Renewable Energy and Energy Conservation Tax Act of 2007

Summary

Renewable Energy and Energy Conservation Tax Act of 2007 - Amends Internal Revenue Code provisions relating to renewable energy sources and energy conservation. Extends: (1) the tax credit for producing electricity from renewable resources through 2012; (2) the energy tax credit for investment in solar energy and fuel cell property through 2016; (3) the special rule for treatment of gain from electronic transmission transactions by certain electric utilities through 2009; (4) the tax credit for installing nonhydrogen alternative fuel refueling property through 2010; (5) the income and excise tax credits for biodiesel and renewable diesel used as fuel through 2010; and (6) the tax deduction for energy efficient commercial building expenditures through 2013. Allows new tax credits for: (1) investment in new clean renewable energy bonds, qualified energy conservation bonds, and residential energy efficiency assistance bonds; and (2) the production of plug-in hybrid motor vehicles, cellulosic alcohol fuel, and electricity from marine and hydrokinetic renewable energy sources. Allows a tax exclusion for bicycle commuting reimbursements. Revises certain tax incentives for investment in the New York Liberty Zone. Revises tax credit amounts for certain energy efficient household appliances produced after 2007. Allows a five-year recovery period for the depreciation of qualified energy management devices. Denies a tax deduction for income attributable to the domestic production of oil, natural gas, and any related products. Increases to seven years the amortization period for geological and geophysical expenditures for major integrated oil companies. Revises tax rules relating to foreign oil and gas extraction income and foreign produced fuel used or sold outside the United States.

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Documents

7 official files

• Passed House amended

  summary · EN · 4 August 2007

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• Reported in House (text)

  Reported in House · EN · 27 June 2007

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• Reported in House (PDF)

  Reported in House · EN · 27 June 2007

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• Reported to House with amendment(s)

  summary · EN · 27 June 2007

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• Introduced in House (text)

  Introduced in House · EN · 19 June 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 19 June 2007

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• Introduced in House

  summary · EN · 19 June 2007

  Open at official source

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