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Congressional Legislation Details
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'A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.
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Bill # S.3125
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Status:
06/12/2008: Read twice and referred to the Committee on Finance.
Committee/Subcommittee Activity:
Finance: Referral, In Committee
Amendment(s):
No amendments.
Summary:
This summary has been edited for length
6/12/2008--Introduced.
Energy Independence and Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend various provisions relating to energy production and conservation and to individual and business-related activities.
Extends through 2009 the tax credit for producing electricity from wind facilities and through 2011 for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit.
Extends through 2014: (1) the energy tax credits for solar energy, fuel cell, and microturbine property; and (2) the residential energy efficient property tax credit. 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 study and report to Congress on Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions.
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.
Revises the program of tax incentives for investment in the New York Liberty Zone.
Increases and extends through 2010 the tax credit for alternative fuel vehicle refueling property expenditures.
Extends through 2013 the tax deduction for energy efficient commercial building expenditures.
Extends through 2010 the tax credit for energy efficient appliances.
Extends through FY2012 tax-exempt bond financing for qualified green building and sustainable design projects.
Extends through 2008: (1) the increased exemption amounts for the alternative minimum tax (AMT) and related AMT provisions; (2) the election to deduct state and local sales taxes in lieu of state and local income taxes; (3) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (4) tax rules for treatment of stock and dividends of regulated investment companies and for qualified investment entities; (5) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes; and (6) the tax exclusion for amounts received under qualified group legal services plans.
Extends through 2008 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the tax credits for Indian employment and railroad track maintenance; (3) accelerated depreciation for qualified leasehold and restaurant improvements, for improvements to retail space, for motorsports racing track facilities, and for business property on Indian reservations; (4) the expensing allowance for environmental remediation costs and advanced mine safety equipment; (5) the tax deduction for income attributable to domestic production activities in Puerto Rico; (6) the special rule for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) issuance authority for qualified zone academy bonds; (8) tax incentives for investment in the District of Columbia; (9) the economic development credit for American Samoa; (10) the special rule for charitable contributions of food and book inventories; (11) the increased tax deduction for corporate contributions of computer equipment and technology for educational purposes; (12) the special rule for the reduction ...
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