Energy Assistance Act of 2008

Bill: 110-s-3349
Sponsor: Sen. Collins, Susan M. [R-ME]
Introduced: 2008-07-28 in the Senate
Policy area: Taxation
Subjects: Agriculture and Food
Air pollution control
Alternative energy sources
Automobile engines
Bicycles
Biomass energy
Bonds
Building construction
Cellulose
Climate change and greenhouse gases
Coal
Cogeneration of electric power and heat
Commerce
Commuting
Congress
Congressional reporting requirements
Corn
Depreciation and amortization
Diesel motor
Economics and Public Finance
Electric appliances
Electric power production
Electric utility rates
Electric vehicles
Energy
Energy assistance for the poor
Energy conservation
Energy efficiency
Environmental Protection
Excise tax
Fuel cells
Geothermal resources
Government lending
Government trust funds
Heating
Housing and Community Development
Hydroelectric power
Incineration
Income tax
Investment tax credit
Irrigation
Landfills
Marine and coastal resources, fisheries
Ocean energy resources
Public Lands and Natural Resources
Refuse as fuel
Service stations
Social Welfare
Solar energy
Standards
Tax credits
Tax deductions
Tax exclusion
Tax rates
Transportation and Public Works
Trucks
Water Resources Development
Wind power
Wood

Summary:
action_date: 2008-07-28
text: 
Energy Assistance Act of 2008 - Amends the Energy Conservation and Production Act to authorize appropriations for FY2009-FY2011 for the home weatherization program. 

Establishes in the Treasury the Energy Assistance Fund to finance low interest loans for the purchase and installation of energy efficient property, idling reduction devices and advanced insulation for heavy trucks, and alternative refueling stations.

Amends the Internal Revenue Code to allow individual taxpayers a tax credit, up to $500, for the cost of replacing a residential wood stove with: (1) a wood-burning stove that complies with current Environmental Protection Agency (EPA) standards; and (2) a pellet or corn-burning stove. 

Extends the tax credit for producing electricity from wind facilities through 2009 and the credit for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities through 2011. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit.

Extends the energy tax credit for solar, fuel cell, and microturbine property and the tax credit for residential energy efficient property through 2014. Allows a new investment tax credit for combined heat and power system property.

Provides funding for new clean renewable energy bonds to finance electricity production from certain renewable resources and for qualified energy conservation bonds.

Allows tax credits for investment in advanced coal electricity and coal gasification projects.

Extends through 2018 the temporary increase in coal excise taxes. Sets forth special rules for refunds of coal excise taxes to certain producers or exporters.

Directs the Secretary of the Treasury to identify and report on provisions of the Internal Revenue Code that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. 

Allows accelerated depreciation for certain property used to produce cellulosic biofuel.

Extends through 2009 income and excise tax credits for biodiesel and renewable diesel.

Allows a tax credit for new qualified plug-in electric drive motor vehicles.

Exempts from the heavy truck excise tax idling reduction devices and certain insulation.

Excludes from gross income reimbursements for bicycle commuting expenses.

Increases and extends through 2010 the tax credit for alternative fuel vehicle refueling property expenditures.

Extends through 2008 the tax credit for nonbusiness energy property. Allows a tax credit for the installation of a biomass fuel burning stove in a residence.

Extends through 2013 the tax deduction for expenditures for energy efficient commercial buildings. 

Revises and extends the tax credit for energy efficient household appliances produced after 2007.

Allows accelerated depreciation for smart electric meters and grid systems.

Extends through FY2012 tax-exempt bond financing for qualified green building and sustainable design projects.


Legislative actions:
action_date: 2008-07-28
text: Read twice and referred to the Committee on Finance.
action_date: 2008-07-28
text: Sponsor introductory remarks on measure. (CR S7575-7576)
action_date: 2008-07-28
text: Introduced in Senate