Ways and Means Committee Chairman Charles B. Rangel (D-NY) joined his colleagues today to introduce H.R. 2776, the Renewable Energy and Energy Conservation Tax Act of 2007.
“The Renewable Energy and Energy Conservation Tax Act of 2007 is a forward-thinking, responsible bill that will help America lead the way in renewable energy policy," said Chairman Rangel. “This bill does more than simply extend existing provisions - it creates a new network of incentives for use and production of renewable energy and empowers state and local governments to promote energy-efficient policies that meet their individual needs."
Below you will find a summary and preliminary estimate of revenue impact from the provisions as introduced. The Joint Committee on Taxation will release their official description of the bill along with revenue estimates later today. H.R. 2776 is scheduled for consideration before the full Committee on Ways and Means tomorrow, June 20 at 10:00 AM in room 1100 in the Longworth House Office Building. Text of the legislation is attached.
H.R. 2776 provides roughly $16 billion worth of incentives for the production and conservation of energy. The legislation is entirely revenue neutral through provisions detailed in Section III of the following summary:
