3.0.0 1508 2023-01-11T16:47:38Z 2023-01-11T16:47:38Z Senate S S 2007-05-24 110 ssfi00 Finance Committee Senate Standing Referred to 2007-05-25T00:08:36Z 2007-05-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-05-24 Introduced in Senate IntroReferral 10000 9 Library of Congress D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE N Taxation Air pollution control Alternative energy sources Bonds Carbon cycle Carbon dioxide Coal Commerce Corporation taxes Electric power production Electric power transmission Energy Environmental Protection Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Fuel cells Imports Income tax Investment tax credit Leases Losses Solar energy Tax administration Tax credits Tax evasion Tax havens Tax penalties Tax shelters Taxation of foreign income Taxation 00 2007-05-24 Introduced in Senate 2007-07-02T19:32:03Z Clean Energy Production Tax Incentives Act of 2007 - Amends the Internal Revenue Code to: (1) increase the rate of the tax credit for producing electricity from renewable resources and extend such credit through 2018; (2) extend the national limitation amount for clean renewable energy bonds through 2017; (3) extend the advanced coal project tax credit; and (4) extend through 2018 the tax credit for investment in qualified fuel cell and microturbine property and solar property.

Allows new tax credits for the capture and storage or use of carbon dioxide and for investment in clean coal energy bonds, carbon dioxide capture bonds, and electric transmission property and bonds.

Treats certain controlled foreign corporations created or organized under the laws of a tax haven country (as identified by the Secretary of the Treasury) as domestic corporations for income tax purposes.

Includes in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income (income attributable to property manufactured outside of the United States and imported for sale into the United States).

Changes the effective date of certain loss deferral rules applicable to leases entered into with a foreign person or entity on or before March 12, 2004.

Sets forth rules for the application of the economic substance doctrine in evaluating transactions with tax implications. Imposes a penalty for understatements of tax due to transactions lacking economic substance. Denies a tax deduction for interest on underpayments of tax due to transactions lacking economic substance.

]]> Clean Energy Production Tax Incentives Act of 2007 Display Title Clean Energy Production Tax Incentives Act of 2007 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to extend and expand various tax incentives for production of renewable energy and clean energy sources, and for other purposes. Introduced in Senate IS Short Titles as Introduced Clean Energy Production Tax Incentives Act of 2007 Introduced in Senate 2007-05-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1508is/xml/BILLS-110s1508is.xml 2007-05-24 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.