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S 590 110th Congress Senate Taxation Air conditioning Commerce Depreciation and amortization Energy Energy conservation Energy efficiency Energy storage Fuel cells Heating Housing and Community Development Income tax Investment tax credit Lighting Minimum tax Solar energy Tax credits Tax deductions

Securing America's Energy Independence Act of 2007

Introduced: February 14, 2007 See on congress.gov
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 14, 2007
Read twice and referred to the Committee on Finance.
Feb 14, 2007
Sponsor introductory remarks on measure. (CR S1970)
Feb 14, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Securing America's Energy Independence Act of 2007 - Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability.

Expands the definition of "energy property" for purposes of the tax credit to include certain equipment which uses solar energy to generate or store excess electricity.

Provides for a special credit amount for solar photovoltaic energy property and residential energy efficient property based upon kilowatt capacity.

Allows a tax credit for the full amount of qualified photovoltaic property expenditures (currently, limited to 30%).

Allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property.

What's happening now February 14, 2007

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1