Senate Finance Committee

The Economic Stimulus Act of 2008 1

215 Dirksen
Wed, 30 Jan 2008 19:30:00 GMT

Modification Energy Package part of package passed by committee.

Provision Approx Cost (billions)
PTC (Sec. 45) 3.0
Solar (residential & business, including fuel cells, microturbines) 0.13
CREBs ($400m allocation) 0.2
Commercial buildings 0.15
Efficient homes (new) 0.06
(exp. 12/07) Efficient homes (existing) 1.5
(exp. 12/07) Efficient appliances 0.32
Percentage Depletion (marginal wells and stripper wells) 0.25
TOTAL 5.57

1. Production Tax Credit (Section 45). Extends placed-in-service deadline for qualifying electric generating facilities (wind, biomass, geothermal, etc.) for one year. Estimated cost is $3b/10.

2. Solar, fuel cell, microturbine credits (Sections 48 and 25D). Extends Section 48 (30% investment credit for solar and fuel cell property, 10% credit for microturbines) and Section 25D residential solar credit for one year. Cost is approx. $130m/10.

3. Clean Renewable Energy Bonds (CREBs). Provides $400m in new CREBs issuance, at estimated cost of $206m/10.

4. Appliances Manufacturer Credit. Extends manufacturer credit for high-efficiency appliances for two years through 2009, at cost of approximately $323m/10.

5. Energy-Efficient Existing Homes. Extends 10% investment tax credit for energy-efficient home retrofits (windows, heating and cooling equipment, etc.) through 2009, at estimated cost of $1.5b/10.

6. Energy-efficient Commercial Buildings: Extends deduction for energy-efficient commercial buildings for one year, at estimated cost of $153m/10.

7. Energy-efficient New Homes. Extends credit for energy-efficient new homes for one year, at estimated cost of $61m/10.

8. Percentage depletion for marginal wells. Extends suspension on the taxable income limit for purposes of depreciating a marginal oil or gas well through 2009, at estimated cost of $247m/10.


This event's trackback address


Leave a response

  1. Thomas Hearn Fri, 10 Apr 2009 18:51:39 GMT

    what is the percentage depletion allowed for marginal oil wells in 2008