Energy and Tax Extenders Act of 2008

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Article summary (how summaries work)
The Energy and Tax Extenders Act of 2008 (H.R. 6049) was a bill in the 110th Congress "to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes." (Official title.)[1]


Contents

Current status


Bill summary

  • Extends the renewable energy tax credit by one year for new wind facilities (Sec. 101).[1]
  • Extends the renewable energy tax credit by 3 years for new qualified closed-loop or open-loop biomass facilities, geothermal or solar energy facilities, small irrigation power facilities, landfill gas facilities, trash combustion facilities, and qualified hydropower facilities (Sec. 101).[1]
  • Designates marine and hydrokinetic renewable energy as being qualified energy resources eligible for the renewable energy tax credit (Sec. 102).[1]
  • Extends for 6 years the 30 percent energy tax credit for qualified fuel cell property and solar energy property and the 10 percent credit for microturbine property (Sec. 103).[1]
  • Extends the tax credit for certain new residential "energy efficient" property for 6 years and raises the total tax credit for new solar electric property from $2,000 to $4,000 (Sec. 104).[1]
  • Extends the research tax credit, restaurant property depreciation tax credits, and optional state sales tax deductions for one year (Sec. 221, 225, 201).[1]
  • Extends tax credits for biodiesel and renewable diesel used as fuel for one year, and raises the biodiesel credits and biodiesel mixture credits from 50 cents per gallon to $1 per gallon (Sec. 122).[1]
  • Provides an additional standard deduction for real property taxes for non-itemizers of up to $350 or $700 for a joint return (Sec. 301).[1]
  • Increases the child tax credit for low-income parents (Sec. 302).[1]
  • Delays tax code provisions that would allow companies to allocate interest on a worldwide basis for 10 years (Sec. 402).[1]
  • Mandates that compensation deferred under a nonqualified deferred compensation plan of a foreign corporation shall be includible in gross income in the absence of a substantial risk of forfeiture of rights to such compensation (Sec. 401).[1]

Key votes

House

On May 21 2008, the House considered a motion to recommit the bill with instructions for the Committee on Ways and Means.


Same for all scorecards:

Scored vote

Scorecard: League of Conservation Voters 2008 House Scorecard

Org. position: Nay

Description:

"H.R. 6049, the Renewable Energy and Job Creation Act of 2008, as reported by the Ways and Means Committee, extended the tax credits for wind and other renewable energies by one year, while also renewing several important research and development tax credits, and renewing the commercial and residential energy efficiency tax credits. This package was supported by over two hundred business, environmental, and utility groups. The tax credits would be paid for by delaying new interest allocation rules for multinational companies and changing the rules for taxing deferred compensation. Opponents maintained that loopholes closed by the bill amounted to tax increases. Representative McCrery (R-LA) sought to send the bill back to Committee with instructions that it be reported back without the offsets. Because conservative House Democrats would have resisted such a bill, this move was tantamount to killing the bill. The motion to recommit was rejected 201-220 (House roll call vote 343) on May 21. NO is the pro-environment vote."

(Original scorecard available at: http://www.lcv.org/2008-pdf.pdf)

The same day, the House passed the bill by a vote of 263-160.


Same for all scorecards:

Scored vote

Scorecard: National Journal 2008 House Scorecard

Org. position: {{{Vote position 1}}}

Description:

"Extend numerous expiring tax provisions, including for renewable fuels, with budgetary offsets. May 21. (263-160)"

(Original scorecard available at: http://www.nationaljournal.com/njmagazine/cs_20090228_4813.php)

Senate

The bill, which was introduced May, 14, 2008, hoped to amend the Internal Revenue Code of 1986, which would provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. It was voted on by the Senate on September 23, 2008. [2]


Same for all scorecards:

Scored vote

Scorecard: National Journal 2008 Senate Scorecard

Org. position: Nay

Description:

"Extend numerous expiring tax provisions, including for renewable fuels, with budgetary offsets. May 21. (263-160)"

(Original scorecard available at: http://www.nationaljournal.com/njmagazine/cs_20090228_4813.php)


The Senate initially failed to invoke cloture and end debate on the bill.


Same for all scorecards:

Scored vote

Scorecard: Drum Major Institute 2008 Senate Scorecard

Org. position: Aye

Description:

"Middle-class Americans are increasingly feeling the effects of a misguided energy policy. The energy tax credit expansions and extensions in the Renewable Energy and Job Creation Act are part of a long-term strategy to alleviate high fuel costs, make the country more energy efficient, and ensure that the economy retains jobs in renewable energy and technology. Indeed, failure to extend energy tax credits for solar and wind power could result in the loss of 116,000 jobs. With the middle class already feeling the effects of weak employment, Congress must strengthen a renewable energy and energy efficiency industry that benefits both the environment and the economy. The Act’s unrelated changes to the child tax credit would directly benefit 12.9 million children of aspiring middle-class families coping with high food, fuel, and health care costs. Expanding the income floor for the credit means that very low-income families, who currently benefit less from the credit than higher-income families, will receive the support they need to make ends meet. Finally, the revenue-raising provisions of the Act not only make the legislation fiscally responsible, but make the tax code fairer by eliminating loopholes exploited by wealthy executives and multinational corporations."

