3.0.0 2642 2019-11-15T21:57:50Z 2019-11-15T21:57:50Z Senate S S 2008-02-14 110 ssfi00 Finance Committee Senate Standing Referred to 2008-02-14T21:23:56Z 2008-02-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-02-14 Sponsor introductory remarks on measure. (CR S1059-1061) IntroReferral B00100 9 Library of Congress 2008-02-14 Introduced in Senate IntroReferral 10000 9 Library of Congress K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN N S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2008-02-14 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2008-02-14 True Energy Administrative procedure Alcohol as fuel Alternative energy sources Biomass energy Bonds Cellulose Commerce Continental shelf Corporation taxes Depreciation and amortization Diesel motor Economics and Public Finance Electric power production Electric utilities Electric vehicles Energy conservation Energy efficiency Environmental Protection Environmental Protection Agency Excise tax Expatriation Fines (Penalties) Foreign Trade and International Finance Foreign corporations Free ports and zones Gas in submerged lands Gas industry Geothermal resources Government Operations and Politics Government trust funds Gulf of Mexico Housing and Community Development Hydroelectric power Income tax Landfills Law Leases Liability for environmental damages Marine and coastal resources, fisheries Methane Minimum tax Ocean energy resources Oil pollution Oil well drilling Petroleum in submerged lands Petroleum industry Public Lands and Natural Resources Recycling of waste products Service stations Solar energy Tariff Tax credits Tax deductions Tax evasion Tax exemption Tax havens Taxation Taxation of foreign income Transportation and Public Works Wind power Energy 00 2008-02-14 Introduced in Senate 2008-03-11T19:10:16Z American Renewable Energy Act of 2008 - Amends the Public Utility Regulatory Policies Act of 1978 to require that electric utilities that sell electricity to consumers generate or purchase a specified percentage (increasing from 2% in 2010 to 20% in 2024) of their electricity from renewable resources (e.g., solar, wind, geothermal, ocean, biomass, landfill gas, or incremental hydropower or geothermal energy).

Renewable Energy Tax Incentives Act - Amends the Internal Revenue Code to provide tax incentives for investment in renewable energy sources and conversation, including by: (1) extending the tax credit for producing electricity from renewable resources, the energy tax credit, the small ethanol producer tax credit, and the tax credits for investment in clean new renewable energy bonds, biodiesel used as fuel, alternative fuel motor vehicles and refueling property, nonbusiness energy property, and new energy efficient homes, and the tax deduction for energy efficient commercial buildings; (2) allowing accelerated depreciation of qualified energy management devices and certain reuse and recycling property; and (3) allowing new tax credits for residential wind property, production of cellulosic biomass alcohol, fossil free alcohol production, and plug-in electric drive motor vehicles.

Extends the tariff duty on ethanol until 2011.

Denies major integrated oil companies the tax deduction for income attributable to domestic production of oil, natural gas, and related products.

Increases and extends through 2017 the Oil Spill Liability Trust Fund tax.

Imposes taxes on: (1) crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico; and (2) taxable fuels in foreign trade zones.

Revises tax rules relating to: (1) penalties for sale of fuel failing to meet Environmental Protection Agency (EPA) regulations; (2) tax credits for fuels produced outside the United States and foreign oil and gas extraction income; (3) treatment of alcohol and biodiesel fuel mixtures as taxable fuels; (3) foreign corporation inversion transactions; (4) leasing of tax-exempt use property to foreign entities; and (5) taxation of U.S. citizens and permanent residents who revoke citizenship or resident status to avoid U.S. taxation (expatriates).

]]> American Renewable Energy Act of 2008 Short Titles as Introduced American Renewable Energy Act of 2008 Short Titles as Introduced for portions of this bill Renewable Energy Tax Incentives Act Display Title American Renewable Energy Act of 2008 Official Title as Introduced A bill to establish a national renewable energy standard, to extend and create renewable energy tax incentives, and for other purposes. Introduced in Senate 2008-02-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2642is/xml/BILLS-110s2642is.xml 2008-02-14 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.