Text: S.3183 — 112th Congress (2011-2012)All Information (Except Text)

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Introduced in Senate (05/15/2012)


112th CONGRESS
2d Session
S. 3183


To amend the Internal Revenue Code of 1986 to require the use of domestic property to be eligible for certain tax incentives for solar energy.


IN THE SENATE OF THE UNITED STATES

May 15, 2012

Mr. Schumer (for himself and Mr. Brown of Ohio) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to require the use of domestic property to be eligible for certain tax incentives for solar energy.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Use of domestic property to be eligible for certain tax incentives for solar energy.

(a) Residential energy efficient property credit.—

(1) IN GENERAL.—Section 25D(e) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

“(9) DOMESTIC SOLAR PROPERTY ONLY.—No expenditure relating to property described in paragraph (1) or (2) of subsection (d) shall be taken into account for purposes of this section unless—

“(A) more than 70 percent (by value) of the components of such property are made in the United States, or

“(B) more than 50 percent (by value) of the components of such property are made in the United States and the final point of manufacture of such property is in the United States.”.

(2) EFFECTIVE DATE.—The amendment made by this subsection shall apply to expenditures made after the date of the enactment of this Act.

(b) Energy investment credit.—

(1) IN GENERAL.—Section 48(a)(3) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: Such term shall not include property described in clause (i) or (ii) of subparagraph (A) unless more than 70 percent (by value) of the components of such property are made in the United States or unless more than 50 percent (by value) of the components of such property are made in the United States and the final point of manufacture of such property is in the United States.

(2) EFFECTIVE DATE.—The amendment made by this subsection 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).


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