1.866.238.1137
Mon to Fri, 8:30a through 5:30p PST
Member Login Contact Us
Graphic Element, Right Gutter
Get Moving

H.R.2776

Renewable Energy and Energy Conservation Tax Act of 2007 (Reported in House)

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

TITLE I--PRODUCTION INCENTIVES

SEC. 101. EXTENSION AND MODIFICATION OF RENEWABLE ENERGY CREDIT.

SEC. 102. PRODUCTION CREDIT FOR ELECTRICITY PRODUCED FROM MARINE RENEWABLES.

SEC. 103. EXTENSION AND MODIFICATION OF ENERGY CREDIT.

SEC. 104. NEW CLEAN RENEWABLE ENERGY BONDS.

`Subpart I--Qualified Tax Credit Bonds

`SEC. 54A. CREDIT TO HOLDERS OF QUALIFIED TAX CREDIT BONDS.

`SEC. 54B. NEW CLEAN RENEWABLE ENERGY BONDS.

`subpart h. nonrefundable credit to holders of clean renewable energy bonds.

`subpart i. qualified tax credit bonds.'.

SEC. 105. EXTENSION AND MODIFICATION OF SPECIAL RULE TO IMPLEMENT FERC AND STATE ELECTRIC RESTRUCTURING POLICY.

TITLE II--CONSERVATION

Subtitle A--Transportation

SEC. 201. CREDIT FOR PLUG-IN HYBRID VEHICLES.

`SEC. 30D. PLUG-IN HYBRID VEHICLES.

SEC. 202. EXTENSION AND MODIFICATION OF ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY CREDIT.

SEC. 203. EXTENSION AND MODIFICATION OF CREDITS FOR BIODIESEL AND RENEWABLE DIESEL.

SEC. 204. CREDIT FOR PRODUCTION OF CELLULOSIC ALCOHOL.

SEC. 205. EXTENSION OF TRANSPORTATION FRINGE BENEFIT TO BICYCLE COMMUTERS.

SEC. 206. MODIFICATION OF LIMITATION ON AUTOMOBILE DEPRECIATION.

SEC. 207. RESTRUCTURING OF NEW YORK LIBERTY ZONE TAX CREDITS.

`SEC. 1400L. NEW YORK LIBERTY ZONE TAX CREDITS.

Subtitle B--Other Conservation Provisions

SEC. 211. QUALIFIED ENERGY CONSERVATION BONDS.

`SEC. 54C. QUALIFIED ENERGY CONSERVATION BONDS.

SEC. 212. QUALIFIED RESIDENTIAL ENERGY EFFICIENCY ASSISTANCE BONDS.

`SEC. 54D. QUALIFIED RESIDENTIAL ENERGY EFFICIENCY ASSISTANCE BONDS.

SEC. 213. EXTENSION OF ENERGY EFFICIENT COMMERCIAL BUILDINGS DEDUCTION.

SEC. 214. MODIFICATIONS OF ENERGY EFFICIENT APPLIANCE CREDIT FOR APPLIANCES PRODUCED AFTER 2007.

SEC. 215. FIVE-YEAR APPLICABLE RECOVERY PERIOD FOR DEPRECIATION OF QUALIFIED ENERGY MANAGEMENT DEVICES.

TITLE III--REVENUE PROVISIONS

Subtitle A--Denial of Oil and Gas Tax Benefits

SEC. 301. DENIAL OF DEDUCTION FOR INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION OF OIL, NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.

SEC. 302. 7-YEAR AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL EXPENDITURES FOR CERTAIN MAJOR INTEGRATED OIL COMPANIES.

SEC. 303. CLARIFICATION OF DETERMINATION OF FOREIGN OIL AND GAS EXTRACTION INCOME.

Subtitle B--Clarification of Eligibility for Certain Fuel Credits

SEC. 311. CLARIFICATION OF ELIGIBILITY FOR RENEWABLE DIESEL CREDIT.

SEC. 312. CLARIFICATION THAT CREDITS FOR FUEL ARE DESIGNED TO PROVIDE AN INCENTIVE FOR UNITED STATES PRODUCTION.

TITLE IV--OTHER PROVISIONS

Subtitle A--Studies

SEC. 401. CARBON AUDIT OF THE TAX CODE.

SEC. 402. COMPREHENSIVE STUDY OF BIOFUELS.

Subtitle B--Application of Certain Labor Standards on Projects Financed Under Tax Credit Bonds

SEC. 411. APPLICATION OF CERTAIN LABOR STANDARDS ON PROJECTS FINANCED UNDER TAX CREDIT BONDS.