Renewable Energy and Energy Conservation Tax Act of 2008

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The Renewable Energy and Energy Conservation Tax Act of 2008 (H.R.5351) was a bill in the 110th Congress "to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation." (Official title)[1]

Contents

Current status


Bill summary

  • Extends tax credits for wind facilities, closed loop and open loop biomass facilities, geothermal and solar facilities, small irrigation power facilities, landfill gas facilities, trash combustion facilities, and hydropower facilities for three years (Sec. 101).[2]
  • Designates tax credits for marine and hydrokinetic renewable energy (Sec. 102).[2]
  • Extends by eight years the 30 percent tax credit for solar energy property and fuel cell property (Sec. 103).[2]
  • Creates new "clean renewable energy" bonds and designates a $2 billion limit on those bonds, which would be allocated to qualified projects of public power providers and cooperative electric companies (Sec. 104).[2]
  • Extends tax credits for residential energy efficient property for six years (Sec. 106).[2]
  • Raises the maximum credit for solar electric property from $2,000 to $4,000 (Sec. 106).[2]
  • Allots income tax credits to consumers who buy plug-in hybrid vehicles (Sec. 201).[2]
  • Extends and modifies tax credits for energy efficient appliances (Sec. 234).[2]
  • Prevents tax deductions to major integrated oil companies for income resulting from the domestic production of oil and gas (Sec. 301).[2]
  • Reduces the tax deduction of taxpayers with oil-related qualified production activities income by 3 percent after 2008 (Sec. 301).[2]

Key votes

  • Vote to pass a bill that extends renewable energy tax credits and increases taxes on oil companies.[2]


Same for all scorecards:

Scored vote

Scorecard: Americans for Democratic Action 2008 House Scorecard

Org. position: Aye

Description:

"Passage of a bill to extend and create several tax incentives for energy conservation and renewable-energy production, including a new tax credit for plug-in hybrid vehicles and an extension of expiring tax credits for wind and solar energy, and authorize $5.6 billion in tax credit bonds to finance renewable energy and energy conservation. The costs would be paid for by eliminating or reducing the tax deduction for oil and gas refining, and would change the way oil and gas companies calculate foreign oil and gas income."

(Original scorecard available at: http://www.adaction.org/pages/publications/voting-records.php)

Scored vote

Scorecard: League of Conservation Voters 2008 House Scorecard

Org. position: Aye

Description:

""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. Caught in a legislative ping-pong between the House and the Senate, some version of the tax extension package was considered by the House and Senate at least 12 times during the 110th Congress. In one of the earlier efforts to extend the renewable-energy and energy-efficiency tax credits, the House passed H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, which would have extended the tax credit for wind and other renewables by three years and reinstated expired credits for commercial and resident buildings. In addition, new tax credits were made available for plug-in hybrids and other transportation alternatives. To offset the costs, the bill changed the way oil and gas companies calculate foreign oil and gas income and bumped up the estimated tax rate for certain large corporations.""

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

Scored vote

Scorecard: National Journal 2008 House Scorecard

Org. position: Aye

Description:

""Expand tax incentives to encourage renewable fuels and energy efficiency, and offset the cost by reducing tax breaks for oil and gas companies. February 27. (236-182)"

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

Articles and resources

See also

References

  1. OpenCongress’ info page on Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351).
  2. 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 Project Vote Smart’s info page on Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351).
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