[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3105 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3105

  To amend the Internal Revenue Code of 1986 to expand the credit for 
     electricity produced from certain renewable resources and the 
  investment energy credit to include ocean thermal energy conversion 
                               projects.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 19, 2007

Mr. Faleomavaega (for himself, Ms. Bordallo, Mrs. Christensen, and Ms. 
   Hirono) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to expand the credit for 
     electricity produced from certain renewable resources and the 
  investment energy credit to include ocean thermal energy conversion 
                               projects.

    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 ``Ocean Thermal Energy Tax and Energy 
Credits Act of 2007''.

SEC. 2. ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES.

    (a) Ocean Thermal Energy.--
            (1) In general.--Section 45(c)(1) of the Internal Revenue 
        Code of 1986 is amended by striking ``and'' at the end of 
        subparagraph (G), by striking the period at the end of 
        subparagraph (H) and inserting ``, and'', and by adding at the 
        end the following new subparagraph:
                    ``(I) ocean thermal energy conversion.''.
            (2) Ocean thermal energy conversion.--Section 45(c) of such 
        Code is amended by adding at the end the following new 
        paragraph:
            ``(10) Ocean thermal energy conversion.--The term `ocean 
        thermal energy conversion' includes energy or water, or both, 
        from ocean thermal resources, including ocean thermal-cooling 
        for community air conditioning.''.
            (3) Qualified facility.--Section 45(d) of such Code is 
        amended by adding at the end the following new paragraph:
            ``(10) Qualified ocean thermal energy conversion 
        facility.--In the case of a facility using ocean thermal energy 
        to produce electricity, the term `qualified facility' means any 
        facility owned by the taxpayer which is originally placed in 
        service after December 31, 1993, and before January 1, 2015.''.
    (b) Production in the Certain Territories Taken Into Account.-- 
Section 45(e)(1) of such Code is amended by striking ``or'' at the end 
of subparagraph (A), by striking the period at the end of subparagraph 
(B) and inserting a comma, and by adding at the end the following new 
subparagraph:
                    ``(C) in the case of sales with respect to 
                electricity the production of which is attributable to 
                ocean thermal energy conversion--
                            ``(i) Guam, American Samoa, Commonwealth of 
                        the Northern Marianas Islands, United States 
                        Virgin Islands, or Puerto Rico, including all 
                        territorial waters, seabed and subsoil of 
                        submarine areas thereof,
                            ``(ii) Republic of the Marshall Islands, 
                        Federated States of Micronesia, or Republic of 
                        Palau, including all territorial waters, seabed 
                        and subsoil of submarine areas thereof, or
                            ``(iii) any United States Government 
                        installation worldwide, including military 
                        bases, embassies and other facilities, whether 
                        owned or leased by the United States 
                        Government, including all areas set forth in 
                        section 638 (all territorial waters, seabed and 
                        subsoil of submarine areas adjacent to such 
                        installations).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 3. ENERGY INVESTMENT CREDIT.

    (a) In General.--Section 48(a)(3)(A) of the Internal Revenue Code 
of 1986 is amended by inserting the word ``or'' at the end of clause 
(iv), and adding after clause (iv) the following new clause:
                            ``(v) equipment which uses ocean thermal 
                        energy to generate electricity, or to cool (or 
                        provide cold water for use in) a structure, or 
                        to produce fresh water,''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to property placed in service after the date of the enactment of 
this Act.
                                 <all>