Text: S.1409 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in Senate (06/22/2017)


115th CONGRESS
1st Session
S. 1409


To amend the Internal Revenue Code of 1986 to extend the credit for residential energy efficient property, and for other purposes.


IN THE SENATE OF THE UNITED STATES

June 22, 2017

Mr. Carper (for himself and Mr. Heller) 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 extend the credit for residential energy efficient property, and for other purposes.

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

SECTION 1. Short title.

This Act may be cited as the “Technologies for Energy Jobs and Security Act of 2017”.

SEC. 2. Extension and phaseout of residential energy efficient property.

(a) Extension.—Section 25D(h) of the Internal Revenue Code of 1986 is amended by striking “December 31, 2016 (December 31, 2021, in the case of any qualified solar electric property expenditures and qualified solar water heating property expenditures)”, and inserting “December 31, 2021”.

(b) Phaseout.—

(1) IN GENERAL.—Paragraphs (3), (4), and (5) of section 25D(a) of the Internal Revenue Code of 1986 are amended by striking “30 percent” each place it appears and inserting “the applicable percentage”.

(2) CONFORMING AMENDMENT.—Section 25D(g) of the Internal Revenue Code of 1986 is amended by striking “paragraphs (1) and (2) of”.

(c) Effective date.—The amendments made by this section shall take effect on January 1, 2017.

SEC. 3. Extension and phaseout of energy credit.

(a) Credit percentage for geothermal energy property.—Section 48(a)(2)(A)(i)(II) of the Internal Revenue Code of 1986 is amended by striking “paragraph (3)(A)(i)” and inserting “clause (i) or (iii) of paragraph (3)(A)”.

(b) Extension of solar and thermal energy property.—Section 48(a)(3)(A) of the Internal Revenue Code of 1986 is amended—

(1) in clause (ii) by striking “periods ending before January 1, 2017” and inserting “property the construction of which begins before January 1, 2022”; and

(2) in clause (vii) by striking “periods ending before January 1, 2017” and inserting “property the construction of which begins before January 1, 2022”.

(c) Phaseout of 30-Percent credit rate for geothermal energy property.—Section 48(a)(6) of the Internal Revenue Code of 1986 is amended—

(1) in the heading, by inserting “and geothermal” after “solar”;

(2) in subparagraph (A), by striking “paragraph (3)(A)(i)” and inserting “clause (i) or (iii) of paragraph (3)(A)”; and

(3) in subparagraph (B), by striking “property energy property described in paragraph (3)(A)(i)” and inserting “energy property described in clause (i) or (iii) of paragraph (3)(A)”.

(d) Phaseout of 30-Percent credit rate for fiber-Optic solar, qualified fuel cell, and qualified small wind energy property.—

(1) IN GENERAL.—Section 48(a) of the Internal Revenue Code of 1986 is amended by adding the following:

“(7) PHASEOUT FOR FIBER-OPTIC SOLAR, QUALIFIED FUEL CELL, AND QUALIFIED SMALL WIND ENERGY PROPERTY.—In the case of any energy property described in paragraph (3)(A)(ii), qualified fuel cell property, or qualified small wind property, the energy percentage determined under paragraph (2) shall be equal to—

“(A) in the case of any property the construction of which begins after December 31, 2019, and before January 1, 2021, 26 percent, and

“(B) in the case of any property the construction of which begins after December 31, 2020, and before January 1, 2022, 22 percent.”.

(2) CONFORMING AMENDMENT.—Section 48(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking “paragraph (6)” and inserting “paragraphs (6) and (7)”.

(e) Extension of qualified fuel cell property.—Section 48(c)(1)(D) of the Internal Revenue Code of 1986 is amended by striking “for any period after December 31, 2016” and inserting “the construction of which does not begin before January 1, 2022”.

(f) Extension of qualified microturbine property.—Section 48(c)(2)(D) of the Internal Revenue Code of 1986 is amended by striking “for any period after December 31, 2016” and inserting “the construction of which does not begin before January 1, 2022”.

(g) Extension of combined heat and power system property.—Section 48(c)(3)(A)(iv) of the Internal Revenue Code of 1986 is amended by striking “which is placed in service before January 1, 2017” and inserting “the construction of which begins before January 1, 2022”.

(h) Extension of qualified small wind energy property.—Section 48(c)(4)(C) of the Internal Revenue Code of 1986 is amended by striking “for any period after December 31, 2016” and inserting “the construction of which does not begin before January 1, 2022”.

(i) Effective date.—The amendments made by this section shall take effect on January 1, 2017.

SEC. 4. Waste heat to power property.

(a) In general.—

(1) INTRODUCTION OF WASTE TO HEAT POWER ENERGY PROPERTY.—Section 48(a)(3)(A) of the Internal Revenue Code of 1986 is amended—

(A) at the end of clause (vi) by striking “or”; and

(B) at the end of clause (vii) by inserting “or” after the comma; and

(C) by adding the following:

“(viii) waste heat to power property,”.

(2) DEFINITIONS AND LIMITATIONS.—Section 48(c) of the Internal Revenue Code of 1986 is amended by adding the following:

“(5) WASTE HEAT TO POWER PROPERTY.—

“(A) IN GENERAL.—The term ‘waste heat to power property’ means property—

“(i) comprising a system which generates electricity through the recovery of a qualified waste heat resource, and

“(ii) the construction of which begins before January 1, 2022.

“(B) QUALIFIED WASTE HEAT RESOURCE.—The term ‘qualified waste heat resource’ means—

“(i) exhaust heat or flared gas from an industrial process that does not have, as its primary purpose, the production of electricity, and

“(ii) a pressure drop in any gas for an industrial or commercial process.

“(C) LIMITATIONS.—

“(i) IN GENERAL.—For purposes of subsection (a)(1), the basis of any waste heat to power property taken into account under this section shall not exceed the excess of—

“(I) the basis of such property, over

“(II) the fair market value of comparable property which does not have the capacity to capture and convert a qualified waste heat resource to electricity.

“(ii) CAPACITY LIMITATION.—The term ‘waste heat to power property’ shall not include any property comprising a system if such system has a capacity in excess of 50 megawatts.”.

(b) Effective date.—The amendments made by this section shall apply to periods after December 31, 2016, in taxable years ending after such date, 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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