Summary: H.R.7239 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.7239. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/29/2008)

American Energy, American Innovation Act of 2008 - Directs the Secretary of Energy to publish a plan for the sale and replacement of oil from the Strategic Petroleum Reserve (SPR).

Amends the Commodity Exchange Act to extend the jurisdiction of the Commodity Future Trading Commission (CFTC) to energy commodities.

Establishes the National Commission on Energy Independence in the legislative branch.

Amends the Public Utility Regulatory Policies Act of 1978 to establish a national renewable electricity standard.

Declares the sense of the Senate that by calendar 2030 the United States should be energy independent.

Amends the Internal Revenue Code to establish a tax credit for qualified plug-in electric drive motor vehicles and fuel-efficient motor vehicles placed in service by a taxpayer.

Directs the Secretary of Energy to conduct a program of alternative fuel transportation technology research, development, demonstration, and commercial application.

Increases and revises the formula for corporate fuel economy standards.

Prescribes tax credits and exclusions for: (1) enhancing the efficiency of specified conventional vehicles; (2) advanced coal and coal gasification (carbon mitigation) project investments; and (3) qualified energy conservation bonds. Extends tax credits for specified alternative fuels and biofuels and qualified green buildings and sustainable design projects.

Prescribes renewable energy and geothermal tax incentives.

Prohibits oil or natural gas leasing in any except specified areas of the Outer Continental Shelf (OCS), and only according to certain requirements.

Directs the Secretary of the Interior to establish Federal OCS Joint Regional Permitting Offices.

Amends the Energy Policy Act of 1992 to require the Secretary of Energy to carry out a coal innovation direct loan program.

Authorizes appropriations to the Nuclear Regulatory Commission (NRC) to establish an additional 60 full-time equivalent positions to expedite and streamline the processing of applications for new nuclear plants.

Establishes an interagency working group to make recommendations to coordinate federal government actions and programs to promote increasing domestic manufacturing capacity and export of domestic nuclear energy products and services.

Amends the Internal Revenue Code to allow a tax credit for carbon dioxide sequestration.

Offsets expenditures under this Act by terminating specified tax deductions and credits. Includes in gross income any compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation.