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Friday, May 22, 2009

200% Civil Penalties

The following are two bills that need attention that are going through the process in Congress at this time. These will cost money to all who are already suffering in these trying times. Call your representatives!

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Comprehensive Transform America Transaction Fee Act of 2009

H. R. 1703
To require a study and comprehensive analytical report on transforming America by reforming the Federal tax code through elimination of all Federal taxes on individuals and corporations and replacing the Federal tax code with a transaction fee-based system.


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S.826 American Renewable Energy Act of 2009

(The following is a small part of the new tax issues)

b) Renewable Electricity Requirement-

`(1) REQUIREMENT-

`(A) IN GENERAL- Subject to subparagraph (B), each electric utility that sells electricity to electric consumers shall obtain a percentage of the base quantity of electricity the electric utility sells to electric consumers in any calendar year from new renewable energy or existing renewable energy.

`(B) PERCENTAGE- The percentage obtained in a calendar year under subparagraph (A) shall not be less than the amount specified in the following table:

Minimum annual

`Calendar years:/ percentage:
2010 / 2%

2011 / 3%

2012 / 4%

2013 / 5%

2014 / 6%

2015 / 7%

2016 / 8%

2017 / 9%

2018 / 11%

2019 / 13%

2020 / 15%

2021 / 17%

2022 / 19%

2023 / 21%

2024 / 23%

2025 / 25%

...(d) Enforcement-

`(1) CIVIL PENALTIES- Any electric utility that fails to meet the compliance requirements of subsection (b) shall be subject to a civil penalty.

`(2) AMOUNT OF PENALTY- Subject to paragraph (3), the amount of the civil penalty shall be equal to the product obtained by multiplying--

`(A) the number of kilowatt-hours of electric energy sold to electric consumers in violation of subsection (b); by

`(B) the greater of--

`(i) 2 cents (adjusted for inflation under subsection (g)); or

`(ii) 200 percent of the average market value of renewable energy credits during the year in which the violation occurred.

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