110-H.R.2261

To increase the diversity and independence of the United States energy supply by providing encouragement of energy sources from rural America, including biofuels and wind energy, and for other purposes.

5/10/2007--Introduced.

Rural America Energy Act of 2007 - Amends the Farm Security and Rural Investment Act of 2002 to redefine "bioenergy" to include: (1) cellulosic cogeneration; (2) biomass gasification; and (3) hydrogen made from cellulosic commodities for fuel cells.

Instructs the Secretary of Agriculture (Secretary) to make available increased funds of the Commodity Credit Corporation to implement: (1) the bioenergy program; (2) renewable energy systems and energy efficiency improvements; and (3) grants for small projects.

Amends the Internal Revenue Code to: (1) provide a five-year extension of credit for electricity produced from certain renewable resources; and (2) allow a tax credit for certain wind energy property placed in service or installed by the taxpayer during the taxable year.

Instructs the Secretary of Energy to spend up to $1 million to fund feasibility studies for the construction of dedicated ethanol pipelines.

Amends the Food Security Act of 1985 to: (1) extend the conservation reserve program through calendar 2012; and (2) direct the Secretary to ensure that, as contracts expire and lands are taken out of the program, the lands are replaced with the most environmentally sensitive acres, so that the program continues to protect highly erodible lands while increasing the acreage outside of the program available for the production of crops to accommodate biofuel production.

Instructs the Secretary to make transitional assistance payments to an agricultural producer during the first year in which the producer devotes land to the production of a qualified cellulosic crop.

Requires the Securities and Exchange Commission to revise specified accounting practices of persons engaged in crude oil or natural gas production in the United States to establish a renewable reserves classification and disclosure system, which shall treat contracted biomass crops for a cellulosic biorefinery as renewable reserves.

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