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HR 6049 - Alternative Energy Tax Incentives - National Key Vote

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Title: Alternative Energy Tax Incentives

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.

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 (Secs. 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).

NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE.

Full Bill Text

See How Your Politicians Voted

Title: Alternative Energy Tax Incentives

Vote Smart's Synopsis:

Vote to pass a bill that provides tax incentives for the production and use of alternative energy sources in addition to providing other tax incentives.

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 (Secs. 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).

Full Bill Text

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