S.2899 - Renewable Energy Incentive Act

A bill to amend the American Recovery and Reinvestment Act of 2009 and the Internal Revenue Code of 1986 to provide incentives for the development of solar energy. view all titles (2)

All Bill Titles

  • Official: A bill to amend the American Recovery and Reinvestment Act of 2009 and the Internal Revenue Code of 1986 to provide incentives for the development of solar energy. as introduced.
  • Short: Renewable Energy Incentive Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/17/09
 
 
 
 
 
 
 

Official Summary

Renewable Energy Incentive Act - Amends the American Recovery and Reinvestment Act of 2009 to: (1) extend through 2012 grants for investment in renewable energy property, including renewable resources used to produce electricity and fuel cell, solar, wind, geothermal, and microturbine prope

Official Summary

Renewable Energy Incentive Act - Amends the American Recovery and Reinvestment Act of 2009 to:
(1) extend through 2012 grants for investment in renewable energy property, including renewable resources used to produce electricity and fuel cell, solar, wind, geothermal, and microturbine property, in lieu of tax credits; and
(2) expand eligibility for such grants to public power utilities and qualified solar manufacturing project property. Defines \"qualified solar manufacturing property\" as any tangible personal property purchased to re-equip, expand, or establish a manufacturing facility for producing solar energy equipment to generate electricity. Amends the Internal Revenue Code to:
(1) allow an energy tax credit for investment in qualified solar manufacturing project property;
(2) allow a tax credit for the purchase, consolidation, and use of contiguous high solarity disturbed private land to produce solar energy for use in a trade or business; and
(3) limit the energy tax credit for solar energy equipment used to generate electricity or heat or cool a structure, as applied to swimming pools, to exclude those located at single-family residences.

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