S. 590Senate110th Congress (2007-2009)In Committee

Securing America's Energy Independence Act of 2007

Introduced February 14, 2007

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

February 14, 2007

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SenateIntro Referral

Introduced in Senate

February 14, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1970)

February 14, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance.

February 14, 2007

Floor Debate

22 members

What members said about S. 590 on the floor

7 Republicans15 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · May 24, 2007

Mr. President, today I am pleased to introduce the North Bay Water Reuse Program Act of 2007, together with my colleague Senator Boxer. This legislation authorizes Federal participation in a regional…

Benjamin L. Cardin
Sen. Benjamin L. CardinD-MD · May 24, 2007

Mr. President, for the sake of our security, economy and environment, America needs a comprehensive energy policy that is independent of foreign energy sources and weans America off of fossil fuels.…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Feb 14, 2007

Mr. President, I rise with Senator Leahy, Senator Sanders, and Senator Mikulski to introduce legislation to address the continuing threat posed by cluster bombs to innocent civilians around the…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · May 24, 2007

Mr. President, broadband communications are quickly becoming the great economic engine of our time. Broadband deployment drives opportunities for business, education, and healthcare. It provides…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Feb 14, 2007

Mr. President, today I am introducing legislation to help American workers and companies. The bill that I am introducing, the Buy American Improvement Act, focuses on the Federal Government's…

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Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · May 24, 2007

Mr. President, I come to the floor today to speak about a very important, and timely issue, for constituents all along the Gulf Coast, as well as coastal residents along the Atlantic seaboard, the…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Feb 14, 2007

Mr. President, today Senator Rockefeller and I are introducing the Fire Sprinkler Incentive Act of 2007. This legislation would reduce the tremendous economic and human losses that fire inflicts on…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Feb 14, 2007

Mr. President, I am pleased to introduce today along with my colleagues, Senators Harry Reid, John Warner, Hillary Clinton, Olympia Snowe, Lisa Murkowski, and Bernie Sanders, the Breast Cancer and…

Jack Reed
Sen. Jack ReedD-RI · May 24, 2007

Mr. President, I introduce, along with Senators Allard, Mikulski, Bond, Durbin, Collins, Schumer, Akaka, Clinton, Whitehouse, Levin, Brown, and Boxer, the Community Partnership to End Homelessness…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · May 24, 2007

Mr. President, today, I rise with my colleagues Senator Dodd and Senator Reed to introduce an important bill for our youth, the Garrett Lee Smith Memorial Act Reauthorization of 2007. Nearly 3 years…

James M. Inhofe
Sen. James M. InhofeR-OK · May 24, 2007

Mr. President, today I rise to introduce the Gas Petroleum Refiner Improvement and Community Empowerment Act or Gas PRICE Act. While chairman of the Committee on Environment and Public Works, I…

Thomas R. Carper
Sen. Thomas R. CarperD-DE · May 24, 2007

Mr. President, I rise today to reintroduce a piece of legislation that Senator Voinovich and I have been working on for over a year now. The Federal Employees Electronic Personal Health Records Act…

Joseph R. Biden Jr.
Sen. Joseph R. Biden Jr.D-DE · May 24, 2007

Mr. President, today I am introducing with my good friend from Pennsylvania, Senator Specter, an innovative bill that will help the lives of domestic violence victims. Sadly, domestic violence…

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Evan Bayh
Sen. Evan BayhD-IN · Feb 14, 2007

Mr. President, today Senator Tom Coburn, Representatives Rahm Emanuel and Walter Jones and I, in the House of Representatives, are re-introducing bipartisan legislation to close the capital gains tax…

John E. Sununu
Sen. John E. SununuR-NH · May 24, 2007

Mr. President, I rise today to reintroduce legislation that will bring our Nation's insurance regulatory system into the 21st century by providing uniformity, predictability, and greater efficiency…

Pete V. Domenici
Sen. Pete V. DomeniciR-NM · May 24, 2007

Mr. President, I rise today with my colleague, Senator Dorgan, to introduce a bill to reauthorize and expand two very important public health programs created by the Balanced Budget Act of 1997; The…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Feb 14, 2007

Mr. President, I rise today to introduce legislation, the ``Growing Our Manufacturing Employment Act, or ``GoME,'' which is aimed at reinvigorating the manufacturing sector, boosting the level of…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · May 24, 2007

