American Renewable Energy Act of 2008

Bill: 110-s-2642
Sponsor: Sen. Klobuchar, Amy [D-MN]
Introduced: 2008-02-14 in the Senate
Policy area: Energy
Subjects: Administrative procedure
Alcohol as fuel
Alternative energy sources
Biomass energy
Bonds
Cellulose
Commerce
Continental shelf
Corporation taxes
Depreciation and amortization
Diesel motor
Economics and Public Finance
Electric power production
Electric utilities
Electric vehicles
Energy conservation
Energy efficiency
Environmental Protection
Environmental Protection Agency
Excise tax
Expatriation
Fines (Penalties)
Foreign Trade and International Finance
Foreign corporations
Free ports and zones
Gas in submerged lands
Gas industry
Geothermal resources
Government Operations and Politics
Government trust funds
Gulf of Mexico
Housing and Community Development
Hydroelectric power
Income tax
Landfills
Law
Leases
Liability for environmental damages
Marine and coastal resources, fisheries
Methane
Minimum tax
Ocean energy resources
Oil pollution
Oil well drilling
Petroleum in submerged lands
Petroleum industry
Public Lands and Natural Resources
Recycling of waste products
Service stations
Solar energy
Tariff
Tax credits
Tax deductions
Tax evasion
Tax exemption
Tax havens
Taxation
Taxation of foreign income
Transportation and Public Works
Wind power

Summary:
action_date: 2008-02-14
text: 
American Renewable Energy Act of 2008 - Amends the Public Utility Regulatory Policies Act of 1978 to require that electric utilities that sell electricity to consumers generate or purchase a specified percentage (increasing from 2% in 2010 to 20% in 2024) of their electricity from renewable resources (e.g., solar, wind, geothermal, ocean, biomass, landfill gas, or incremental hydropower or geothermal energy).

Renewable Energy Tax Incentives Act - Amends the Internal Revenue Code to provide tax incentives for investment in renewable energy sources and conversation, including by: (1) extending the tax credit for producing electricity from renewable resources, the energy tax credit, the small ethanol producer tax credit, and the tax credits for investment in clean new renewable energy bonds, biodiesel used as fuel, alternative fuel motor vehicles and refueling property, nonbusiness energy property, and new energy efficient homes, and the tax deduction for energy efficient commercial buildings; (2) allowing accelerated depreciation of qualified energy management devices and certain reuse and recycling property; and (3) allowing new tax credits for residential wind property, production of cellulosic biomass alcohol, fossil free alcohol production, and plug-in electric drive motor vehicles.

Extends the tariff duty on ethanol until 2011. 

Denies major integrated oil companies the tax deduction for income attributable to domestic production of oil, natural gas, and related products. 

Increases and extends through 2017 the Oil Spill Liability Trust Fund tax. 

Imposes taxes on: (1) crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico; and (2) taxable fuels in foreign trade zones. 

Revises tax rules relating to: (1) penalties for sale of fuel failing to meet Environmental Protection Agency (EPA) regulations; (2) tax credits for fuels produced outside the United States and foreign oil and gas extraction income; (3) treatment of alcohol and biodiesel fuel mixtures as taxable fuels; (3) foreign corporation inversion transactions; (4) leasing of tax-exempt use property to foreign entities; and (5) taxation of U.S. citizens and permanent residents who revoke citizenship or resident status to avoid U.S. taxation (expatriates).


Legislative actions:
action_date: 2008-02-14
text: Read twice and referred to the Committee on Finance.
action_date: 2008-02-14
text: Sponsor introductory remarks on measure. (CR S1059-1061)
action_date: 2008-02-14
text: Introduced in Senate