(Original scorecard available at: http://www.drummajorinstitute.org/library/report.php?ID=87)

Scored vote

Scorecard: League of Conservation Voters 2008 Senate Scorecard

Org. position: Aye

Description:

"A broad coalition of businesses, construction companies, environmental organizations, investors, labor groups, trade associations and utilities agree that the single most effective measure to increase the use of clean renewable energy and energy efficiency is to extend and expand the present set of clean energy tax credits that are due to expire at the end of 2008. Energy experts maintain that extending the credits could save as many as 117,000 existing jobs and generate an additional $19 billion in domestic clean energy investment. On June 17, the Senate voted to move forward on H.R. 6049, the Renewable Energy and Job Creation Act of 2008, which had passed the House on May 21 by a margin of 263-160. This bill would have extended dozens of expired or soon-to-expire tax provisions for one year, including tax credits for research, investment in solar and fuel cells, and the production tax credit for wind and other renewable energy sources. The tax credits would be offset by closing various corporate loopholes. The majority of Senate Republicans maintained that there was no need to offset — pay for — extending existing tax credits, calling that move tantamount to a tax increase. In contrast, many conservative House Democrats insisted that all tax credits be fully paid for — a position the House leadership subsequently adopted."

(Original scorecard available at: http://www.lcv.org/2008-pdf.pdf)

Sens. Max Baucus and Sen. Charles Grassley proposed an amendment to extend tax credits for research.


Information Technology Industry Council, which supported the bill, selected the vote for its 2007 Senate scorecard, where it gave the following description:

Legislation included provisions to extend and expand the research and development tax credit for two years. [3]


Same for all scorecards:

Scored vote

Scorecard: National Journal 2008 Senate Scorecard

Org. position: Nay

Description:

"Offset a reduction in the alternative minimum tax with tax increases on businesses. September 23. (53-42; 60 votes required for passage because of a unanimous consent agreement)"

(Original scorecard available at: http://www.nationaljournal.com/njmagazine/cs_20090228_4813.php)


On September 23, 2008, the Senate passed the bill as amended by a vote of 93-2.

However, the bill was never signed into law by the president.[4]

Supporters

  • A. O. Smith Corporation
  • Abbott Laboratories
  • Advanced Micro Devices
  • Advantage Capital Partners
  • Affymetrix
  • Agilent Technologies, Inc.
  • Air Conditioning Contractors of America
  • Air Products and Chemicals
  • Alliance to Save Energy
  • Alliant Energy Corporation
  • Altria Group
  • America Public Power Association
  • American Express Company
  • American Institute of Architects
  • American International Group
  • American Wind Energy Association
  • Apple
  • Association of Educational Publishers
  • AstraZeneca Pharmaceuticals
  • AT&T
  • ATAS
  • ATEECO
  • Autodesk
  • Avaya
  • Avista
  • BAE Systems
  • Bank of America
  • Batesville Tool & Die
  • Biogen Idec
  • Boeing
  • Bommer Industries
  • Borel Private Bank & Trust Company
  • Bosch
  • BP
  • Cabot Fuel Cells
  • Case New Holland
  • Caterpillar Inc.
  • Chrysler LLC
  • Chubb Corporation
  • Cisco Systems
  • Citigroup, Inc.
  • Click Bond
  • Coca-Cola Company
  • Con-Way
  • ConAgra
  • Devine Tarbell & Associates
  • DIAB
  • Dow Chemical Company
  • Duke Energy Corporation
  • Edison Electric Institute
  • Empire Broadcasting
  • Environmental Defense Fund
  • Exelon Corporation
  • Extol International
  • FileMaker
  • Florida Power & Light Company
  • Ford Motor Company
  • Fredon Corporation
  • Fresh Energy
  • FuelCell Energy
  • GE Energy
  • General Electric
  • General Motors Corp.
  • Genworth Financial
  • Gilead Sciences
  • GMAC
  • Goldman Sachs
  • Goodrich
  • Greenpeace
  • Griffin Realty Advisors
  • Harley-Davidson Motor Company
  • Hewlett-Packard
  • Honeywell
  • i2 Technologies
  • IBM Corporation
  • Independent Sector
  • Intel Corporation
  • Intevac
  • JDS Uniphase Corporation
  • Johnson & Johnson
  • JPMorgan Chase & Co.
  • Key Bank
  • KPMG LLP
  • LibraryWorld, Inc
  • Lincoln Financial
  • Lockheed Martin
  • Louis Dreyfus
  • Maxim Integrated Products
  • McCormick & Company
  • Merck & Co., Inc.
  • Merrill Lynch
  • Microsoft
  • Mitsubishi Electric
  • Monsanto Company
  • Mortenson Construction
  • National Association of Manufacturers
  • National Biodiesel Board
  • National Electrical Manufacturers Association
  • National Hydropower Association
  • National Retail Federation
  • National School Supply and Equipment Association
  • National Wildlife Federation
  • New Leaf Paper
  • News Corporation
  • North American Insulation Manufacturers Association
  • Northrop Grumman
  • Novo Nordisk
  • Oracle Corporation
  • Pfizer
  • PG&E Corporation
  • Procter & Gamble
  • Raser Technologies
  • Rath, Young and Pignatelli
  • Raytheon
  • Real Estate Roundtable
  • Retail Industry Leaders Association
  • Sealed Air Corporation
  • Sierra Club
  • Solar Energy Industries Association
  • Solar Nation
  • Specialized Bicycles
  • Steel-Fab
  • Texas Instruments
  • Tupperware
  • Union of Concerned Scientists
  • Wachovia
  • Walt Disney Company
  • World Wildlife Fund

Opponents

  • Americans for Tax Reform
  • Associated Builders and Contractors
  • Club for Growth
  • FreedomWorks
  • Independent Electrical Contractors
  • National Taxpayers Union

Articles and resources

See also

References

  1. 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 Project Vote Smart's info page on Energy and Tax Extenders Act of 2008(H.R.6049).
  2. CEnergy and Tax Extenders Act of 2008 on [1].
  3. "High Tech Voting Guide".
  4. OpenCongress' info page on H.R. 6049.
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