SUMMARY AS OF:
3/1/2002--Introduced.
Energy Tax Incentives Act of 2002 - Amends the Internal Revenue Code to
extend and modify the renewable electricity production tax credit to include
credits for electricity produced from biomass, swine and bovine waste nutrients,
geothermal energy, and solar energy.
Provides alternative vehicle and fuel incentives, including credits for
installation of alternative fueling stations and the retail sale of alternative
fuels as motor vehicle fuel, modification of the credit for qualified electric
vehicles, extending the deduction for certain refueling property, and allowing
the alcohol fuels credit to be transferred and to be used against motor fuels
taxes.
Sets forth certain conservation and energy efficiency provisions such as
credits for the construction of new energy efficient homes, the installation of
energy efficient appliances, combined heat and power system properties, and
energy efficiency improvements to existing homes. Establishes a three-year
recovery period for depreciation of qualified energy management devices.
Establishes clean coal incentives, including credits for emission reductions,
efficiency improvements in existing coal-based generation facilities, and
investment in qualifying advanced clean coal technology.
Revises oil and gas provisions, including establishing a credit for the
production of oil and gas from marginal wells, permitting the expensing of
capital costs incurred in complying with EPA sulfur regulations, establishing an
environmental tax credit, extending the marginal production income limit, and
treating natural gas distribution lines as 15-year property.
Sets forth electric utility restructuring provisions.