S.1939 - Alternative Energy Tax Incentives Act of 198398th Congress (1983-1984)
|Sponsor:||Sen. Wallop, Malcolm [R-WY] (Introduced 10/06/1983)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/18/1983 Committee on Finance requested executive comment from OMB, Treasury Department. (All Actions)|
This bill has the status Introduced
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Summary: S.1939 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in Senate (10/06/1983)
Alternative Energy Tax Incentives Act of 1983 - Amends the Internal Revenue Code to extend the residential energy income tax credit for renewable energy sources for five years from 1985 to 1990. Reduces the qualifying percentage for energy source expenditures by specified increments between 1985 and 1990.
Increases from 15 percent to 20 percent the investment tax credit for solar, wind, geothermal, and ocean thermal property. Extends such tax credit for five years from 1985 to 1990. Extends the investment tax credit for hydroelectric generating property and biomass property for five years from 1985 to 1990. Reestablishes the credit for cogeneration property until 1990. Qualifies until 1995 affirmative commitments for solar, wind, geothermal, ocean thermal, biomass, and cogeneration projects begun by December 31, 1990.
Eliminates the 20 percent limitation for oil and natural gas used in cogeneration facilities. Qualifies as biomass property methane-containing gas produced by anaerobic digestion from nonfossil waste materials.
Revises the definition of geothermal deposit to lower the required temperature to 104 degrees Fahrenheit. (Present regulations require a temperature of 122 degrees Fahrenheit.)
Includes shale oil property and tar sands equipment as energy property for purposes of the investment tax credit. Grants a 15 percent depletion allowance for tar sands.
Allows an investment tax credit for photovoltaic energy property. Defines photovoltaic property.