Summary: S.1531 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.1531. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/25/2007)

Clean Renewable Energy and Economic Development Incentives Act of 2007 - Amends the Internal Revenue Code to extend through 2018 the tax credits for producing electricity from renewable resources and for investment in clean renewable energy bonds.

Allows new tax credits for: (1) holders of water conservation, reuse, and efficiency bonds; (2) expenditures for geothermal exploration; (3) holders of qualified renewable school energy bonds; and (4) investment in solar energy manufacturing facilities.

Expands the tax credit for residential energy efficient property to include expenditures for wind energy property that uses a qualifying wind turbine (with a rated capacity of 100 kilowatts or less) to generate electricity.

Extends through 2013 the new energy efficient home tax credit.

Expands the energy tax credit to include investment in equipment used to produce advanced battery and related power electronics for use in certain electric or hybrid motor vehicles or in residential or small commercial applications.

Allows the tax-exempt bond financing of renewable energy resource facilities (i.e., facilities for the production of electric or thermal energy from certain renewable resources).

Makes permanent the energy tax credit for investment in solar energy property. Includes as energy property for purposes of such credit excess energy storage devices.

Allows solar and geothermal public utility property to qualify for the energy tax credit.

Makes permanent the tax credit for residential energy efficient property expenditures. Allows three-year accelerated depreciation of solar energy property.