Vote Smart's Synopsis:

Vote to pass a bill that extends energy efficiency tax credits, as well as various individual and business tax credits.

Highlights:

• Extends tax credits for wind facilities until January 1, 2010, and credits for qualified biomass, geothermal or solar, small irrigation power, landfill gas, trash combustion, hydropower, and marine and hydrokinetic renewable energy facilities until October 1, 2011 (Secs. 101 & 102).

• Extends residential energy efficient property credits for solar electric, solar water heating, and fuel cell property expenditures until December 31, 2016 (Sec. 104).

• Extends the residential energy efficient property credit allowable against the alternative minimum tax to the taxable year starting in 2007 (Sec. 104).

• Reduces the maximum income tax deduction allowed for domestic production of oil and gas (Sec. 401).

• Extends the business research credit through December 31, 2009 (Sec. 221).

• Extends tax deductions for college tuition payments through the taxable year ending December 31, 2009 (Sec. 202).

• Allows a base credit of $3,000 for plug-in electric motor vehicles, with up to an additional $2,000 for vehicles drawing propulsion energy from a battery of 5 or more kilowatt hours of capacity (Sec. 124).

• Encourages bicycle commuting by allowing tax-free reimbursements to cover expenses such as the purchase of a bicycle and maintenance if the bicycle is regularly used to travel between the employee's residence and place of employment (Sec. 126).

• Extends the Federal Unemployment Tax Act surtax that employers pay with respect to individuals they employ through 2010 (Sec. 404).

• Extends tax credits for solar energy property until January 1, 2017 and credits for fuel cell and microturbine property until December 31, 2016 (Sec. 103).

Full Bill Text

Full Bill Text