Mr. President, I am pleased to introduce bipartisan legislation today along with my distinguished colleague, Senator Olympia Snowe, known as the State Child Well-Being Research Act of 2007. This bill…

Tom Harkin
Sen. Tom HarkinD-IA · May 24, 2007

Mr. President, throughout my time in the United States Congress, I have worked with my colleagues to promote the economic security of low-income and working American families. In many respects, we…

Harry Reid
Sen. Harry ReidD-NV · Feb 14, 2007

Mr. President, I am pleased to be joined by Senators Hatch, Clinton, Murkowski, Sanders, and Snowe in introducing the Breast Cancer and Environmental Research Act of 2007. On behalf of the millions…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Feb 14, 2007

Mr. President, the legislation I am introducing today, entitled the ``Community Health Workers Act of 2007,'' would improve access to health education and outreach services to women and children in…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Feb 14, 2007

Mr. President, I rise today to introduce legislation that would preserve the public's right to know about toxic chemical releases and waste management where they live. The legislation would overturn…

Ron Wyden
Sen. Ron WydenD-OR · May 24, 2007

Mr. President, I am pleased to be joined today by all Members of the Senate from the Northwest: Senator Gordon Smith, Senator Larry Craig, Senator Patty Murray, Senator Maria Cantwell, Senator Jon…

Michael B. Enzi
Sen. Michael B. EnziR-WY · May 24, 2007

Mr. President, I rise to discuss a bill that I will introduce today with Senator Baucus--the Fair and Reliable Medical Justice Act of 2007. This legislation recognizes the current disrepair of our…

Bill Text

Latest available legislative text

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Introduced in SenateIssued February 14, 2007

II

110th CONGRESS

1st Session

S. 590

IN THE SENATE OF THE UNITED STATES

February 14, 2007

Mr. Smith (for himself, Mr. Salazar, Ms. Snowe, Mr. Menendez, Mr. Lugar, Mr. Kerry, Mr. Kennedy, Mr. Allard, Mr. Wyden, Mr. Lieberman, Mr. Lautenberg, Ms. Cantwell, and Ms. Landrieu) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend the investment tax credit with respect to solar energy property and qualified fuel cell property, and for other purposes.

1.

Short title

This Act may be cited as the Securing America’s Energy Independence Act of 2007.

2.

Provisions relating to the investment tax credit with respect to solar energy property and qualified fuel cell property

(a)

Extension of credit for solar energy property

Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) of the Internal Revenue Code of 1986 are each amended by striking January 1, 2009 and inserting January 1, 2017.

(b)

Extension of credit for eligible fuel cell property

Paragraph (1)(E) of section 48(c) of the Internal Revenue Code of 1986 is amended by striking December 31, 2008 and inserting December 31, 2016.

(c)

Energy property to include excess energy storage device

Clause (i) of section 48(a)(3)(A) of the Internal Revenue Code of 1986 is amended to read as follows:

(i)

equipment which uses solar energy to generate electricity, to heat or cool (or provide hot water for use in) a structure, or to provide solar process heat, or advanced energy storage systems installed as an integrated component of the foregoing, excepting property used to generate energy for purposes of heating a swimming pool,

.

(d)

Modifications

(1)

Solar photovoltaic energy property credit determined solely by kilowatt capacity

(A)

In general

Subsection (a) of section 48 of the Internal Revenue Code of 1986 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph:

(4)

Special rule for energy credit for solar photovoltaic energy property

(A)

In general

For purposes of section 46, the energy credit for any taxable year for solar photovoltaic energy property described in paragraph (3)(A)(i) which is used to generate electricity and which is placed in service during the taxable year is $1,500 with respect to each half kilowatt of direct current of installed capacity of such property. Paragraph (2)(A)(ii) shall not apply to property to which the preceding sentence applies.

(B)

Application of special rules for rehabilitated or subsidized property

Rules similar to the rules of paragraphs (2)(B) and (5) shall apply to property to which this paragraph applies.

.

(B)

Conforming amendment

Subclause (II) of section 48(a)(2)(A)(i) of such Code is amended by striking described in paragraph (3)(A)(i) and inserting which is described in paragraph (3)(A)(i) and to which paragraph (4) does not apply.

(e)

Credits allowed against the alternative minimum tax

Section 38(c)(4)(B) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (i), by striking the period at the end of clause (ii)(II) and inserting , and, and by adding at the end the following new clause:

(iii)

the portion of the investment credit under section 46(2) which is determined under clauses (i) and (ii) of section 48(a)(2)(A).

