Clean Energy Production Tax Incentives Act of 2007
Latest action · May 24, 2007 Read twice and referred to the Committee on Finance.
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.
- IntroducedMay 24, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Clean Energy Production Tax Incentives Act of 2007 - Amends the Internal Revenue Code to: (1) increase the rate of the tax credit for producing electricity from renewable resources and extend such credit through 2018; (2) extend the national limitation amount for clean renewable energy bonds through 2017; (3) extend the advanced coal project tax credit; and (4) extend through 2018 the tax credit for investment in qualified fuel cell and microturbine property and solar property.
Allows new tax credits for the capture and storage or use of carbon dioxide and for investment in clean coal energy bonds, carbon dioxide capture bonds, and electric transmission property and bonds.
Treats certain controlled foreign corporations created or organized under the laws of a tax haven country (as identified by the Secretary of the Treasury) as domestic corporations for income tax purposes.
Includes in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income (income attributable to property manufactured outside of the United States and imported for sale into the United States).
Changes the effective date of certain loss deferral rules applicable to leases entered into with a foreign person or entity on or before March 12, 2004.
Sets forth rules for the application of the economic substance doctrine in evaluating transactions with tax implications. Imposes a penalty for understatements of tax due to transactions lacking economic substance. Denies a tax deduction for interest on underpayments of tax due to transactions lacking economic substance.
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 |
|---|---|---|
| Senate | Finance Committee | Referred May 25, 2007 |
Actions 2
Everything that happened, newest first.
- May 24, 2007Introduced in Senate
- May 24, 2007Read twice and referred to the Committee on Finance.
In the Congressional Record 3
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 S6548 | Byron L. Dorgan D-ND | Jul 10, 2008 |
| Senate | Debate and remarks S3672, S3673 | Amy Klobuchar D-MN, Byron L. Dorgan D-ND | May 1, 2008 |
| Senate | Debate and remarks S7431 | Byron L. Dorgan D-ND | Jun 11, 2007 |
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.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 110-343 | REGULATORY ASPECTS OF CARBON CAPTURE, TRANSPORTATION, AND SEQUESTRATION100 pages | Energy and Natural Resources Committee | Jan 31, 2007 |
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 |
|---|---|---|---|
| RL33185 | Liberia’s Post-War Development: Key Issues and U.S. Assistance Archived | Report | May 25, 2010 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to extend and expand various tax incentives for production of renewable energy and clean energy sources, and for other purposes.
- Short Titles as Introduced
- Clean Energy Production Tax Incentives Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Air pollution control
- Alternative energy sources
- Bonds
- Carbon cycle
- Carbon dioxide
- Coal
- Commerce
- Corporation taxes
- Electric power production
- Electric power transmission
- Energy
- Environmental Protection
- Finance and Financial Sector
- Foreign corporations
- Foreign Trade and International Finance
- Fuel cells
- Imports
- Income tax
- Investment tax credit
- Leases
- Losses
- Solar energy
- Tax administration
- Tax credits
- Tax evasion
- Tax havens
- Tax penalties
- Tax shelters
- Taxation
- Taxation of foreign income
Text 1
Each version as it was printed, newest first.
- May 24, 2007Introduced in Senate
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.
