Renewable Energy and Job Creation Tax Act of 2008
Latest action · Dec 9, 2008 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1130.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 25, 2008
- Passed HouseSep 26, 2008
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Renewable Energy and Job Creation Tax Act of 2008 - Amends the Internal Revenue Code to provide tax incentives for energy conservation and production, to extend expiring provisions, and provide for revenue enhancements.
Extends the tax credit for producing electricity from renewable resources: (1) through 2009 for wind facilities; and (2) through FY2011 for closed and open-loop biomass, geothermal, small irrigation power, landfill gas, trash combustion, and hydropower facilities. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit.
Extends through 2016 the energy tax credit for solar energy, fuel cell, and microturbine property. Allows a new energy tax credit for combined heat and power system property. Increases to $1,500 the credit limitation for fuel cell property.
Increases and extends through 2016 the tax credit for residential energy efficient property. Eliminates the limitation on the tax credit for solar electric property. Allows a new tax credit for 30% of expenditures for wind turbines used to generate electricity in a residence and for geothermal heat pumps.
Extends tax deferral provisions for the gain on sales of transmission property by vertically-integrated electric utilities to independent transmission companies approved by the Federal Energy Regulatory Commission (FERC).
Allows a 30% investment tax credit rate for advanced coal-based generation technology projects and increases the maximum credit amounts allocable for such projects to $2.55 billion.
Increases to 30% the investment tax credit rate for coal gasification projects.
Extends the excise tax on coal through December 31, 2018. Sets forth special rules for refund claims of coal excise tax by certain coal producers and exporters.
Requires the Secretary of the Treasury to undertake a comprehensive review of Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions and provide an estimate of the magnitude of such effects.
Includes cellulosic biofuel within the definition of "biomass ethanol plant property" for purposes of bonus depreciation.
Extends through 2009 income and excise tax credits for biodiesel and renewable diesel used as fuel. Increases the rates of such credits.
Disqualifies foreign-produced fuel that is used or sold for use outside the United States from the income and excise tax credits for alcohol, biodiesel, and alternative fuel production.
Allows a new tax credit for the production of qualified plug-in electric drive motor vehicles.
Allows an exclusion from the heavy truck excise tax for idling reduction devices and advanced insulation used in certain heavy trucks and trailers.
Allows employees to exclude reimbursements for bicycle commuting expenses from gross income.
Increases and extends the tax credit for residential and commercial alternative fuel refueling property expenditures.
Extends the tax credit for nonbusiness energy property expenditures through 2008. Includes energy-efficient biomass fuel stoves as property eligible for such tax credit.
Extends through 2013 the tax deduction for energy efficient commercial building expenditures.
Modifies tax credit amounts for energy efficient household appliances produced after 2007.
Allows an accelerated 10-year recovery period for the depreciation of qualified smart electric meters and smart electric grid systems.
Extends through FY2012 the authority to issue tax-exempt green building and sustainable design project bonds.
Extends through 2009: (1) the tax deduction for state and local sales taxes in lieu of state and local income taxes; (2) the tax deduction for qualified tuition and related expenses; (3) the exemption from withholding of tax of interest-related and short-term capital gain dividends received from a regulated investment company (RIC) and the special rule for RIC stock held in the estate of nonresidents; (4) tax-free distributions from individual retirement plans for charitable purposes; (5) the tax deduction for certain expenses of elementary and secondary school teachers; (6) the inclusion of an RIC within the definition of "qualified investment entity" for income tax purposes; and (7) the additional standard tax deduction for real property taxes.
Extends through 2009: (1) the tax credits for increasing research activities, Indian employment, railroad track maintenance, and the new markets tax credit; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations; (3) expensing of environmental remediation costs and certain film and television production costs; (4) the tax deduction for income attributable to domestic production activities in Puerto Rico; (5) special rules for related controlled foreign corporations and for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (6) issuance authority for qualified zone academy bonds; (7) tax incentives for investment in the District of Columbia; (8) the economic development credit for American Samoa; (9) the expanded tax deductions for charitable contributions of food and book inventories by noncorporate taxpayers; (10) the special rule for reductions in the basis of S corporation stock for charitable contributions; (11) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2009); (12) the subpart F income exemption for active financing income; and (13) the increase in alcohol excise taxes payable to Puerto Rico and the Virgin Islands.
