Hill Heat: House Debating Oil-For-Renewables Package TodayScience Policy Legislation Actiontag:www.hillheat.com,2005:TypoTypo2008-02-28T16:18:28-05:00Brad Johnsonurn:uuid:66ca6345-3e43-4353-acf0-1a78356249da2008-02-27T12:11:00-05:002008-02-28T16:18:28-05:00House Debating Oil-For-Renewables Package Today<p>From the beginning of her tenure, Speaker Nancy Pelosi (D-Calif.) has attempted to <a href="http://www.speaker.gov/legislation?id=0009">pass legislation</a> cutting billions in tax breaks and royalty payments to oil and gas companies to invest in renewable energy and energy efficiency. The legislation has died twice by a single vote in the Senate – in December as part of the <a href="http://www.hillheat.com/articles/2007/12/13/energy-bill-filibustered-by-one-vote-reid-to-drop-oil-for-renewable-tax-package">energy bill</a> (H.R. 6), and three weeks ago as part of the <a href="http://www.hillheat.com/articles/2008/02/06/senate-stimulus-package-filibustered-by-one-vote">economic stimulus legislation</a> (H.R. 5140).</p>
<p>House leadership <a href="http://www.hillheat.com/articles/2008/02/12/house-plans-to-resubmit-renewable-tax-package-stall">announced plans</a> to immediately reintroduce the legislation as a standalone bill, named the Renewable Energy and Energy Conservation Tax Act of 2008 (<a href="http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.05351:">H.R. 5351</a>).</p>
<p>Debate on the bill is now taking place, with a final vote scheduled for some time after 3 <span class="caps">PM EST</span>.</p>
<p><strong>Update:</strong> HR 5351 passed by a <a href="http://clerk.house.gov/evs/2008/roll084.xml">roll call vote</a> of 236-182. 17 Republicans joined the Democratic majority; 8 Democrats (Barrow, Boren, Cuellar, Gene Green, Lampson, Melancon, Ortiz, Rodriguez) voted against passage.</p><p>From the beginning of her tenure, Speaker Nancy Pelosi (D-Calif.) has attempted to <a href="http://www.speaker.gov/legislation?id=0009">pass legislation</a> cutting billions in tax breaks and royalty payments to oil and gas companies to invest in renewable energy and energy efficiency. The legislation has died twice by a single vote in the Senate – in December as part of the <a href="http://www.hillheat.com/articles/2007/12/13/energy-bill-filibustered-by-one-vote-reid-to-drop-oil-for-renewable-tax-package">energy bill</a> (H.R. 6), and three weeks ago as part of the <a href="http://www.hillheat.com/articles/2008/02/06/senate-stimulus-package-filibustered-by-one-vote">economic stimulus legislation</a> (H.R. 5140).</p>
<p>House leadership <a href="http://www.hillheat.com/articles/2008/02/12/house-plans-to-resubmit-renewable-tax-package-stall">announced plans</a> to immediately reintroduce the legislation as a standalone bill, named the Renewable Energy and Energy Conservation Tax Act of 2008 (<a href="http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.05351:">H.R. 5351</a>).</p>
<p>Debate on the bill is now taking place, with a final vote scheduled for some time after 3 <span class="caps">PM EST</span>.</p>
<p><strong>Update:</strong> HR 5351 passed by a <a href="http://clerk.house.gov/evs/2008/roll084.xml">roll call vote</a> of 236-182. 17 Republicans joined the Democratic majority; 8 Democrats (Barrow, Boren, Cuellar, Gene Green, Lampson, Melancon, Ortiz, Rodriguez) voted against passage.</p>
<span class="caps">CRS</span> summary:
<blockquote>
Extends: (1) the tax credit for production of electricity from renewable resources through 2011; (2) the energy tax credit for solar energy and fuel cell property through 2016; (3) the special rule for treatment of gain from electronic transmission transactions by certain electric utilities through 2009; (4) the tax credit for residential energy efficient property expenditures through 2014; (5) the tax credit for alternative fuel vehicle refueling property expenditures through 2010; (6) the tax credit for biodiesel and renewable diesel used as fuel through 2010; (7) the tax credit for nonbusiness energy property expenditures through 2009; and (8) the tax deduction for energy efficient commercial buildings through 2013.
<p>Allows new tax credits for: (1) investment in new clean renewable energy bonds and qualified energy conservation bonds; and (2) the production of plug-in hybrid motor vehicles, cellulosic alcohol fuel, and electricity from marine and hydrokinetic renewable energy sources.</p>
<p>Revises the definition of “passenger automobile” for purposes of the limitation on depreciation deductions.</p>
<p>Allows a tax exclusion for bicycle commuting reimbursements.</p>
<p>Revises certain tax incentives for investment in the New York Liberty Zone.</p>
<p>Revises tax credit amounts for certain energy efficient household appliances produced after 2007.</p>
<p>Allows a five-year recovery period for the depreciation of qualified energy management devices.</p>
<p>Places limits on the tax deduction for income attributable to the domestic production of oil, natural gas, and any related products.</p>
<p>Revises tax rules relating to foreign oil and gas extraction income and foreign produced fuel used or sold outside the United States.</blockquote></p>