal Residence- Subparagraph (B) of section 45L(a)(1) is amended to read as follows:CommentsClose CommentsPermalink





‘(B)(i) acquired by a person from such eligible contractor and used by any person as a residence during the taxable year, orCommentsClose CommentsPermalink





‘(ii) used by such eligible contractor as a residence during the taxable year.’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to homes acquired after December 31, 2008.CommentsClose CommentsPermalink

SEC. 503. EXTENSION AND MODIFICATION OF ENERGY EFFICIENT COMMERCIAL BUILDINGS DEDUCTION.

(a) Extension- Section 179D(h) (relating to termination) is amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Adjustment of Maximum Deduction Amount-CommentsClose CommentsPermalink





(1) IN GENERAL- Subparagraph (A) of section 179D(b)(1) (relating to maximum amount of deduction) is amended by striking ‘$1.80’ and inserting ‘$2.25’.CommentsClose CommentsPermalink





(2) PARTIAL ALLOWANCE- Paragraph (1) of section 179D(d) is amended--CommentsClose CommentsPermalink





(A) by striking ‘$.60’ and inserting ‘$0.75’, andCommentsClose CommentsPermalink





(B) by striking ‘$1.80’ and inserting ‘$2.25’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 504. MODIFICATION AND EXTENSION OF ENERGY EFFICIENT APPLIANCE CREDIT FOR APPLIANCES PRODUCED AFTER 2007.

(a) In General- Subsection (b) of section 45M (relating to applicable amount) is amended to read as follows:CommentsClose CommentsPermalink





‘(b) Applicable Amount- For purposes of subsection (a)--CommentsClose CommentsPermalink





‘(1) DISHWASHERS- The applicable amount is--CommentsClose CommentsPermalink





‘(A) $45 in the case of a dishwasher which is manufactured in calendar year 2008 or 2009 and which uses no more than 324 kilowatt hours per year and 5.8 gallons per cycle, andCommentsClose CommentsPermalink





‘(B) $75 in the case of a dishwasher which is manufactured in calendar year 2008, 2009, or 2010 and which uses no more than 307 kilowatt hours per year and 5.0 gallons per cycle (5.5 gallons per cycle for dishwashers designed for greater than 12 place settings).CommentsClose CommentsPermalink





‘(2) CLOTHES WASHERS- The applicable amount is--CommentsClose CommentsPermalink





‘(A) $75 in the case of a residential top-loading clothes washer manufactured in calendar year 2008 which meets or exceeds a 1.72 modified energy factor and does not exceed a 8.0 water consumption factor,CommentsClose CommentsPermalink





‘(B) $125 in the case of a residential top-loading clothes washer manufactured in calendar year 2008 or 2009 which meets or exceeds a 1.8 modified energy factor and does not exceed a 7.5 water consumption factor,CommentsClose CommentsPermalink





‘(C) $150 in the case of a residential or commercial clothes washer manufactured in calendar year 2008, 2009, or 2010 which meets or exceeds 2.0 modified energy factor and does not exceed a 6.0 water consumption factor, andCommentsClose CommentsPermalink





‘(D) $250 in the case of a residential or commercial clothes washer manufactured in calendar year 2008, 2009, or 2010 which meets or exceeds 2.2 modified energy factor and does not exceed a 4.5 water consumption factor.CommentsClose CommentsPermalink





‘(3) REFRIGERATORS- The applicable amount is--CommentsClose CommentsPermalink





‘(A) $50 in the case of a refrigerator which is manufactured in calendar year 2008, and consumes at least 20 percent but not more than 22.9 percent less kilowatt hours per year than the 2001 energy conservation standards,CommentsClose CommentsPermalink





‘(B) $75 in the case of a refrigerator which is manufactured in calendar year 2008 or 2009, and consumes at least 23 percent but no more than 24.9 percent less kilowatt hours per year than the 2001 energy conservation standards,CommentsClose CommentsPermalink





‘(C) $100 in the case of a refrigerator which is manufactured in calendar year 2008, 2009, or 2010, and consumes at least 25 percent but not more than 29.9 percent less kilowatt hours per year than the 2001 energy conservation standards, andCommentsClose CommentsPermalink





‘(D) $200 in the case of a refrigerator manufactured in calendar year 2008, 2009, or 2010 and which consumes at least 30 percent less energy than the 2001 energy conservation standards.’.CommentsClose CommentsPermalink





