Renewable Energy Incentive Act of 1982

Renewable Energy Incentive Act of 1982 - Amends the Internal Revenue Code to extend for five years from 1985 to 1990 the investment tax credit for: (1) solar, wind, or geothermal property; (2) ocean thermal property; (3) qualified hydroelectric generating property; and (4) biomass property.

Increases the energy percentage for solar, wind or geothermal property and ocean thermal property from 15 percent to 30 percent for FY 1983 through December 31, 1987. Reduces such percentage to 15 percent thereafter. Increases the energy percentage for qualified hydroelectric generating property from 11 percent to 15 percent. Increases the energy percentage for biomass property from ten percent to 15 percent.

Sets forth special rules for certain long-term projects and biomass property.