Renewable Energy Incentives Act - Amends the Internal Revenue Code to: (1) make permanent the tax credit for the production of electricity from renewable resources; (2) increase the rate of such credit; (3) extend the 10 year credit period to all qualified energy facilities eligible for the credit; (4) include incremental geothermal energy production and incremental hydropower production as qualified energy resources for purposes of the credit; (5) increase the credit rate for co-production facilities and qualified facilities located within certain Indian and Alaskan Native Indian lands; (6) permit the transfer of tax credit amounts earned by certain tax-exempt entities to taxable entities; and (7) allow the credit to offset alternative minimum taxable income.
Denies the tax credit for facilities which are not in compliance with applicable state and federal pollution prevention, control and permit requirements.