REJCA will amend the Internal Revenue Code of 1986 to provide incentives for energy
H.R. 6049 is sponsored by House Ways and Means Committee Chairman Charles Rangel (D-NY), right. The Energy Improvement and Extension Act of 2008 is sponsored by Senators Max Baucus (D-Mont.) and Charles Grassley (R-Iowa).
Renewable Energy Incentives
Section 101 -
Extends: (1) through 2009 the tax credit for producing electricity from qualified wind facilities; and (2) through 2011 the tax credits for producing electricity from closed and open-loop biomass, geothermal or solar energy, small irrigation power, municipal solid waste, trash combustion, and qualified hydropower.
Section 103 -
Extends through 2014 the energy tax credit for solar energy, fuel cell, and microturbine property.
Carbon Mitigation Provisions
Section 111 -
Increases to 30% the investment tax credit rate for power generation projects using integrated gasification combined cycle and other advanced coal-based generation technology projects.