[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1079 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                S. 1079

  To amend the Internal Revenue Code of 1986 to expand and extend the 
       renewable resource credit for trash combustion facilities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 19, 2005

 Mrs. Lincoln 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 expand and extend the 
       renewable resource credit for trash combustion facilities.

    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 ``Waste-to-Energy Tax Credit Act''.

SEC. 2. EXPANSION AND EXTENSION OF RENEWABLE RESOURCE CREDIT FOR TRASH 
              COMBUSTION FACILITIES.

    (a) In General.--Paragraph (7) of section 45(d) of the Internal 
Revenue Code of 1986 (relating to trash combustion facilities) is 
amended--
            (1) by inserting ``or unit'' after ``any facility'', and
            (2) by striking ``2006.'' and inserting ``2009, only if the 
        average production of electricity from the existing facility 
        and the new unit exceeds historical levels of electricity 
        produced before the date such new unit was placed in 
        service.''.
    (b) Credit Rate and Period for Electricity Produced and Sold After 
Enactment Date.--Section 45(b)(4) of the Internal Revenue Code of 1986 
(relating to credit rate and period for electricity produced and sold 
from certain facilities) is amended--
            (1) by striking ``(6), or (7)'' in subparagraphs (A) and 
        (B)(i) and inserting ``or (6)'', and
            (2) by inserting ``and in the case of any facility 
        described in subsection (d)(7), the 7-year period beginning on 
        the date the facility was originally placed in service shall be 
        substituted for such 10-year period'' before the period at the 
        end of subparagraph (B)(i).
    (c) Extension for Certain Facilities.--Section 45(e) of the 
Internal Revenue Code of 1986 (relating to definitions and special 
rules) is amended by adding at the end the following new paragraph:
            ``(10) Extension for certain facilities.--In the case of 
        any facility described in subsection (d)(7), for purposes of 
        subsection (b)(4), such facility shall be treated as being 
        placed in service before January 1, 2009, if such facility is 
        placed in service before July 1, 2009 pursuant to a binding 
        written contract in effect before January 1, 2009.''.
    (d) Effective Date.--The amendments made by this section shall take 
effect as if included in the amendments made by section 710 of the 
American Jobs Creation Act of 2004.
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