Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that extends renewable energy tax credits and increases taxes on oil companies.

Highlights:

• Extends tax credits for wind facilities, closed loop and open loop biomass facilities, geothermal and solar facilities, small irrigation power facilities, landfill gas facilities, trash combustion facilities, and hydropower facilities for three years (Sec. 101).

• Designates tax credits for marine and hydrokinetic renewable energy (Sec. 102).

• Extends by eight years the 30 percent tax credit for solar energy property and fuel cell property (Sec. 103).

• Creates new "clean renewable energy" bonds and designates a $2 billion limit on those bonds, which would be allocated to qualified projects of public power providers and cooperative electric companies (Sec. 104).

• Extends tax credits for residential energy efficient property for six years (Sec. 106).

• Raises the maximum credit for solar electric property from $2,000 to $4,000 (Sec. 106).

• Allots income tax credits to consumers who buy plug-in hybrid vehicles (Sec. 201).

• Extends and modifies tax credits for energy efficient appliances (Sec. 234).

• Prevents tax deductions to major integrated oil companies for income resulting from the domestic production of oil and gas (Sec. 301).

• Reduces the tax deduction of taxpayers with oil-related qualified production activities income by 3 percent after 2008 (Sec. 301).

Full Bill Text

Full Bill Text