H.R. 7249 would amend the Internal Revenue Code of 1986 to provide a tax credit to farmers to offest high energy prices, to encourage the use of renewable energy, and to reduce prices to consumers.
Detailed Summary
Renewable Power for Agriculture Incentive Program Act of 2008 - Amends the Internal Revenue Code to allow a business-related tax credit for excessive fuel costs for creditable fuel (i.e., fossil fuel or electricity) used by a taxpayer in the trade or business of farming. Defines "excessive fuel cost" as the excess amount paid for creditable fuel over the adjusted base price for such fuel (the average price for such fuel on September 6, 2004, for the region in which the taxpayer purchased such fuel). Terminates such credit after 2013.
Status of the Legislation
Latest Major Action: 10/2/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
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