Summary: H.R.5350 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.5350. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/26/2016)

Energy Storage for Grid Resilience and Modernization Act of 2016 or the Energy Storage Act of 2016

This bill amends the Internal Revenue Code to: (1) allow, through 2026, a 30% energy tax credit for investment in energy storage property capable of absorbing energy, storing the energy for a period of time, and dispatching the energy for specified purposes; (2) make energy storage property owned by a public power provider, a governmental body, or a cooperative electric company eligible for new clean renewable energy bond financing; and (3) allow, through 2026, a 30% nonbusiness energy property tax credit for residential energy storage equipment expenditures for a taxpayer's principal residence.