H.R.2657 - POWER Act114th Congress (2015-2016)
|Sponsor:||Rep. Reed, Tom [R-NY-23] (Introduced 06/04/2015)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/04/2015 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2657 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (06/04/2015)
Power Efficiency and Resiliency Act or the POWER Act
Amends the Internal Revenue Code to: (1) allow a 30% energy tax credit for combined heat and power system property and increase the capacity limitations for such property, (2) extend until December 31, 2018, the placed-in-service deadline for such property, and (3) allow a 30% energy tax credit for waste heat to power property (property comprising a system generating electricity through the recovery of a qualified waste heat resource) placed in service before January 1, 2019.
Includes within the definition of "qualified waste heat resource": (1) exhaust heat or flared gas from any industrial process; (2) waste gas or industrial tail gas that would otherwise be flared, incinerated, or vented; and (3) a pressure drop in any gas for an industrial or commercial process. Excludes from such definition any heat resource from a process the primary purpose of which is the generation of electricity utilizing a fossil fuel or nuclear energy.