Text: H.R.4826 — 112th Congress (2011-2012)All Bill Information (Except Text)

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Introduced in House (04/26/2012)


112th CONGRESS
2d Session
H. R. 4826

To amend the Internal Revenue Code of 1986 to allow additional investment credits for qualifying supercritical advanced coal projects.


IN THE HOUSE OF REPRESENTATIVES
April 26, 2012

Mr. Davis of Kentucky 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 allow additional investment credits for qualifying supercritical advanced coal projects.

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 “Supercritical Advanced Coal Project Incentive Act of 2012”.

SEC. 2. Additional tax credits for qualifying supercritical advanced coal projects.

(a) 30 percent credit percentage.—Paragraph (3) of section 48A(a) of the Internal Revenue Code of 1986 is amended by inserting “or (iv)” after “(iii)”.

(b) Supercritical advanced coal-Based generation technology project defined.—Subsection (c) of section 48A of such Code is amended by adding at the end the following:

“(8) The term ‘supercritical advanced coal-based generation technology project’ means a qualifying advanced coal-based generation technology project which includes a coal-fired boiler that—

“(A) in lieu of the requirements under subsection (f)(1)(A)(ii), reaches an electricity generating efficiency of at least 36 percent, and

“(B) operates at a minimum pressure of 3,200 pounds per square inch.”.

(c) Application period for certification.—Subparagraph (A) of section 48A(d)(2) of such Code is amended by striking “and” at the end of clause (i), by striking the period at the end of clause (ii) and inserting “, and”, and by adding at the end the following:

“(iii) for an allocation from the dollar amount specified in paragraph (3)(B)(iv) during the 3-year period beginning at earlier of the termination of the period described in clause (ii) or the date prescribed by the Secretary.”.

(d) Aggregate credits.—

(1) IN GENERAL.—Subparagraph (A) of section 48A(d)(3) of such Code is amended by striking “$2,550,000,000” and inserting “$3,800,000,000”.

(2) SUPERCRITICAL ADVANCED COAL-BASED GENERATION TECHNOLOGY PROJECTS.—Subparagraph (B) of section 48A(d)(3)(B) is amended by striking “and” at the end of clause (ii), by striking the period at the end of clause (iii) and inserting “, and”, and by adding at the end the following:

“(iv) $1,250,000,000 for supercritical advanced coal-based generation technology projects the application for which is submitted during the period described in paragraph (2)(A)(iii).”.

(e) Carbon dioxide sequester.—Subparagraph (G) of section 48A(e)(1) of such Code is amended by striking “subsection (d)(2)(A)(ii)” and inserting “clause (ii) or (iii) of subsection (d)(2)(A)”.

(f) Effective date.—The amendments made by this section shall apply to periods after the date of the enactment of this Act under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).