Summary: S.2642 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.2642. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (02/14/2008)

American Renewable Energy Act of 2008 - Amends the Public Utility Regulatory Policies Act of 1978 to require that electric utilities that sell electricity to consumers generate or purchase a specified percentage (increasing from 2% in 2010 to 20% in 2024) of their electricity from renewable resources (e.g., solar, wind, geothermal, ocean, biomass, landfill gas, or incremental hydropower or geothermal energy).

Renewable Energy Tax Incentives Act - Amends the Internal Revenue Code to provide tax incentives for investment in renewable energy sources and conversation, including by: (1) extending the tax credit for producing electricity from renewable resources, the energy tax credit, the small ethanol producer tax credit, and the tax credits for investment in clean new renewable energy bonds, biodiesel used as fuel, alternative fuel motor vehicles and refueling property, nonbusiness energy property, and new energy efficient homes, and the tax deduction for energy efficient commercial buildings; (2) allowing accelerated depreciation of qualified energy management devices and certain reuse and recycling property; and (3) allowing new tax credits for residential wind property, production of cellulosic biomass alcohol, fossil free alcohol production, and plug-in electric drive motor vehicles.

Extends the tariff duty on ethanol until 2011.

Denies major integrated oil companies the tax deduction for income attributable to domestic production of oil, natural gas, and related products.

Increases and extends through 2017 the Oil Spill Liability Trust Fund tax.

Imposes taxes on: (1) crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico; and (2) taxable fuels in foreign trade zones.

Revises tax rules relating to: (1) penalties for sale of fuel failing to meet Environmental Protection Agency (EPA) regulations; (2) tax credits for fuels produced outside the United States and foreign oil and gas extraction income; (3) treatment of alcohol and biodiesel fuel mixtures as taxable fuels; (3) foreign corporation inversion transactions; (4) leasing of tax-exempt use property to foreign entities; and (5) taxation of U.S. citizens and permanent residents who revoke citizenship or resident status to avoid U.S. taxation (expatriates).