Renewable Energy and Energy Conservation Act of 1991

Renewable Energy and Energy Conservation Act of 1991 - Title I: Renewable Energy Tax Incentives - Subtitle A: Generation of Electricity From Renewable Sources - Amends the Internal Revenue Code to extend the energy investment tax credit until December 31, 2001 (currently, such credit expires December 31, 1991). Increases such credit from ten percent to 20 percent. Makes public utility property eligible for such credit. Allows the energy credit against all regular and minimum taxes.

Allows a tax credit for the production of electricity with qualified technologies property. Describes such property to include the use of solar thermal, photovoltaic, wind, geothermal, biomass, and other renewable energy technologies.

Subtitle B: Alternative Transportation Fuels Tax Incentives - Allows a tax deduction for the costs of qualified clean-burning (natural gas, liquefied petroleum gas, or alcohol) motor vehicle fuel property or refueling property.

Authorizes the Secretary of the Treasury to make equivalent payments to States and local governments in connection with qualified property.

Allows a deduction for 25 percent of the costs incurred in purchasing a qualified electric-powered automobile.

Amends the Harmonized Tariff Schedule of the United States to suspend the duty on fuel-use methanols until October 1, 2000.

Title II: Energy Conservation Tax Incentives - Subtitle A: Alternatives to Single-Passenger Automobiles - Excludes from gross income parking provided to an employee at a qualified parking facility and qualified employer-provided commuter services between an employee's residence and workplace. Includes as qualified services: (1) transportation furnished in a commuter highway vehicle (such as a van); and (2) transportation on public buses, trains, or subways that is paid for or reimbursed by the employer. Limits the exclusion from gross income for parking to parking on (not "on or near," as under current law) the employer's premises, with further specified qualifications.

Subtitle B: Other Conservation Incentives - Excludes from gross income the amount or value of any subsidy provided by a public utility to a customer in connection with the purchase, installation, use, or maintenance of any energy or water conservation measure or for energy savings delivered by such measures. Denies the use of any tax credit or deduction to the extent such subsidy is excluded from gross income.

Subtitle C: Fuel Efficient and Safe Automobiles - Safe and Efficient Vehicles Incentives Act of 1991 - Amends Federal law to establish: (1) taxes on the sale of any new motor vehicle (light- and medium-duty vehicles and trucks) whose fuel economy is less than the sales-weighted average fuel economy or whose composite safety factor is greater (sic) than the sales-weighted average composite safety factor of all new motor vehicles within the same class; and (2) rebates for the purchase of any new motor vehicle whose fuel economy is greater than the sales-weighted average fuel economy or whose composite safety factor is greater than the sales-weighted average composite safety factor of all new motor vehicles within the same class. Sets forth formulae for determining the fuel economy tax (or rebate) and the safety tax (or rebate).

Requires the Secretary of the Treasury to publish in the Federal Register and send to each manufacturer or importer of motor vehicles the applicable formulae for each class of vehicle in the next model year.

Requires each manufacturer or importer of new light- or medium-duty motor vehicles to calculate according to the applicable formulae the fuel economy and safety taxes and rebates for each vehicle. Requires them to include such information on labels affixed to such vehicles.

Provides for the collection of such taxes and the disbursement of such rebates.

Authorizes appropriations.

Requires, not later than July 1, 1992, and each July 1, thereafter, the Administrator of the Environmental Protection Agency to calculate the sales-weighted average fuel consumption and the Secretary of Transportation to calculate the composite safety factor and the sales-weighted average composite safety factor for all light- and medium-duty vehicles and trucks with respect to the determination of fuel economy and safety taxes and rebates. Requires each manufacturer or importer of such vehicles to conduct crash tests necessary to determine the composite safety factor of such vehicle whenever such crash test data does not result from the Secretary of Transportation's crash tests.