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National
Key Vote
Alternative Energy Tax Incentives
Project Vote Smart's Synopsis:
Vote to invoke cloture on the motion to take up debate on a bill that provides tax incentives for the production and use of alternative energy sources in addition to providing other tax incentives.
NOTE: THIS IS A VOTE ON A MOTION TO INVOKE CLOTURE ON DISCUSSION OF WHETHER OR NOT TO TAKE UP DEBATE ON THE BILL. IF THIS MOTION PASSES, THEN FURTHER DISCUSSION ON THE TAKING UP OF THE BILL IS LIMITED TO 30 HOURS BEFORE THE BILL ITSELF IS TAKEN UP FOR DEBATE. INVOKING CLOTURE REQUIRES A THREE-FIFTHS MAJORITY OF THE SENATE. CLOTURE IS TYPICALLY USED TO END A FILIBUSTER.
Official Title of Legislation:
HR 6049: To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Highlights:
-Extends the renewable energy tax credit by one year for new wind facilities (Sec. 101).
-Extends the renewable energy tax credit by 3 years for new qualified closed-loop or open-loop biomass facilities, geothermal or solar energy facilities, small irrigation power facilities, landfill gas facilities, trash combustion facilities, and qualified hydropower facilities (Sec. 101).
-Designates marine and hydrokinetic renewable energy as being qualified energy resources eligible for the renewable energy tax credit (Sec. 102).
-Extends for 6 years the 30 percent energy tax credit for qualified fuel cell property and solar energy property and the 10 percent credit for microturbine property (Sec. 103).
-Extends the tax credit for certain new residential "energy efficient" property for 6 years and raises the total tax credit for new solar electric property from $2,000 to $4,000 (Sec. 104).
-Extends the research tax credit, restaurant property depreciation tax credits, and optional state sales tax deductions for one year (Sec. 221, 225, 201).
-Extends tax credits for biodiesel and renewable diesel used as fuel for one year, and raises the biodiesel credits and biodiesel mixture credits from 50 cents per gallon to $1 per gallon (Sec. 122).
-Provides an additional standard deduction for real property taxes for non-itemizers of up to $350 or $700 for a joint return (Sec. 301).
-Increases the child tax credit for low-income parents (Sec. 302).
-Delays tax code provisions that would allow companies to allocate interest on a worldwide basis for 10 years (Sec. 402).
-Mandates that compensation deferred under a nonqualified deferred compensation plan of a foreign corporation shall be includible in gross income in the absence of a substantial risk of forfeiture of rights to such compensation (Sec. 401).
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c110:hr6049:
House Passage: 05/21/2008 : Bill Passed: 263 - 160 (Roll no. 344) Senate Cloture Vote: 06/17/2008 : Cloture Not Invoked 52 - 44 (Record Vote Number 150)
NOTE: THIS IS A VOTE ON A MOTION TO INVOKE CLOTURE ON DISCUSSION OF WHETHER OR NOT TO TAKE UP DEBATE ON THE BILL. IF THIS MOTION PASSES, THEN FURTHER DISCUSSION ON THE TAKING UP OF THE BILL IS LIMITED TO 30 HOURS BEFORE THE BILL ITSELF IS TAKEN UP FOR DEBATE. INVOKING CLOTURE REQUIRES A THREE-FIFTHS MAJORITY OF THE SENATE. CLOTURE IS TYPICALLY USED TO END A FILIBUSTER.
Sponsor: Rep. Rangel, Charles (D-NY)
Cosponsors: Rep. Arcuri, Michael (D-NY)
Rep. Blumenauer, Earl (D-OR)
Rep. Crowley, Joseph (D-NY)
Rep. Davis, Artur (D-AL)
Rep. Giffords, Gabrielle (D-AZ)
Rep. Hall, John (D-NY)
| Rep. Hodes, Paul (D-NH)
Rep. Larson, John (D-CT)
Rep. Lewis, John (D-GA)
Rep. McDermott, James (D-WA)
Rep. McNerney, Gerald (D-CA)
Rep. Meek, Kendrick Sr. (D-FL)
| Rep. Neal, Richard (D-MA)
Rep. Pomeroy, Earl (D-ND)
Rep. Shea-Porter, Carol (D-NH)
Rep. Van Hollen, Christopher Jr. (D-MD)
Rep. Welch, Peter (D-VT)
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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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