[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1554 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 1554
To amend the Internal Revenue Code of 1986 to provide the work
opportunity tax credit with respect to the hiring of veterans in the
field of renewable energy.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 10, 2023
Ms. Lee of California (for herself, Ms. Clarke of New York, Mr.
Espaillat, Mr. Thompson of Mississippi, Ms. Crockett, and Ms. Norton)
introduced the following bill; which was referred to the Committee on
Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide the work
opportunity tax credit with respect to the hiring of veterans in the
field of renewable energy.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Incentives for our Nation's Veterans
in Energy Sustainability Technologies Act'' or as the ``INVEST Act''.
SEC. 2. WORK OPPORTUNITY TAX CREDIT FOR VETERANS HIRED IN THE FIELD OF
RENEWABLE ENERGY.
(a) In General.--Section 51(d)(14) of the Internal Revenue Code of
1986 is amended to read as follows:
``(14) Certain veterans hired in the field of renewable
energy.--
``(A) In general.--For purposes of this subpart, an
individual shall be treated as a member of a targeted
group if such individual is a specified veteran, but
qualified wages with respect to such individual shall
include only wages attributable to services rendered in
a field of renewable energy.
``(B) Specified veteran.--For purposes of this
paragraph, the term `specified veteran' means any
veteran (as defined in paragraph (3)) who is certified
by the designated local agency as--
``(i) having received a credential or
certification from the Department of Defense of
military occupational specialty or skill in a
field of renewable energy or with respect to
advanced manufacturing, machinist or welding,
or engineering,
``(ii) having completed a vocational degree
in a field of renewable energy during the 1-
year period ending on the hiring date, or
``(iii) having completed a LEED
certification with the United States Green
Building Council.
``(C) Renewable energy.--For purposes of this
paragraph, renewable energy means resources that rely
on fuel sources that restore themselves over short
periods of time and do not diminish, including the Sun,
wind, moving water, organic plant and waste material,
and the Earth's heat.''.
(b) Treatment of Possessions.--
(1) Payments to possessions.--
(A) Mirror code possessions.--The Secretary of the
Treasury shall pay to each possession of the United
States with a mirror code tax system amounts equal to
the loss to that possession by reason of the amendment
made by this section. Such amounts shall be determined
by the Secretary of the Treasury based on information
provided by the government of the respective possession
of the United States.
(B) Other possessions.--The Secretary of the
Treasury shall pay to each possession of the United
States which does not have a mirror code tax system the
amount estimated by the Secretary of the Treasury as
being equal to the loss to that possession that would
have occurred by reason of the amendment made by this
section if a mirror code tax system had been in effect
in such possession. The preceding sentence shall not
apply with respect to any possession of the United
States unless such possession establishes to the
satisfaction of the Secretary that the possession has
implemented (or, at the discretion of the Secretary,
will implement) an income tax benefit which is
substantially equivalent to the income tax credit in
effect after the amendments made by this section.
(2) Coordination with credit allowed against united states
income taxes.--The credit allowed against United States income
taxes for any taxable year under the amendment made by this
section to section 51 of the Internal Revenue Code of 1986 to
any person with respect to any qualified veteran shall be
reduced by the amount of any credit (or other tax benefit
described in paragraph (1)(B)) allowed to such person against
income taxes imposed by the possession of the United States by
reason of this subsection with respect to such qualified
veteran for such taxable year.
(3) Definitions and special rules.--
(A) Possession of the united states.--For purposes
of this subsection, the term ``possession of the United
States'' includes American Samoa, Guam, the
Commonwealth of the Northern Mariana Islands, the
Commonwealth of Puerto Rico, and the United States
Virgin Islands.
(B) Mirror code tax system.--For purposes of this
subsection, the term ``mirror code tax system'' means,
with respect to any possession of the United States,
the income tax system of such possession if the income
tax liability of the residents of such possession under
such system is determined by reference to the income
tax laws of the United States as if such possession
were the United States.
(C) Treatment of payments.--For purposes of section
1324(b)(2) of title 31, United States Code, the
payments under this subsection shall be treated in the
same manner as a refund due from credit provisions
described in such section.
(c) Effective Date.--The amendment made by this section shall apply
to individuals who begin work for the employer after December 31, 2022.
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