SECTION 1. SHORT TITLE, ETC. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Renewable Energy and Job Creation Act of 2008’’. 
(b) REFERENCE.—Except as otherwise expressly pro-
vided, whenever in this Act an amendment or repeal is 
expressed in terms of an amendment to, or repeal of, a 
section or other provision, the reference shall be consid-
ered to be made to a section or other provision of the In-
ternal Revenue Code of 1986. 
(c) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title, etc. 
TITLE I—ENERGY TAX INCENTIVES 
Subtitle A—Energy Production Incentives 
PART I—RENEWABLE ENERGY INCENTIVES 
Sec. 101. Renewable energy credit. 
Sec. 102. Production credit for electricity produced from marine renewables. 
Sec. 103. Energy credit. 
Sec. 104. Credit for residential energy efficient property. 
Sec. 105. Special rule to implement FERC and State electric restructuring pol-
icy. 
Sec. 106. New clean renewable energy bonds. 
PART II—CARBON MITIGATION PROVISIONS 
Sec. 111. Expansion and modification of advanced coal project investment cred-
it. 
Sec. 112. Expansion and modification of coal gasification investment credit. 
Sec. 113. Temporary increase in coal excise tax. 
Sec. 114. Special rules for refund of the coal excise tax to certain coal pro-
ducers and exporters. 
Sec. 115. Carbon audit of the tax code. 
Subtitle B—Transportation and Domestic Fuel Security Provisions 
Sec. 121. Inclusion of cellulosic biofuel in bonus depreciation for biomass eth-
anol plant property. 
Sec. 122. Credits for biodiesel and renewable diesel. 
Sec. 123. Clarification that credits for fuel are designed to provide an incentive 
for United States production.
Sec. 124. Credit for new qualified plug-in electric drive motor vehicles. 
Sec. 125. Exclusion from heavy truck tax for idling reduction units and ad-
vanced insulation. 
Sec. 126. Restructuring of New York Liberty Zone tax credits. 
Sec. 127. Transportation fringe benefit to bicycle commuters. 
Sec. 128. Alternative fuel vehicle refueling property credit. 
Subtitle C—Energy Conservation and Efficiency Provisions 
Sec. 141. Qualified energy conservation bonds. 
Sec. 142. Credit for nonbusiness energy property. 
Sec. 143. Energy efficient commercial buildings deduction. 
Sec. 144. Modifications of energy efficient appliance credit for appliances pro-
duced after 2007. 
Sec. 145. Accelerated recovery period for depreciation of smart meters and 
smart grid systems. 
Sec. 146. Qualified green building and sustainable design projects. 
TITLE II—ONE-YEAR EXTENSION OF TEMPORARY PROVISIONS 
Subtitle A—Extensions Primarily Affecting Individuals 
Sec. 201. Deduction for State and local sales taxes. 
Sec. 202. Deduction of qualified tuition and related expenses. 
Sec. 203. Treatment of certain dividends of regulated investment companies. 
Sec. 204. Tax-free distributions from individual retirement plans for charitable 
purposes. 
Sec. 205. Deduction for certain expenses of elementary and secondary school 
teachers. 
Sec. 206. Election to include combat pay as earned income for purposes of 
earned income tax credit. 
Sec. 207. Modification of mortgage revenue bonds for veterans. 
Sec. 208. Distributions from retirement plans to individuals called to active 
duty. 
Sec. 209. Stock in RIC for purposes of determining estates of nonresidents not 
citizens. 
Sec. 210. Qualified investment entities. 
Sec. 211. Exclusion of amounts received under qualified group legal services 
plans. 
Subtitle B—Extensions Primarily Affecting Businesses 
Sec. 221. Research credit. 
Sec. 222. Indian employment credit. 
Sec. 223. New markets tax credit. 
Sec. 224. Railroad track maintenance. 
Sec. 225. Fifteen-year straight-line cost recovery for qualified leasehold im-
provements and qualified restaurant property. 
Sec. 226. Seven-year cost recovery period for motorsports racing track facility. 
Sec. 227. Accelerated depreciation for business property on Indian reservation. 
Sec. 228. Expensing of environmental remediation costs. 
Sec. 229. Deduction allowable with respect to income attributable to domestic 
production activities in Puerto Rico. 
Sec. 230. Modification of tax treatment of certain payments to controlling ex-
empt organizations. 
Sec. 231. Qualified zone academy bonds. 
Sec. 232. Tax incentives for investment in the District of Columbia.
Sec. 233. Economic development credit for American Samoa. 
