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To: Jane4IceCream who wrote (162670)	7/30/2007 11:02:16 AM
From: $Mogul	Respond to of 208838

Keep your eyes on these upcoming bills. The Securing America's Energy Independence Act of 2007 (H.R. 550) H.R. 550 would amend the Internal Revenue Code of 1986 to extend the investment tax credit with respect to solar energy property and qualified fuel cell property. Detailed Summary Securing America's Energy Independence Act of 2007 - Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability. Includes advanced energy storage systems as energy property for purposes of the tax credit. Provides for a special credit amount for solar photovoltaic energy property and residential energy efficient property based upon kilowatt capacity. Allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property. Status of the Legislation Latest Major Action: 1/18/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means. S. 590, The Securing America's Energy Independence Act of 2007 S. 590 would amend the Internal Revenue Code of 1986 to extend the investment tax credit with respect to solar energy property and qualified fuel cell property. Detailed Summary Securing America's Energy Independence Act of 2007 - Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability. Expands the definition of "energy property" for purposes of the tax credit to include certain equipment which uses solar energy to generate or store excess electricity. Provides for a special credit amount for solar photovoltaic energy property and residential energy efficient property based upon kilowatt capacity. Allows a tax credit for the full amount of qualified photovoltaic property expenditures (currently, limited to 30%). Allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property. Status of the Legislation Latest Major Action: 2/14/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.