Renewable Energy Incentive Act of 1983

Renewable Energy Incentive Act of 1983 - Title I: Certain Renewable Energy Source Incentives - 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) hydroelectric generating property; and (4) biomass property. Allows an investment tax credit for cogeneration energy property until 1990.

Increases the energy percentage for solar, wind, or geothermal energy and ocean thermal property from 15 percent to 25 percent. Increases the energy percentage for hydroelectric generating property from 11 percent to 15 percent. Allows an energy percentage of ten percent for cogeneration property.

Extends the residential energy income tax credit from 1985 to 1990.

Allows the regular investment tax credit for energy property which is considered to be a structural component of a building and is used as air or water heating equipment for such building.

Allows an investment tax credit until 1995 for affirmative commitments made for projects concerning: (1) solar, wind, or geothermal property; (2) ocean thermal property; (3) biomass property; and (4) cogeneration property. Extends for seven years from 1988 to 1995 the investment tax credit for affirmative commitments made for certain hydroelectric generating property.

Increases from two to five the number of possible sites for ocean thermal property. Allows an investment tax credit for ocean thermal property which produces energy used in a possession of the United States. (Present law requires that such energy be used in the continental United States.)

Title II: Biomass Incentive - Treates as biomass property methane-containing gas produced by anaerobic digestion from nonfossil waste materials.

Title III: Effective Date - Sets forth the effective date of this Act.