Renewable Energy Tax Incentive Act of 1983

Summary

Renewable Energy Tax Incentive Act of 1983 - Amends the Internal Revenue Code to extend the residential energy income tax credit for renewable energy sources for five years from 1985 to 1990. Increases from 15 percent to 25 percent the investment tax credit for solar, wind, geothermal, and ocean thermal property. Extends such credits for five years from 1985 to 1990. Extends such credits for hydroelectric generating property and biomass property for five years from 1985 to 1990. Reestablishes the credit for congeneration property until 1990. Qualifies until 1995 affirmative commitments for solar, wind, geothermal, ocean thermal, biomass, and cogeneration projects begun by December 31, 1990. Eliminates the 20 percent limitation for oil and natural gas used in cogeneration facilities. Allows the regular investment tax credit percentage with respect to certain energy property even if such property is a structural component of a building. Qualifies as biomass property methane-containing gas produced by anaerobic digestion from nonfossil waste materials. Revises the definition of geothermal deposit to lower the required temperature to 104 degrees Fahrenheit. (Present regulations require a temperature of 122 degrees Fahrenheit.)

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1 official file

• Introduced in Senate

  summary · EN · 17 May 1983

  Open at official source

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