HOUSE BILL WOULD EXTEND ENERGY TAX CREDITS
Rep. Michael McNulty, D-N.Y., today introduced H.R. 550, the Securing America's Energy Independence Act of 2007, to extend through 2016 the energy tax credit for solar energy property and qualified fuel cell property and the tax credit for residential energy efficient property expenditures. The bill also allows these 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, and allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property. Upon introduction, H.R. 550 was referred to the House Committee on Ways and Means.