Renewable Energy and Energy Conservation Tax Act of 2008- Amends Internal Revenue Code provisions relating to renewable energy sources and energy conservation.

Extends:

• (1) the tax credit for production of electricity from renewable resources through 2011;
• (2) the energy tax credit for solar energy and fuel cell property through 2016;
• (3) the special rule for treatment of gain from electronic transmission transactions by certain electric utilities through 2009;
• (4) the tax credit for residential energy efficient property expenditures through 2014;
• (5) the tax credit for alternative fuel vehicle refueling property expenditures through 2010;
• (6) the tax credit for biodiesel and renewable diesel used as fuel through 2010;
• (7) the tax credit for nonbusiness energy property expenditures through 2009; and
• (8) the tax deduction for energy efficient commercial buildings through 2013.

Allows new tax credits for:

• (1) investment in new clean renewable energy bonds and qualified energy conservation bonds; and (2) the production of plug-in hybrid motor vehicles, cellulosic alcohol fuel, and electricity from marine and hydrokinetic renewable energy sources.
• Revises the definition of "passenger automobile" for purposes of the limitation on depreciation deductions.
• Allows a tax exclusion for bicycle commuting reimbursements.
• Revises certain tax incentives for investment in the New York Liberty Zone.
• Revises tax credit amounts for certain energy efficient household appliances produced after 2007.
• Allows a five-year recovery period for the depreciation of qualified energy management devices.
• Places limits on the tax deduction for income attributable to the domestic production of oil, natural gas, and any related products.
• Revises tax rules relating to foreign oil and gas extraction income and foreign produced fuel used or sold outside the United States.

 

Congress.org - Key Votes
Renewable Energy and Energy Conservation Tax Act of 2008. On Passage 02/27/2008 House Roll Call No. 84 110th Congress, 2nd Session ...

Surging costs of groceries hit home
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Use of hydrogen growing globally
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National Renewable Energy Laboratory (NREL) Home Page
NREL's strategic energy analysis capability is one of the laboratory's core competencies and a must-have element of every technology development process. ...

Alternative Energy: Inefficiencies in Ethanol Mandates
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"Historically, there are no good examples of it working in alternative energy," he says. One reason economists tend to be wary of mandated consumption levels is that they can have unintended consequences for related markets. ...
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Finds in Gulf of Mexico Slump
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For example, Exxon Mobil's average production cost for a barrel of oil in the US increased 62 percent from 2005 to 2007, from $5.56 to $9.03. ...
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We support Kosovo independence because we

 have a military base and a pipeline there.

• The $1.3 billion trans-Balkan AMBO pipeline is one of the most important of these multiple pipelines. It will pump oil from the tankers that bring it across the Black Sea to the Bulgarian oil terminus at Burgas, through Macedonia to the Albanian Adriatic port of Vlore. From there it will be pumped on to huge 300,000 ton tankers and sent on to Europe and the US, bypassing the Bosphorus Straits—the congested and only route out of the Black Sea where tankers are restricted to 150,000 tons.
• The contract to service Camp Bondsteel is the latest in a string of military contracts awarded to Brown & Root Services. Its fortunes have grown as US militarism has escalated. The company is part of the Halliburton Corporation, the largest supplier of products and services to the oil industry

 

Some history... back to the purpose of 1999
By Resolution1244(Resolution1244)
Camp Bondsteel, the biggest ʽfrom scratchʼ foreign US military base since the Vietnam War is near completion in the Yugoslav province of Kosovo. It is located close to vital oil pipelines and energy corridors presently under ...
Americans for Serbian Sovereignty - http://unres1244.blogspot.com/

The Daily WAR (11-28)
By The Daily Warrior(The Daily Warrior)
Turkish army refuses to close bases in Iraq. The Turkish military leadership has rejected a request by Iraq's largely autonomous Kurdish region to shut down several military bases in northern Iraq. Millions of Shiites in Iraq mark ...
The Daily World Affairs Report - http://thedailyworldaffairsreport.blogspot.com/

• This report links to Russian and Serbian efforts to stop Kosovo independence.

