Summary: S.913 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

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Reported to Senate without amendment (04/14/2015)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

(Sec. 1) This bill amends the Internal Revenue Code to allow an energy tax credit for investment in waste heat to power property. The property cannot have a capacity in excess of 50 megawatts.

The bill defines "waste heat to power property" as property: (1) comprising a system which generates electricity through the recovery of a qualified waste heat resource; and (2) that is placed in service before January 1, 2017. "Qualified waste heat resource" is defined as: (1) exhaust heat or flared gas from an industrial process that does not have as its primary purpose the production of electricity, and (2) a pressure drop in any gas for an industrial or commercial process.

The bill provides for a formula to limit the basis of any waste heat to power property for purposes of calculating the credit.

The amendments made by this section apply to taxable years ending after the enactment date of this Act.

(Sec. 2) The bill also increases from 30% to 35% the rate of the continuous levy on payments made after 180 days after the enactment date of this Act to Medicare providers and suppliers for unpaid taxes.