(b) Eligible Production-CommentsClose CommentsPermalink





(1) SIMILAR TREATMENT FOR ALL APPLIANCES- Subsection (c) of section 45M (relating to eligible production) is amended--CommentsClose CommentsPermalink





(A) by striking paragraph (2),CommentsClose CommentsPermalink





(B) by striking ‘(1) IN GENERAL’ and all that follows through ‘the eligible’ and inserting ‘The eligible’, andCommentsClose CommentsPermalink





(C) by moving the text of such subsection in line with the subsection heading and redesignating subparagraphs (A) and (B) as paragraphs (1) and (2), respectively.CommentsClose CommentsPermalink





(2) MODIFICATION OF BASE PERIOD- Paragraph (2) of section 45M(c), as amended by paragraph (1) of this section, is amended by striking ‘3-calendar year’ and inserting ‘2-calendar year’.CommentsClose CommentsPermalink





(c) Types of Energy Efficient Appliances- Subsection (d) of section 45M (defining types of energy efficient appliances) is amended to read as follows:CommentsClose CommentsPermalink





‘(d) Types of Energy Efficient Appliance- For purposes of this section, the types of energy efficient appliances are--CommentsClose CommentsPermalink





‘(1) dishwashers described in subsection (b)(1),CommentsClose CommentsPermalink





‘(2) clothes washers described in subsection (b)(2), andCommentsClose CommentsPermalink





‘(3) refrigerators described in subsection (b)(3).’.CommentsClose CommentsPermalink





(d) Aggregate Credit Amount Allowed-CommentsClose CommentsPermalink





(1) INCREASE IN LIMIT- Paragraph (1) of section 45M(e) (relating to aggregate credit amount allowed) is amended to read as follows:CommentsClose CommentsPermalink





‘(1) AGGREGATE CREDIT AMOUNT ALLOWED- The aggregate amount of credit allowed under subsection (a) with respect to a taxpayer for any taxable year shall not exceed $75,000,000 reduced by the amount of the credit allowed under subsection (a) to the taxpayer (or any predecessor) for all prior taxable years beginning after December 31, 2007.’.CommentsClose CommentsPermalink





(2) EXCEPTION FOR CERTAIN REFRIGERATOR AND CLOTHES WASHERS- Paragraph (2) of section 45M(e) is amended to read as follows:CommentsClose CommentsPermalink





‘(2) AMOUNT ALLOWED FOR CERTAIN REFRIGERATORS AND CLOTHES WASHERS- Refrigerators described in subsection (b)(3)(D) and clothes washers described in subsection (b)(2)(D) shall not be taken into account under paragraph (1).’.CommentsClose CommentsPermalink





(e) Qualified Energy Efficient Appliances-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (1) of section 45M(f) (defining qualified energy efficient appliance) is amended to read as follows:CommentsClose CommentsPermalink





‘(1) QUALIFIED ENERGY EFFICIENT APPLIANCE- The term ‘qualified energy efficient appliance’ means--CommentsClose CommentsPermalink





‘(A) any dishwasher described in subsection (b)(1),CommentsClose CommentsPermalink





‘(B) any clothes washer described in subsection (b)(2), andCommentsClose CommentsPermalink





‘(C) any refrigerator described in subsection (b)(3).’.CommentsClose CommentsPermalink





(2) CLOTHES WASHER- Section 45M(f)(3) (defining clothes washer) is amended by inserting ‘commercial’ before ‘residential’ the second place it appears.CommentsClose CommentsPermalink





(3) TOP-LOADING CLOTHES WASHER- Subsection (f) of section 45M (relating to definitions) is amended by redesignating paragraphs (4), (5), (6), and (7) as paragraphs (5), (6), (7), and (8), respectively, and by inserting after paragraph (3) the following new paragraph:CommentsClose CommentsPermalink





‘(4) TOP-LOADING CLOTHES WASHER- The term ‘top-loading clothes washer’ means a clothes washer which has the clothes container compartment access located on the top of the machine and which operates on a vertical axis.’.CommentsClose CommentsPermalink





(4) REPLACEMENT OF ENERGY FACTOR- Section 45M(f)(6), as redesignated by paragraph (3), is amended to read as follows:CommentsClose CommentsPermalink





