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Title: Renewable Energy and Energy Conservation Tax Act of 2007
Vote Smart's Synopsis:
Vote to pass a bill that makes changes in U.S. tax code regarding renewable and fossil fuels.
- Extends the renewable energy credit from January 1, 2009 to January 1, 2013 (Sec. 101).
- Adds energy derived from waves, tides, ocean currents, free flowing rivers, free flowing canals, and other marine sources to the list of qualified energy sources for the purpose of claiming renewable energy credits, unless diversionary structures such as dams or impoundments are used (Sec. 102).
- Extends solar energy property credits to January 1, 2017 and fuel cell property credits to December 31, 2016 (Sec. 103).
- Allows a base tax credit for plug-in hybrid vehicles of $4,000 with an additional $200 per kilowatt-hour for vehicles with a capacity above five kilowatt-hours (Sec. 201).
- Phases out the hybrid tax credit a year after the number of hybrid vehicles sold totals 60,000 (Sec. 201)
- Authorizes a 50 cent per gallon credit for any qualified cellulosic alcohol fuel producer (Sec. 204).
- Repeals the 9 percent tax deduction for income attributable to "the sale, exchange, or other disposition of oil, natural gas, or any primary product thereof" (Sec. 301).
- Extends the amortization period of geological and geophysical expenditures for major integrated oil companies from 5 years to 7 years (Sec. 302).
- NOTE: Pursuant to the provisions of H. Res. 615, bill text was appended at the end of H.R. 3221 as a new matter.