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Aug 03, 2007
7:00PM

Summary and Text of Amendments Submitted to the Rules Committee for

H.R. 2776 - Renewable Energy and Energy Conservation Tax Act of 2007

Listed in Alphabetical Order

August 03, 2007 7:00 PM

 

 Sponsor and                                             Summary of Amendment
 Text of Amendment 

Bean (IL)/Emanuel (IL)/Kirk (IL)

 

 

 

 

 

#1

The amendment denies a capital expensing tax credit to any refiner whose facility's National Pollutant Discharge Elimination System (NPDES) permit allows for an increased discharge of any pollutant above its 2006 levels into the Great Lakes .

Bean (IL)/Gillmor (OH)/Shimkus (IL)/Sires (NJ)

#3

(REVISED) This amendment would provide a 50 percent accelerated depreciation allowance for the purchase of recycling equipment.  In addition, this amendment will amend the tax code to allow state and local governments to issue tax-exempt bonds to finance solid waste disposal facilities regardless of waste value.

 

Brady, Kevin (TX)

 

 

 

 

 

 

#5

The amendment requires the Secretary of the Treasury to study the economic effects of the Act and determine whether those effects included a loss of jobs in the energy sector; a decrease in the production of domestically produced energy; an increase in fossil fuel imports; or higher costs to consumers for refined oil or natural gas.

Brady, Kevin (TX)

 

 

 

 

 

 

#6

The amendment conditions the repeal of the section 199 manufacturing tax credit for oil and gas producers upon the Secretary of the Treasury, in consultation with the Secretaries of Energy, Labor, and Commerce, finding that no jobs would be lost in the energy sector as a result of such a repeal.

Inslee (WA)

 

 

 

 

 

#4

Extends the consumer tax credit currently available under this legislation for the purchase of plug-in hybrid electric vehicles to include tax credits for conversion kits to make existing hybrids into plug-ins. 

King, Steve (IA)

#9

This amendment would strike Subtitle B--Application of Certain Labor Standards on Projects Financed Under Tax Credit Bonds (as defined in section 54A of the Internal Revenue Code of 1986).

McCrery (LA)

 

 

 

 

 

 

 

 

 

#7

The substitute amendment would extend a number of expiring tax provisions related to energy conservation and production.  Those include tax incentives for producing electricity from wind and biomass, solar energy; the production of cellulosic ethanol, biodiesel; and credits and deductions promoting the conservation of energy. It contains a number of provisions to raise revenue making it compliant with the “paygo” rules of the House, including imposing an “exit tax” on certain individuals who renounce their citizenship/long-term residency for tax purposes, an extension of an expiring tax on coal production.

McGovern (MA)

 

 

 

 

 

#2

The amendment makes uniform the dollar value of excludable qualified transportation fringe benefits. The maximum value of excludable transit benefits and excludable qualified parking benefits would be equated at $200 per month.

Shays (CT)

#10

The amendment extends the Renewable Electricity Production Credit to January 1, 2014.

Van Hollen (MD)

#8

The amendment would provide an accelerated depreciation for smart grid technology that enables a user to monitor and efficiently use their electricity.

 Weldon, Dave (FL)  #11  The amendment to title II would clarify that algae is a virgin oil feedstock and eligible for the $1 per gallon agri-biodiesel credit.