S.1480 - BTU Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. King, Angus S., Jr. [I-ME] (Introduced 06/29/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/29/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1480 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (06/29/2017)
Biomass Thermal Utilization Act of 2017 or the BTU Act of 2017
This bill amends the Internal Revenue Code to include 30% of qualified biomass fuel property expenditures for property placed in service before 2022 in the residential energy efficient property tax credit. A "qualified biomass fuel property expenditure" is an expenditure for property which uses the burning of biomass fuel (a plant-derived fuel available on a renewable or recurring basis) to heat a dwelling used as a residence, or to heat water for use in such dwelling, and which has a thermal efficiency rating of at least 75%.
The bill also allows: (1) a 15% energy tax credit until 2022 for investment in open-loop biomass heating property, including boilers or furnaces that operate at thermal output efficiencies of at least 65% and provide thermal energy in the form of heat, hot water, or steam for space heating, air conditioning, domestic hot water, or industrial process heat; and (2) a 30% credit until 2022 for investment in such property that operates at a thermal output efficiency of at least 80%.