Makes permanent the authority of the Internal Revenue Service (IRS) to: (1) conduct undercover operations; and (2) disclose tax return information related to terrorist activities.
Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.
Modifies certain provisions relating to the tax deduction for domestic film and television productions.
Exempts from the excise tax on bows and arrows certain arrow shafts.
Modifies the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position that was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.
Provides for revenue enhancements by: (1) reducing by 3% the tax deduction for income attributable to domestic production activities for taxpayers with income derived from activities related to oil, gas, or any primary products thereof; (2) conforming the tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) including within the reporting requirements of investment brokers the adjusted basis of any publicly traded security owned by customers of such brokers; (4) extending through 2009 the 0.2% Federal Unemployment Tax Act (FUTA) surtax; (5) requiring the inclusion in gross income of employee compensation deferred under compensation plans of certain foreign business entities; (6) delaying until 2017 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; and (7) increasing the estimated tax payments of certain large corporations in the third quarter of 2013.
Recorded votes 2
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 649 | On Passage | Passed257–166 | Sep 26, 2008 |
| House 648 | Table Appeal of the Ruling of the Chair | Passed220–198 | Sep 26, 2008 |
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Sep 25, 2008 |
Actions 21
Everything that happened, newest first.
- Dec 9, 2008Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1130.
- Dec 8, 2008Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
- Sep 26, 2008Rule H. Res. 1502 passed House.
- Sep 26, 2008Considered under the provisions of rule H. Res. 1502. (consideration: CR H9981-10042)
- Sep 26, 2008Rule provides for consideration of H.R. 7060 with 1 hour of general debate. Motion to recommit with or without installowed. Measure will be considered read. Bill is closed to amendments. Waives all points of order against consideration of the bill except those arising under clause 10 for rule XXI.
- Sep 26, 2008DEBATE - The House proceeded with one hour of debate on H.R. 7060.
- Sep 26, 2008Mr. Camp (MI) moved to recommit with instructions to Ways and Means. (consideration: CR H10006-10042; text: CR H10006-10040)
- Sep 26, 2008DEBATE - The House proceeded with 10 minutes of debate on the Camp motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House forthwith with an amendment in the nature of a substitute relating to energy provisions.
- Sep 26, 2008Mr. Neal (MA) raised a point of order against the motion to recommit with instructions. Mr. Neal stated that the motion to recommit seeks to exceed the scope of the bill and the amendment is therefore, not germane. Sustained by the Chair.
- Sep 26, 2008Mr. Camp (MI) appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair.
- Sep 26, 2008Mr. Neal (MA) moved to table the motion to appeal the ruling of the chair (consideration: CR H10041-10042)
- Sep 26, 2008Motion to appeal the ruling of the chair tabled.
- Sep 26, 2008On motion to table the motion to appeal the ruling of the chair Agreed to by the Yeas and Nays: 220 - 198 (Roll no. 648).
- Sep 26, 2008Passed/agreed to in House: On passage Passed by the Yeas and Nays: 257 - 166 (Roll no. 649). (text: CR H9981-9997)
- Sep 26, 2008Motion to reconsider laid on the table Agreed to without objection.
- Sep 26, 2008Received in the Senate.
- Sep 25, 2008Introduced in House
- Sep 25, 2008Referred to the House Committee on Ways and Means.
- Sep 25, 2008Rules Committee Resolution H. Res. 1501 Reported to House. Previous question shall be considered as ordered without intervening motions except motion to recommit. Providing for consideration of the bill H.R. 7060. All points of order against considerationof the bill are waived except those arising under clause 10 of rule XXI.
- Sep 25, 2008Rule H. Res. 1501 passed House.
- Sep 25, 2008Rules Committee Resolution H. Res. 1502 Reported to House. Rule provides for consideration of H.R. 7060 with 1 hour of general debate. Motion to recommit with or without installowed. Measure will be considered read. Bill is closed to amendments. Waives all points of order against consideration of the bill except those arising under clause 10 for rule XXI.
