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National
Key Vote
Energy Tax Credits Amendment
Project Vote Smart's Synopsis:
Vote to adopt an amendment that modifies and extends certain tax credits and deductions for renewable energy development.
NOTE: THIS IS AN AMENDMENT TO A SUBSTITUTE AMENDMENT. A SUBSTITUTE AMENDMENT REPLACES LANGUAGE WITH ITS OWN.
Official Title of Legislation:
S Amdt 4419 to S Amdt 4387 to HR 3221: To amend the Internal Revenue Code of 1986 to provide for the limited continuation of clean energy production incentives and incentives to improve energy efficiency in order to prevent a downturn in these sectors that would result from a lapse in the tax law.
Highlights:
-Extends tax credits until January 1, 2010, for the establishment of certain facilities that produce power by using wind energy, biomass energy, geothermal energy, solar energy, small irrigation power, landfill gas, trash combustion, refined coal production, and hydropower, while also expanding these tax credits so as to apply to certain new marine and hydrokinetic facilities.
-Extends certain tax credits for the development of solar energy until January 1, 2017 and for the development of fuel cell energy until December 31, 2017.
-Extends the expiration date of the "residential energy efficient property" credit (which provides a tax credit of 30 percent of expenditures on certain types of solar energy) from December 31, 2008, until December 31, 2009, and removes the $2,000 credit limit on solar electric energy.
-Extends the expiration date of the "new energy efficient home" credit (which applies to certain new homes that meet specific energy conservation criteria) from December 31, 2008, to December 31, 2010.
-Extends the "energy efficient commercial buildings" deduction until December 31, 2009, and increases the maximum deduction from $1.80 to $2.25 per square foot.
-Modifies energy efficient appliance credit levels and extends certain credits through the 2010 calendar year.
-Extends the authority to issue "clean renewable energy bonds" until December 31, 2009, and increases the limitation on the cumulative value of these bonds from $1.2 billion to $1.6 billion.
Link to Legislation: http://thomas.loc.gov/cgi-bin/bdquery/z?d110:samdt4419:
Senate Amendment Vote: 04/10/2008 : Amendment Adopted 88 - 8 (Record Vote Number 95)
Sponsor: Sen. Ensign, John (R-NV)
Cosponsors: Sen. Allard, Wayne (R-CO) (out of office)
Sen. Burr, Richard (R-NC)
Sen. Cantwell, Maria (D-WA)
Sen. Coleman, Norm (R-MN) (out of office)
Sen. Collins, Susan (R-ME)
Sen. Cornyn, John (R-TX)
Sen. Craig, Larry (R-ID) (out of office)
Sen. Dole, Elizabeth (R-NC) (out of office)
| Sen. Domenici, Pete (R-NM) (out of office)
Sen. Enzi, Michael (R-WY)
Sen. Graham, Lindsey (R-SC)
Sen. Grassley, Charles (R-IA)
Sen. Hatch, Orrin (R-UT)
Sen. Martinez, Melquiades (R-FL) (out of office)
Sen. Murkowski, Lisa (R-AK)
Sen. Roberts, Pat (R-KS)
| Sen. Specter, Arlen (D-PA)
Sen. Stevens, Ted (R-AK) (out of office)
Sen. Sununu, John (R-NH) (out of office)
Sen. Thune, John (R-SD)
Sen. Warner, John (R-VA) (out of office)
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PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
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