Legislation for Renewable Energy

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Legislation for Renewable Energy

Biodiesel Tax Incentive Reform and Extension Act of 2009 (S.B. 1589)
Current Status: Referred to Committee (August 6, 2009).  Sponsored by Senators Maria Cantwell and Charles Grassley, the Bill would modify the current biodiesel fuel excise tax credit with a biodiesel producer's credit of approximately $1 per gallon produced.  The tax credit would not require mixing with taxable fueld.  The bill would also extend the tax credit program (which currently expires at the end of 2009) for an additional five years.
American Renewable Energy Act (H.R. 890)  
Current Status:  Referred to the House Committee on Energy and Commerce (February 4, 2009).  Sponsored by Representative Edward Markey, the Bill would impose a federal renewable energy standard that would require 25% of U.S. electric production to come from defined renewable sources by 2025. 
The Cleaner, Secure, Affordable Thermal Energy Act (S. 1643)
Current Status:    Referred to the Senate Finance Committee (August 6, 2009) Sponsored by Senators Olympia Snowe and Jeff Bingaman, the Bill would create a 30 percent tax credit for costs associated with converting from a fuel oil to natural gas or biomass heating system.  The credit is capped at $3,500 ($4,000 in the case of biomass stoves).  To qualify, the replacement equipment must be energy efficientm meeting specified AFUE ratings.  The Bill would authorize bonus depreciation for property installed before 2012, in the case of business taxpayers, allowing them to immediately expense half the cost of qualifying property, depreciating the remaining balance over the typical cost-recovery period.  The Bill would also allow school systems to finance natural gas and biomass conversions with Qualified Energy Conservation Bonds. 

Phone: 404-353-4833 | jbw@jonathanbwilson.com

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Jonathan B. Wilson is an Atlanta attorney at the law firm of Taylor English Duma LLP.  Jonathan B. Wilson provides legal advice to investors, companies and business executives involving corporate law, securities law, SEC matters, intellectual property, website and Internet legal issues, start-ups, limited liability companies, partnerships, 1934 Act matters, outsourcing, strategic alliance agreements, contracts, and other matters of importance to growing private and publicly-traded companies.