HR 2776 Renewable Energy and Energy Conservation Tax Act of 2007

Pending Legislation Status:

HR 2776 amends the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation. The bill was approved by the House on August 4, 2007. It is currently awaiting action by the Senate. See full text of HR 2776 and related articles

Some provisions of this bill:

• 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)

• Authorizes a 50 cent per gallon credit for any qualified cellulosic alcohol fuel producer (Sec. 204)

• Allows a new tax credit for investment in qualified new clean renewable energy bonds (Sec. 104)

• Extends through 2010 the income and excise tax credits for biodiesel (including agri-biodiesel) and renewable diesel used as fuel. Eliminates the requirement that renewable diesel be made using a thermal depolymerization process. (Sec.203)

• Allows an alcohol fuels tax credit for the production of qualified cellulosic alcohol fuel.
  (Sec. 204)

• Modifies the definition of "renewable diesel" for purposes of the income and excise tax credits for biodiesel and renewable diesel used as fuel to exclude any fuel derived from coprocessing biomass with a feedstock which is not biomass. (Sec. 311)

• Directs the Secretary of the Treasury to enter into an agreement with the National Academy of Sciences for a comprehensive review of federal tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. Requires the Academy to report to Congress on such study not later than two years after the enactment of this Act. Authorizes appropriations for FY2008-FY2009. (Sec. 401)

• Directs the Secretary to enter into an agreement with the National Academy of Sciences to analyze and report to Congress on current scientific findings relating to biofuels production. (Sec. 402)

• Makes federal public buildings and works labor standards applicable to projects financed by tax credit bonds (Sec. 411)

To cite this information, we recommend the following:
GovTrack.us. H.R. 2776--110th Congress (2007): Renewable Energy and Energy Conservation Tax Act of 2007, GovTrack.us (database of federal legislation) <http://www.govtrack.us/congress/bill.xpd?bill=h110-2776&tab=summary> (accessed Dec 1, 2007)
Because the government takes a day or two to post legislative information online, GovTrack is usually one legislative day behind.