Legislation - 2007
Enacted Legislation
Introduced Legislation
H.R. 3221 Renewable Energy and Energy Conservation Tax Act of 2007
(Includes New Direction for Energy Independence, National Security, and Consumer Protection Act)
Introduced July 30, 2007 by Rep. Nancy Pelosi
Incorporates various legislative initiatives for energy conservation, independence, and security, including provisions related to clean renewable energy bonds.
H.R. 2776, Renewable Energy and Energy Conservation Tax Act of 2007
Introduced June 19, 2007 by Rep. Charles Rangel
Appended to to H.R. 3321 on August 4, 2007
Extends the 30 percent investment tax credit for solar energy property and qualified fuel cell property for eight years. Extends the placed-in-service date for four years for qualifying wind and other facilities; it also adds a new category of qualifying facilities -- facilities that generate electricity from marine renewables (e.g., waves and tides).
House Ways and Means Committee Summary of H.R. 2776
JCT Description of the Renewable Energy and Energy Conservation Tax Act of 2007
(June 19, 2007)JCT Estimate of Revenue Effects of the Renewable Energy and Energy Conservation Tax Act of 2007
(June 19, 2007)
H.R. 2652 Generating Renewable Energy and Encouraging Novel Technologies Act of 2007
Introduced June 11, 2007 by Rep. Phil English
Extends eligibility for clean renewable energy bonds (CREBs) and the issuance authority for such bonds through 2018. Extends through 2018: (1) the tax credit for investment in solar energy and qualified fuel cell property; (2) the income and excise tax credits for alcohol used as fuel and for alternative fuels; (3) the tax credit for nonbusiness energy property expenditures; and (4) the tax deduction for energy efficient commercial building expenditures. Extends through 2016 the tax credit for residential energy efficient property expenditures and increases the amount of such credit. Extends through 2017 the tax credit for using wind, solar, and geothermal resources to produce electricity. Allows new tax credits for: (1) producing electricity from ocean energy; (2) investment in cellulosic biomass ethanol plant property; (3) investment in oil shale extraction and processing property; (4) diesel used as fuel; and (5) investment in a coal-to-liquid fuels project.
Cosponsors (none) More information
Energy Advancement and Investment Act of 2007
Introduced June 19, 2007 by Sen. Max Baucus as an amendment to H.R. 6
(H.R. 6 passed the Senate June 21, 2007 without these provisions)
JCT Description of the Chairman's Modification to the Provisions of the Energy Advancement and Investment Act of 2007
(June 19, 2007)Estimated Revenue Effects of the Chairman's Modification to the Provisions of the Energy Advancement and Investment Act of 2007
(June 19, 2007)JCT Description of the Energy Advancement and Investment Act of 2007
(June 14, 2007)Estimated Revenue Effects of the Energy Advancement and Investment Act
(June 14, 2007)
S. 1291 Wind Energy Development Act of 2007
Introduced May 3, 2007 by Sen. John Thune
Amends the Internal Revenue Code to: (1) extend through 2012 the tax credit for production of electricity from certain renewable resources; (2) modify the inflation adjustment applicable to such credit; (3) extend through 2012 the tax credit for holders of clean renewable energy bonds and increase the limitation on the amount of such bonds authorized for issuance; and (4) set forth allocations of bond amounts for certain projects.
Cosponsors (none) More information
H.R. 1772 Rural Wind Energy Development Act
Introduced March 29, 2007 by Rep. Earl Blumenauer
Amends the Internal Revenue Code to allow: (1) a tax credit for the installation of wind energy property; and (2) an accelerated depreciation allowance for such property.
S. 673 Rural Wind Energy Development Act
Introduced February 16, 2007 by Rep. Ken Salazar
Amends the Internal Revenue Code to allow: (1) a tax credit for the installation of wind energy property; and (2) an accelerated depreciation allowance for such property.
S. 590 Securing America's Energy Independence Act of 2007
Introduced February 14, 2007
Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability. Expands the definition of "energy property" for purposes of the tax credit to include certain equipment which uses solar energy to generate or store excess electricity. Allows a tax credit for the full amount of qualified photovoltaic property expenditures (currently, limited to 30%).
H.R. 550 Securing America's Energy Independence Act of 2007
Introduced January 18, 2007 by Rep. Michael McNulty
Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability. Includes advanced energy storage systems as energy property for purposes of the tax credit. Provides for a special credit amount for solar photovoltaic energy property and residential energy efficient property based upon kilowatt capacity. Allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property.
H.R. 539 Buildings for the 21st Century Act
Introduced January 17, 2007 by Rep. Allyson Schwartz
Amends the Internal Revenue Code to: (1) increase the allowable amount of the tax deduction for energy efficient commercial building costs; and (2) extend such deduction through 2013.