Renewable Energy Incentive Act of 1984

Summary

Renewable Energy Incentive Act of 1984 - Title I: Extension of Business Energy Credits - Amends the Internal Revenue Code to extend the energy investment tax credit for solar energy property from 1985 to 1990. Sets the amount of such credit during such period at 15 percent for low temperature solar property and 25 percent for all other solar property. Extends the energy investment tax credit for wind property from 1985 to 1990. Sets the amount of such credit at: (1) 15 percent during 1986; (2) ten percent during 1987 and 1988; and (3) five percent during 1989 and 1990. Extends the energy investment tax credit for geothermal property, hydroelectric generating property, ocean thermal property, and biomass property from 1985 to 1990. Title II: Affirmative Commitment Rule to Extend the Business Credit for Certain Long-Term Projects - Extends for five years from 1990 to 1995 the time period during which an affirmative commitment must be made in order for long-term energy projects to be eligible for the energy investment tax credit. Applies such extension to affirmative commitments made for: (1) solar energy property; (2) geothermal energy property; (3) wind energy property; (4) ocean thermal energy property; (5) hydroelectric generating property; and (6) biomass property. Title III: Extension of Residential Energy Credits - Extends the residential energy income tax credit for renewable energy source expenditures from 1985 to 1990. Phases out such credit over such period for: (1) solar renewable energy property; and (2) wind renewable energy property. Extends the residential energy income tax credit for energy conservation expenditures from 1985 to 1988. Title IV: Eligibility of Public Utility Property - Makes public utility property eligible for treatment as energy property for purposes of the energy investment tax credit. Title V: Effective Date - Sets forth the effective date of this Act.

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1 official file

• Introduced in House

  summary · EN · 5 October 1984

  Open at official source

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