H.R. 6049 would amend the [[Wikipedia:Internal[http://en.wikipedia.org/wiki/Internal_Revenue_Code Internal Revenue Code|]]Code] of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief.

== Detailed Summary ==

<summary>
Energy and Tax Extenders Act of 2008 - Amends the Internal Revenue Code to extend various provisions relating to energy production and conservation and to individual and business-related activities.

Extends through 2009 the tax credit for producing electricity from wind facilities and through 2011 for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit.

Extends through 2014: (1) the energy tax credits for solar energy, fuel cell, and microturbine property; and (2) the residential energy efficient property tax credit.

Increases the authorization levels for new clean renewable energy bonds.

Allows tax credits for investment in advanced coal electricity and coal gasification projects.

Extends through 2018 the temporary increase in coal excise taxes. Sets forth special rules for refunds of coal excise taxes to certain producers or exporters.

Directs the Secretary of the Treasury to study and report to Congress on: (1) Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions; and (2) current biofuel production.

Allows a new tax credit for the production of cellulosic biofuels.

Extends through 2009 income and excise tax credits for biodiesel and renewable diesel.

Allows a tax credit for new qualified plug-in electric drive motor vehicles.

Allows a tax credit against payroll liabilities of New York Liberty Zone governmental units (i.e., New York State, the City of New York, or any agencies or instrumentalities thereof) for expenditures involving transportation infrastructure projects in or connecting with the New York Liberty Zone.

Increases and extends through 2010 the tax credit for alternative fuel vehicle refueling property expenditures.

Extends through 2013 the tax deduction for energy efficient commercial building expenditures.

Extends through 2009 the tax credit for energy efficient appliances.

Extends through FY2012 tax-exempt bond financing for qualified green building and sustainable design projects.

Extends through 2008: (1) the election to deduct state and local sales taxes in lieu of state and local income taxes; (2) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (3) the special rules relating to regulated investment companies and for charitable contributions of capital gain real property for conservation purposes; (4) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes; (5) the election to include combat pay as earned income for purposes of the earned income tax credit; (6) authority for use of qualified mortgage bonds to finance residences for veterans; (7) the tax exclusion for amounts received under qualified group legal services plans; and (8) the tax credit for nonbusiness energy property.

Extends through 2008 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the tax credits for Indian employment and railroad track maintenance; (3) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations; (4) the expensing allowance for environmental remediation costs; (5) the tax deduction for income attributable to domestic production activities in Puerto Rico; (6) the special rule for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) issuance authority for qualified zone academy bonds; (8) tax incentives for investment in the District of Columbia; (9) the economic development credit for American Samoa; (10) the special rule for charitable contributions of food and book inventories; (11) the increased tax deduction for corporate contributions of computer equipment and technology for educational purposes; (12) the special rule for reductions in the basis of S corporation stock for charitable contributions of property; (13) work opportunity tax credit eligibility for Hurricane Katrina employees; and (14) increases in alcohol excise taxes payable to Puerto Rico and the Virgin Islands.

Extends through 2009: (1) the new markets tax credit; (2) the subpart F exemption for active financing income earned on business operations overseas; (3) special rules for the tax treatment of payments between related controlled foreign corporations; and (4) expensing of costs of certain film and television productions.

Makes permanent authorities for: (1) Internal Revenue Service (IRS) disclosure of tax information relating to terrorist activities; (2) IRS undercover operations; and (3) Social Security Administration (SSA) disclosure of tax information for veterans' benefit determinations.

Allows individual taxpayers an additional standard tax deduction in 2008 for state and local real property taxes.

Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.

Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive stock options.

Allow attorneys a tax deduction in the current taxable year for reimbursable expenses and court costs which they pay or incur in connection with contingency fee cases.

Modifies criteria for penalties on tax return preparers who understate tax liabilities.

Allows taxpayers who claimed a casualty loss deduction for damage to a personal residence caused by Hurricanes Katrina, Rita, or Wilma and who subsequently received a grant as compensation for such damage to file an amended tax return to disallow the casualty loss deduction without payment of any tax penalty. Waives deadlines for starting construction for property in the Gulf Opportunity (GO) Zone eligible for bonus depreciation. Includes Colbert and Dallas Counties in Alabama within the GO Zone for purposes of tax-exempt bond financing.

Sets forth revenue provisions relating to: (1) the inclusion in gross income of deferred compensation paid by certain foreign entities; and (2) increases in estimated tax payments of certain large corporations. Delays until 2019 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit.
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== Status of the Legislation ==

<status>
Latest Major Action: 5/21/2008: Passed/agreed to in House. Status: On passage Passed by recorded vote: 263 - 160 (Roll no. 344).
</status>

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== Points in Favor ==

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== Points Against ==

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