H.R. 2885 would amend the Internal Revenue Code of 1986 to expand the credit for electricity produced from certain renewable resources and the investment energy credit to include ocean thermal energy conversion projects.
Detailed Summary
Ocean Thermal Energy Tax and Energy Credits Act of 2009 - Amends the Internal Revenue Code to: (1) allow a tax credit for producing electricity from ocean thermal energy; (2) specify that such tax credit is available to taxpayers in certain possessions and other areas under U.S. control; and (3) allow an energy tax credit for investment in equipment which uses ocean thermal energy to generate electricity, to cool (or provide cold water for use in) a structure, or to produce fresh water.
Status of the Legislation
Latest Major Action: 6/16/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
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