 

What the Russian papers say
RIA Novosti - Moscow,Russia
After long debates, shareholders of the Caspian Pipeline Consortium (CPC) building a 935-mile oil pipeline from the Tengiz oil field in Kazakhstan to the ...
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The limits of analogy in Kosovo's independence bid
By Shlomo Avineri
Commentary by
Wednesday, March 05, 2008

 

 

 

Iraq in Talks With American and European Companies to Develop 5 ...
New York Times - United States
The Oil Ministry is studying more than 70 oil exploration bids, he added. Parliament has still not agreed on a law to determine how the country’s oil wealth ...
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Ben Stein On Exxon
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And, after expenses, the money hauled in by Exxon Mobil and other companies like it goes vastly more toward exploration and finding new ways of delivering oil and gas to us slobs in our cars than it does to well-heeled oil executives. ...
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Exxon to invest up to $30B in projects
Toronto Star - Ontario, Canada
AP HOUSTON–Oil powerhouse Exxon Mobil says it expects to invest between $25 billion and $30 billion on capital and exploration projects this year. ...
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Wall Street to focus on Exxon reserves, spending
Reuters - USA
N: Quote, Profile, Research) posted the largest ever corporate profit in 2007 and could be poised to improve on that in 2008, with crude oil prices trading ...
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StockMarketNewsAlert.com: StockMarketNewsAlert.com Issues Trade ...
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The Company: The Alternative Energy Technology Center, Inc. (OTC:AETE), based in The Woodlands, TX, is a technology company focused on biofuels and ...
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Consumers need special tax breaks, not oil companies
Tuscaloosa News (subscription) - Tuscaloosa,AL,USA
The increased revenue would be directed toward alternative energy development that could lower fuel costs over time. One of the tax breaks was provided by ...
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Renewable energy pros plead President, Congress for tax credit
CNET News.com - San Francisco,CA,USA
That's enough power for 16 million homes. If the industry isn't developed, "green collar" jobs will go to other countries and American consumers may end up ...
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Renewable Energy and Energy Conservation Tax Act Passes the House
By swen66
... to reduce global warming emissions”The renewable energy industry was bolstered when the House of Representatives voted 236-182 in favor of the Renewable Energy and Energy Conservation Tax Act of 2008 . via Building Operating Management.
Swen66's Alternative Energy Weblog - http://swen66.wordpress.com

Tax Cut For Hugo?
Investor's Business Daily (subscription) - USA
"The big five oil companies recently reported record profits for 2007, with Exxon Mobil earning $40.6 billion last year alone — the largest corporate profit ...
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Exxon Mobil Needs a Hug

• When Exxon Mobil earns almost $12 billion in a quarter, or $41 billion in a year, as it did in 2007, that money does not go into the coffers of a few billionaire executives quaffing Champagne in Texas. It goes into the pension and retirement accounts of ordinary citizens. When Exxon pays a dividend, that money goes to pay for the mortgages and oxygen tanks and in-home care of lots of elderly Americans.

Switching on Dean Heller’s Coal Powered Light
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All that share repurchasing really worked well for Exxon which earned a record-breaking profits of $1,3oo per second (11.7 billion) in the second quarter of 2007–thanks in large part to rising oil prices. Heller’s position on this ...
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Roskam Again Supports Big Oil Interests Over Those of Constituents
By David
The bill, Renewable Energy and Energy Conservation Tax Act of 2008, HR 5351, would, if enacted, extend a number of tax credits, now set to expire, to support alternative technologies such as solar energy, fuel cells, ...
RubberStampRoskam.com - http://rubberstamproskam.com

Dems Declaring War On American Oil
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HR 5351: Renewable Energy and Energy Conservation Tax Act of 2008 passed the House on Wednesday by a 236-182 vote, and is surely a bill which will have lefties cheering their own ignorance. Mixed in with all of the tax credits offered ...
Constitutionally Right - http://constitutionallyright.com

Will Sununu change his tune?
Concord Monitor - Concord,NH,USA
As Congress returns from the Presidents Day recess, members will vote on HR 5351, the Renewable Energy and Energy Conservation Tax Act of 2008. ...
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Democrats Try Again to Tax Oil Giants
The Associated Press -
Pelosi called the shift of tax benefits from oil to alternative energy development critical to increased energy independence and lowering energy costs. ...
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US Rep. Boswell: Speaks in support of increasing production of ...
IowaPolitics.com (press release) - IA,USA
The Renewable Energy and Energy Conservation Tax Act of 2008 includes important tax credits to promote renewable energy production from wind, solar, ...
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Blowin’ In The Wind
By cornerhousecomments
Minnesota’s 1st CD Congressman Tim Walz(D) has been working hard in Washington DC on energy issues and recently issued a press release about the Renewable Energy and Energy Conservation Tax Act of 2008, HR 5351. ...
Corner House Comments - http://cornerhousecomments.wordpress.com

Wamp Opposes Energy Tax Increases
The Chattanoogan - Chattanooga,TN,USA
Congressman Zach Wamp said Wednesday he voted against the Renewable Energy and Energy Conservation Tax Act of 2008 "because it includes a roughly $18 ...
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