In the Congressional Record 5
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S10821 | Harry Reid D-NV | Dec 9, 2008 |
| Senate | Debate and remarks S10818 | Benjamin L. Cardin D-MD | Dec 8, 2008 |
| Senate | Debate and remarks S10025–S10027, S10030 | Harry Reid D-NV, John Thune R-SD, Jon Kyl R-AZ, Max Baucus D-MT | Sep 29, 2008 |
| House | Debate and remarks H9981–H10042Text printed H9981–H9997Motions H10006, H10041Recorded votes H9979, H9980, H10041, H10042consideration (H. Res. 1502), previous questionenactNeal motion to table Camp appeal of ruling of the Chair relative to Camp motion to recommit (subsititute)Rulings of the chair H10041 | Bill Pascrell, Jr. D-NJ, Bob Etheridge D-NC, Charles B. Rangel D-NY, Chris Van Hollen D-MD, Christopher Shays R-CT, Dave Camp R-MI (motion), Eni F. H. Faleomavaega D-AS, Lloyd Doggett D-TX, Mark Udall D-CO, Mike Thompson D-CA, Richard E. Neal D-MA (motion), Ron Kind D-WI, Rosa L. DeLauro D-CT, Sander M. Levin D-MI, Sheila Jackson Lee D-TX, Virginia Foxx R-NC, Wally Herger R-CA | Sep 26, 2008 |
| House | Debate and remarks H9896–H9911, H9938–H9947Text printed H9896, H9938Amendments H9905, H9942Declaratory Statements H9975 | Bill Sali R-ID, Charles B. Rangel D-NY, David Dreier R-CA, Doc Hastings R-WA, Earl Blumenauer D-OR, Gabrielle Giffords D-AZ, Greg Walden R-OR, Jay Inslee D-WA, John T. Doolittle R-CA, Michael A. Arcuri D-NY, Pete Sessions R-TX (amendment), Peter A. DeFazio D-OR, Rob Bishop R-UT, Ron Kind D-WI, Steny H. Hoyer D-MD | Sep 25, 2008 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL34494 | The Foreign Tax Credit’s Interest Allocation Rules Archived | Report | Mar 19, 2010 |
Related bills 9
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HRES 1501 | Providing for consideration of the bill (H.R. 7060) to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. | Procedurally related | Sep 26, 2008 |
| HRES 1502 | Providing for consideration of the bill (H.R. 7060) to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. | Procedurally related | Sep 26, 2008 |
| HR 2776 | Renewable Energy and Energy Conservation Tax Act of 2007 | Related bill | Aug 4, 2007 |
| S 3125 | Energy Independence and Tax Relief Act of 2008 | Related bill | Jun 12, 2008 |
| S 3335 | Jobs, Energy, Families, and Disaster Relief Act of 2008 | Related bill | Jul 30, 2008 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
- Short Titles as Introduced
- Renewable Energy and Job Creation Tax Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Advanced technology and technological innovations
- Alabama
- Alternative and renewable resources
- American Samoa
- Books and print media
- Business investment and capital
- Capital gains tax
- Climate change and greenhouse gases
- Coal
- Commuting
- Corporate finance and management
- District of Columbia
- Economic development
- Educational facilities and institutions
- Electric power generation and transmission
- Elementary and secondary education
- Employee benefits and pensions
- Employee hiring
- Employment taxes
- Energy efficiency and conservation
- Environmental technology
- Financial services and investments
- Food assistance and relief
- Food industry and services
- Foreign and international corporations
- General taxation matters
- Government studies and investigations
- Hazardous wastes and toxic substances
- Higher education
- Hybrid, electric, and advanced technology vehicles
- Income tax credits
- Income tax deductions
- Income tax deferral
- Income tax exclusion
- Indian lands and resources rights
- Indian social and development programs
- Industrial facilities
- Interest, dividends, interest rates
- Louisiana
- Minority employment
- Mississippi
- Motor carriers
- Motor fuels
- Motor vehicles
- Natural disasters
- Oil and gas
- Outdoor recreation
- Pedestrians and bicycling
- Public utilities and utility rates
- Puerto Rico
- Railroads
- Research and development
- Sales and excise taxes
- Securities
- Small business
- Sports and recreation facilities
- State and local taxation
- Student aid and college costs
- Tax administration and collection, taxpayers
- Tax treatment of families
- Tax-exempt organizations
- Taxation
- Taxation of foreign income
- Teaching, teachers, curricula
- Television and film
- Terrorism
- U.S. territories and protectorates
- Virgin Islands
- Wages and earnings
Text 3
Each version as it was printed, newest first.
- Dec 9, 2008Placed on Calendar Senate
- Sep 26, 2008Engrossed in House
- Sep 25, 2008Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
