S.1516 - POWER Act114th Congress (2015-2016)
|Sponsor:||Sen. Collins, Susan M. [R-ME] (Introduced 06/04/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/04/2015 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3779-3780) (All Actions)|
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Summary: S.1516 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (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.