Legislation - 2008
Enacted Legislation
H.R. 1424 Emergency Economic Stabilization Act of 2008
Introduced March 9, 2008 by Rep. Patrick Kennedy
Provides authority for the federal government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers. Also provides a patch for the alternative minimum tax and extends the production tax credit (PTC) for wind energy for one year, the investment tax credit (ITC) for solar energy projects for eight years and the new markets tax credit (NMTC) for one year. Allows states to allocate an additional $8 per capita in low-income housing tax credit (LIHTC) amounts in 2008, 2009 and 2010 in the Midwestern Disaster Area. Also allows Texas and Louisiana to allocate $16 per capita in additional LIHTC amounts in 2008, 2009 and 2010 based on the populations of Brazoria, Chambers, Galveston, Jefferson and Orange counties in Texas and Calcasieu and Cameron parishes in Louisiana.
Summary of Energy, Extenders, AMT and Disaster Tax Provisions in the Emergency Economic Stabilization Act of 2008 (October 1, 2008)
List of Counties Included in the Midwestern Disaster Area
Joint Committee on Taxation Technical Explanation of the Tax Provisions of H.R. 1424 (October 1, 2008)
Introduced Legislation
H.R. 7060 Renewable Energy and Job Creation Tax Act of 2008
Introduced September 25, 2008 by Rep. Charles Rangel
Would extend production tax credit for wind energy for one year and investment tax credits for solar energy projects for eight years. Also extends a number of expiring tax incentives, including the new markets tax credit.
Cosponsors More information
S. 3335, The Jobs, Energy, Families and Disaster Relief Act
Introduced July 24, 2008 by Sen. Max Baucus
Builds on the Energy Independence and Tax Relief Act of 2008 (S. 3125), which extends and expands production and investment tax credits for renewable energy, by adding provisions to provide immediate relief to victims of floods and other natural disasters, replenish the Highway Trust Fund to enable vital infrastructure repairs and more job creation, and require parity for mental health care treatment with other medical treatment in the nation’s health care system. Would also extend the NMTC for one year.
Estimated Revenue Effects of The Jobs, Energy, Families and Disaster Relief Act (July 24, 2008)
Summary of the Provisions of The Jobs, Energy, Families and Disaster Relief Act
H.R. 6049, Renewable Energy and Job Creation Act of 2008 (As Passed by House on May 21, 2008)
Introduced May 14, 2008 by Rep. Charles Rangel
Among other things, would extend and modify the renewable energy production tax credit and extend and modify the solar energy and fuel cell investment tax credit. Would provide almost $20 billion of tax incentives for investment in renewable energy, carbon capture and sequestration demonstration projects, energy efficiency and conservation.
Press Release and Summary: Senate Passes Baucus-Grassley Clean Energy Incentives, Extensions of Expiring Tax Cuts, Disaster Relief and Protection from Alternative Minimum Tax (September 23, 2008)
Baucus Floor Statement Regarding Energy, Tax Extenders (September 18, 2008)
Legislative Text to the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 (September 17, 2008)
Staff Summary of the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 (September 17, 2008)
Estimated Revenue Effects of the Senate Finance Committee Summary Amendment to the Substitute Amendment to H.R. 6049 (September 17, 2008)
Legislative Text to the Energy Improvement and Extension Act (September 17, 2008)
Staff Summary of the Energy Improvement and Extension Act (September 17, 2008)
Estimated Revenue Effects of the Energy Improvement and Extension Act (September 17, 2008)
Press Release: Baucus, Grassley, Senate Leaders Agree To Move Clean Energy Incentives, Extend Expiring Tax Cuts, Offer Disaster Tax Relief, Protect Millions From Alternative Minimum Tax (September 16, 2008)
The Energy Independence and Investment Act of 2008
As of September 11, 2008 by Sens. Max Baucus and Charles Grassley
Energy tax legislation that includes long-term extensions of wind and solar energy tax credits. The bill extends the placed-in-service date for the Section 45 renewable energy production tax credit, through December 31, 2011. The package also includes and extension of the 30 percent investment tax credit for solar energy property and qualified fuel cell property, as well as the 10 percent investment tax credit for microturbines, for eight years—through 2016.Senate Finance Committee Staff Summary of the Energy Independence and Investment Act of 2008 (September 11, 2008)
Estimated Revenue Effects of the Energy Independence and Investment Act of 2008 (September 11, 2008)
Press Release: Baucus, Grassley Offer Tax Incentives for Clean Energy, Homegrown Jobs (September 11, 2008)
Statement of Adminstration Policy: H.R. 6049 - Renewable Energy and Job Creation Act of 2008 (May 21, 2008)
JCT Estimated Revenue Effects of H.R. 6049, Renewable Energy and Job Creation Act of 2008 (May 21, 2008)
Ways and Means Commitee Description of H.R. 6049, Energy and Tax Extenders Act of 2008
JCT Estimated Revenue Effects of H.R. 6049, Energy and Tax Extenders Act of 2008 (May 15, 2008)
JCT Description of H.R. 6049, Energy and Tax Extenders Act of 2008 (May 15, 2008)
S. 2886, the Alternative Minimum Tax and Extenders Tax Relief Bill of 2008
Introduced April 17, by Sen. Max Baucus
Among other things, includes an extension of the 30 percent investment tax credit for solar energy property and qualified fuel cell property, as well as the 10 percent investment tax credit for microturbines for one year (through 2009). It also includes an increase of $400 million to the Clean Renewable Energy Bonds (CREBs) program for bonds issued after December 31, 2008.
GOP Senators Letter Urging Passage of Extenders Passage Without Revenue Offsets (April 23, 2008)
S. 2821 Clean Energy Tax Stimulus Act of 2008 (draft)
Introduced April 3, 2008 by Sen. Maria Cantwell
Among other things, would extend for one year the renewable energy production tax credit and modify and extend the solar energy and fuel cell investment tax credit.
Economic Stimulus Act of 2008
JCT Description of the Economic Stimulus Act of 2008
JCT Score of The Economic Stimulus Act of 2008
JCT Description of the Chairman's Modification of the Economic Stimulus Act of 2008
Estimated Budget Effects Of The Chairman's Modification To The Economic Stimulus Act Of 2008
H.R. 5231 Clean Energy Investment Act of 2008
Introduced February 6, 2008 by Rep. Bruce Braley
Would extend the wind energy production tax credit (PTC) for seven years, to January 1, 2016.
Cosponsors (none) More information
H.R. 5351, Renewable Energy and Energy Conservation Tax Act of 2008
Introduced February 12, 2008 by Rep. Charles Rangel
Would extend renewable energy production tax credit for three years and the investment tax credit for eight years, among other provisions.
Estimated Revenue Effects Of Tax Provisions Contained In H.R. 5351
Technical Explanation Of The Revenue Provisions Of H.R. 5351