Sec. 234. Enhanced charitable deduction for contributions of food inventory. 
Sec. 235. Enhanced charitable deduction for contributions of book inventory to 
public schools. 
Sec. 236. Enhanced deduction for qualified computer contributions. 
Sec. 237. Basis adjustment to stock of S corporations making charitable con-
tributions of property. 
Sec. 238. Work opportunity tax credit for Hurricane Katrina employees. 
Sec. 239. Subpart F exception for active financing income. 
Sec. 240. Look-thru rule for related controlled foreign corporations. 
Sec. 241. Expensing for certain qualified film and television productions. 
Subtitle C—Other Extensions 
Sec. 251. Authority to disclose information related to terrorist activities made 
permanent. 
Sec. 252. Authority for undercover operations made permanent. 
Sec. 253. Authority to disclose return information for certain veterans pro-
grams made permanent. 
Sec. 254. Increase in limit on cover over of rum excise tax to Puerto Rico and 
the Virgin Islands. 
Sec. 255. Parity in the application of certain limits to mental health benefits. 
TITLE III—ADDITIONAL TAX RELIEF 
Subtitle A—Individual Tax Relief 
Sec. 301. Additional standard deduction for real property taxes for non-
itemizers. 
Sec. 302. Refundable child credit. 
Sec. 303. Increase of AMT refundable credit amount for individuals with long- 
term unused credits for prior year minimum tax liability, etc. 
Subtitle B—Business Related Provisions 
Sec. 311. Uniform treatment of attorney-advanced expenses and court costs in 
contingency fee cases. 
Sec. 312. Provisions related to film and television productions. 
Subtitle C—Modification of Penalty on Understatement of Taxpayer’s 
Liability by Tax Return Preparer 
Sec. 321. Modification of penalty on understatement of taxpayer’s liability by 
tax return preparer. 
Subtitle D—Extension and Expansion of Certain GO Zone Incentives 
Sec. 331. Certain GO Zone incentives. 
TITLE IV—REVENUE PROVISIONS 
Sec. 401. Nonqualified deferred compensation from certain tax indifferent par-
ties. 
Sec. 402. Delay in application of worldwide allocation of interest. 
Sec. 403. Time for payment of corporate estimated taxes.
TITLE I—ENERGY TAX 
INCENTIVES 
Subtitle A—Energy Production 
Incentives 
PART I—RENEWABLE ENERGY INCENTIVES 
SEC. 101. RENEWABLE ENERGY CREDIT. 
(a) EXTENSION OF CREDIT.— 
(1) 1-YEAR
EXTENSION
FOR
WIND
FACILI-
TIES.—Paragraph (1) of section 45(d) is amended 
by striking ‘‘January 1, 2009’’ and inserting ‘‘Janu-
ary 1, 2010’’. 
(2) 3-YEAR EXTENSION FOR CERTAIN OTHER 
FACILITIES.—Each of the following provisions of 
section 45(d) is amended by striking ‘‘January 1, 
2009’’ and inserting ‘‘January 1, 2012’’: 
(A) Clauses (i) and (ii) of paragraph 
(2)(A). 
(B) Clauses (i)(I) and (ii) of paragraph 
(3)(A). 
(C) Paragraph (4). 
(D) Paragraph (5). 
(E) Paragraph (6). 
(F) Paragraph (7). 
(G) Subparagraphs (A) and (B) of para-
graph (9).
(b) MODIFICATION OF CREDIT PHASEOUT.— 
(1) REPEAL OF PHASEOUT.—Subsection (b) of 
section 45 is amended— 
(A) by striking paragraph (1), and 
(B) by striking ‘‘the 8 cent amount in 
paragraph (1),’’ in paragraph (2) thereof. 
(2) LIMITATION BASED ON INVESTMENT IN FA-
CILITY.—Subsection (b) of section 45 is amended by 
inserting before paragraph (2) the following new 
paragraph: 
‘‘(1) LIMITATION
BASED
ON
INVESTMENT
IN 
FACILITY.— 
‘‘(A) IN
GENERAL.—In the case of any 
qualified facility originally placed in service 
after December 31, 2009, the amount of the 
credit determined under subsection (a) for any 
taxable year with respect to electricity produced 
at such facility shall not exceed the product 
of— 
‘‘(i) the applicable percentage with re-
spect to such facility, multiplied by 
‘‘(ii) the eligible basis of such facility. 
‘‘(B) CARRYFORWARD OF UNUSED LIMITA-
TION AND EXCESS CREDIT.—