Renewable Energy Incentives Act

Renewable Energy Incentives Act - Amends the Internal Revenue Code respecting the renewable resource credit to: (1) increase the credit rate; (2) include alternative resources (solar, open loop biomass, incremental hydropower, incremental geothermal, geothermal, and landfill gas); (3) provide an increased credit for certain co-production facilities, and for qualified facilities on Indian and Alaskan Native Indian lands; (4) allow a credit (and its subsequent transferability) for a qualified facility of a tax-exempt organization or governmental unit; (5) provide for credit transferability; (6) require facility compliance with pollution laws; and (7) eliminate the January 1, 2004, placed-in-service date for purposes of qualified facility eligibility (makes the credit permanent).