.

(f)

Effective dates

(1)

Except as provided in paragraph (2), the amendments made by this section shall take effect on January 1, 2007.

(2)

The amendments made by subsection (c) shall apply to property placed in service after December 31, 2006.

3.

Extension and modification of credit for residential energy efficient property

(a)

Extension

Subsection (g) of section 25D of the Internal Revenue Code of 1986 is amended by striking December 31, 2008 and inserting December 31, 2016.

(b)

Solar electric property

Paragraph (1) of section 25D(a) of the Internal Revenue Code of 1986 is amended by striking 30 percent of.

(c)

Modification of maximum credit

Paragraph (1) of section 25D(b) of the Internal Revenue Code of 1986 is amended to read as follows:

(1)

Maximum credit

The credit allowed under subsection (a) for any taxable year shall not exceed—

(A)

$1,500 with respect to each half kilowatt of direct current of installed capacity of qualified solar electric property for which qualified solar electric property expenditures are made,

(B)

$2,000 with respect to any qualified solar heating and cooling property expenditures, and

(C)

$500 with respect to each half kilowatt of capacity of qualified fuel cell property (as defined in section 48(c)(1)) for which qualified fuel cell property expenditures are made.

.

(d)

Definition of qualified solar heating and cooling property expenditure

(1)

In general

Paragraph (1) of section 25D(d) of the Internal Revenue Code of 1986 is amended to read as follows:

(2)

Qualified solar heating and cooling property expenditure

The term qualified solar heating and cooling property expenditure means an expenditure for property to heat or cool (or provide hot water for use in) a dwelling unit located in the United States and used as a residence by the taxpayer if at least half of the energy used by such property for such purpose is derived from the sun. Such term shall not include an expenditure which is a qualified solar electric property expenditure.

.

(2)

Conforming amendments

Subsections (a)(2) and (e)(4)(A)(ii) of section 25D of such Code are each amended by striking qualified solar water heating and inserting qualified solar heating and cooling

(e)

Definition of qualified photovoltaic property expenditure

Paragraph (2) of section 25D(d) of the Internal Revenue Code of 1986 is amended by inserting , including advanced energy storage systems installed as an integrated component of the foregoing after taxpayer.

(f)

Credit allowed against alternative minimum tax

(1)

In general

Section 25D(b) of the Internal Revenue Code of 1986, as amended by subsection (c), is amended by adding at the end the following new paragraph:

(3)

Credit allowed against alternative minimum tax

The credit allowed under subsection (a) for the taxable year shall not exceed the excess of—

(A)

the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

(B)

the sum of the credits allowable under subpart A of part IV of subchapter A (other than this section) and section 27 for the taxable year.

.

(2)

Conforming amendments

(A)

Subsection (c) of section 25D of such Code is amended to read as follows:

(c)

Carryforward of unused credit

If the credit allowable under subsection (a) for any taxable year exceeds the limitation imposed by subsection (b)(3) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.

.

(B)

Section 23(b)(4)(B) of such Code is amended by inserting and section 25D after this section.

(C)

Section 24(b)(3)(B) of such Code is amended by striking sections 23 and 25B and inserting sections 23, 25B, and 25D.

(D)

Section 26(a)(1) of such Code is amended by striking and 25B and inserting 25B, and 25D.

(g)

Effective date

The amendments made by this section shall apply to expenditures made in taxable years beginning after December 31, 2006.

4.

3-year accelerated depreciation period for solar energy property and fuel cell property

(a)

In general

Subparagraph (A) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting a comma, and by inserting after clause (iii) the following new clauses:

(iv)

any property which is described in clause (i) or (ii) of section 48(a)(3)(A) (or would be so described if the last sentence of such section did not apply to such clause), and

(v)

any property which is described in clause (iv) of section 48(a)(3)(A).

.

(b)

Conforming amendment

Subclause (I) of section 168(e)(3)(B)(vi) of the Internal Revenue Code of 1986 is amended to read as follows:

(I)

would be described in subparagraph (A) of section 48(a)(3) if wind energy were substituted for solar energy in clause (i) thereof and the last sentence of such section did not apply to such subparagraph,

.

(c)

Effective date

The amendments made by this section shall apply to property placed in service after December 31, 2006.