‘(6) MODIFIED ENERGY FACTOR- The term ‘modified energy factor’ means the modified energy factor established by the Department of Energy for compliance with the Federal energy conservation standard.’.CommentsClose CommentsPermalink





(5) GALLONS PER CYCLE; WATER CONSUMPTION FACTOR- Section 45M(f) (relating to definitions), as amended by paragraph (3), is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(9) GALLONS PER CYCLE- The term ‘gallons per cycle’ means, with respect to a dishwasher, the amount of water, expressed in gallons, required to complete a normal cycle of a dishwasher.CommentsClose CommentsPermalink





‘(10) WATER CONSUMPTION FACTOR- The term ‘water consumption factor’ means, with respect to a clothes washer, the quotient of the total weighted per-cycle water consumption divided by the cubic foot (or liter) capacity of the clothes washer.’.CommentsClose CommentsPermalink





(f) Effective Date- The amendments made by this section shall apply to appliances produced after December 31, 2007.CommentsClose CommentsPermalink

TITLE VI--EXTENSION OF ALTERNATIVE FUELS AND MARGINAL PRODUCTIONCommentsClose CommentsPermalink

SEC. 601. PERCENTAGE DEPLETION FOR MARGINAL WELL PRODUCTION.

(a) In General- Section 613A(c)(6)(H) (relating to temporary suspension of taxable income limit with respect to marginal production) is amended by striking ‘January 1, 2008’ and inserting ‘January 1, 2010’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 602. CREDITS FOR BIODIESEL AND RENEWABLE DIESEL.

(a) In General- Sections 40A(g), 6426(c)(6), and 6427(e)(5)(B) are each amended by striking ‘December 31, 2008’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to fuel produced, and sold or used, after December 31, 2008.CommentsClose CommentsPermalink

SEC. 603. CREDIT FOR ALTERNATIVE FUELS.

(a) In General- Sections 6426(d)(4), 6426(e)(3), and 6427(e)(5)(C) are each amended by striking ‘September 30, 2009’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to fuel produced, and sold or used, after September 30, 2009.CommentsClose CommentsPermalink

TITLE VII--TAX ADMINISTRATIONCommentsClose CommentsPermalink

SEC. 701. PERMANENT AUTHORITY FOR UNDERCOVER OPERATIONS.

(a) In General- Section 7608(c) (relating to rules relating to undercover operations) is amended by striking paragraph (6).CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to operations conducted after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 702. PERMANENT DISCLOSURES OF CERTAIN TAX RETURN INFORMATION.

(a) Disclosures To Facilitate Combined Employment Tax Reporting-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 6103(d)(5) (relating to disclosure for combined employment tax reporting) is amended--CommentsClose CommentsPermalink





(A) by striking ‘REPORTING’ in the heading thereof and all that follows through ‘The Secretary’ in subparagraph (A) and inserting ‘REPORTING- The Secretary’, andCommentsClose CommentsPermalink





(B) by striking subparagraph (B).CommentsClose CommentsPermalink





(2) EFFECTIVE DATE- The amendments made by this subsection shall apply to disclosures after the date of the enactment of this Act.CommentsClose CommentsPermalink





(b) Disclosures Relating to Certain Programs Administered by the Department of Veterans Affairs-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 6103(l)(7)(D) (relating to programs to which rule applies) is amended by striking the last sentence.CommentsClose CommentsPermalink





(2) TECHNICAL AMENDMENT- Section 6103(l)(7)(D)(viii)(III) is amended by striking ‘sections 1710(a)(1)(I), 1710(a)(2), 1710(b), and 1712(a)(2)(B)’ and inserting ‘sections 1710(a)(2)(G), 1710(a)(3), and 1710(b)’.CommentsClose CommentsPermalink

SEC. 703. DISCLOSURE OF INFORMATION RELATING TO TERRORIST ACTIVITIES.

(a) Disclosure of Return Information To Apprise Appropriate Officials of Terrorist Activities- Clause (iv) of section 6103(i)(3)(C) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(b) Disclosure Upon Request of Information Relating to Terrorist Activities- Subparagraph (E) of section 6103(i)(7) (relating to termination) is amended by striking ‘December 31, 2007’ and inserting ‘December 31, 2009’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to disclosures after the date of the enactment of this Act.CommentsClose CommentsPermalink

Calendar No. 771CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.CommentsClose CommentsPermalink

June 9, 2008CommentsClose CommentsPermalink