110 HR 6133 IH: To amend the Internal Revenue Code of 1986 to extend and U.S. House of Representatives 2008-05-22 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
I 110th CONGRESS 2d Session H. R. 6133 IN THE HOUSE OF REPRESENTATIVES May 22, 2008 Mr. Terry (for himself, Mr. Barton of Texas, Mr. Hall of Texas, Mr. Upton, Mr. Deal of Georgia, Mr. Whitfield of Kentucky, Mr. Shimkus, Mrs. Wilson of New Mexico, Mr. Shadegg, Mr. Pickering, Mr. Buyer, Mr. Radanovich, Mr. Pitts, Mrs. Bono Mack, Mr. Rogers of Michigan, Mrs. Myrick, Mr. Sullivan, Mr. Burgess, Mr. McCrery, Mr. English of Pennsylvania, Mr. Gallegly, Mr. Pearce, Mr. McCaul of Texas, Mr. Kuhl of New York, and Mr. Issa) 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 extend and modify the renewable energy production tax credit and the solar energy and fuel cell investment tax credit.
1.
Extension and modification of renewable energy production tax credit
(a)
Extension of credit
Each of the following provisions of section 45(d) (relating to qualified facilities) is amended by striking January 1, 2009 and inserting January 1, 2014: (1)Paragraph (1). (2)Clauses (i) and (ii) of paragraph (2)(A). (3)Clauses (i)(I) and (ii) of paragraph (3)(A). (4)Paragraph (4). (5)Paragraph (5). (6)Paragraph (6). (7)Paragraph (7). (8)Paragraph (8). (9)Subparagraphs (A) and (B) of paragraph (9). (b)
Production credit for electricity produced from marine renewables
(1)
In general
Paragraph (1) of section 45(c) (relating to resources) 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)marine and hydrokinetic renewable energy. . (2)
Marine renewables
Subsection (c) of section 45 is amended by adding at the end the following new paragraph: (10)
Marine and hydrokinetic renewable energy
(A)
In general
The term marine and hydrokinetic renewable energy means energy derived from— (i)waves, tides, and currents in oceans, estuaries, and tidal areas, (ii)free flowing water in rivers, lakes, and streams, (iii)free flowing water in an irrigation system, canal, or other man-made channel, including projects that utilize nonmechanical structures to accelerate the flow of water for electric power production purposes, or (iv)differentials in ocean temperature (ocean thermal energy conversion). (B)
Exceptions
Such term shall not include any energy which is derived from any source which utilizes a dam, diversionary structure (except as provided in subparagraph (A)(iii)), or impoundment for electric power production purposes. . (3)
Definition of facility
Subsection (d) of section 45 is amended by adding at the end the following new paragraph: (11)
Marine and hydrokinetic renewable energy facilities
In the case of a facility producing electricity from marine and hydrokinetic renewable energy, the term qualified facility means any facility owned by the taxpayer— (A)which has a nameplate capacity rating of at least 150 kilowatts, and (B)which is originally placed in service on or after the date of the enactment of this paragraph and before January 1, 2010. . (4)
Credit rate
Subparagraph (A) of section 45(b)(4) is amended by striking or (9) and inserting (9), or (11). (5)
Coordination with small irrigation power
Paragraph (5) of section 45(d), as amended by subsection (a), is amended by striking January 1, 2013 and inserting the date of the enactment of paragraph (11). (c)
Sales of electricity to regulated public utilities treated as sales to unrelated persons
Section 45(e)(4) (relating to related persons) is amended by adding at the end the following new sentence: A taxpayer shall be treated as selling electricity to an unrelated person if such electricity is sold to a regulated public utility (as defined in section 7701(a)(33).. (d)
Trash facility clarification
Paragraph (7) of section 45(d) is amended— (1)by striking facility which burns and inserting facility (other than a facility described in paragraph (6)) which uses, and (2)by striking combustion in the heading thereof. (e)
Effective Dates
(1)
Extension
The amendments made by subsection (a) shall apply to property originally placed in service after December 31, 2008. (2)
Modifications
The amendments made by subsections (b) and (c) shall apply to electricity produced and sold after the date of the enactment of this Act, in taxable years ending after such date. (3)
Trash facility clarification
The amendments made by subsection (d) shall apply to electricity produced and sold before, on, or after December 31, 2007.
2.
Extension and modification of solar energy and fuel cell investment tax credit
(a)
Extension of credit
(1)
Solar energy property
Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) (relating to energy credit) are each amended by striking January 1, 2009 and inserting January 1, 2018. (2)
Fuel cell property
Subparagraph (E) of section 48(c)(1) (relating to qualified fuel cell property) is amended by striking December 31, 2008 and inserting December 31, 2017. (3)
Qualified microturbine property
Subparagraph (E) of section 48(c)(2) (relating to qualified microturbine property) is amended by striking December 31, 2008 and inserting December 31, 2017. (b)
Allowance of energy credit against alternative minimum tax
Subparagraph (B) of section 38(c)(4) (relating to specified credits) is amended by striking and at the end of clause (iii), by striking the period at the end of clause (iv) and inserting , and, and by adding at the end the following new clause: (v)the credit determined under section 46 to the extent that such credit is attributable to the energy credit determined under section 48. . (c)
Repeal of dollar per kilowatt limitation for fuel cell property
(1)
In general
Section 48(c)(1) (relating to qualified fuel cell), as amended by subsection (a)(2), is amended by striking subparagraph (B) and by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively. (2)
Conforming amendment
Section 48(a)(1) is amended by striking paragraphs (1)(B) and (2)(B) of subsection (c) and inserting subsection (c)(2)(B). (d)
Public electric utility property taken into account
(1)
In general
Paragraph (3) of section 48(a) is amended by striking the second sentence thereof. (2)
Conforming amendments
(A)Paragraph (1) of section 48(c), as amended by this section, is amended by striking subparagraph (C) and redesignating subparagraph (D) as subparagraph (C). (B)Paragraph (2) of section 48(c), as amended by subsection (a)(3), is amended by striking subparagraph (D) and redesignating subparagraph (E) as subparagraph (D). (e)
Effective dates
(1)
Extension
The amendments made by subsection (a) shall take effect on the date of the enactment of this Act. (2)
Allowance against alternative minimum tax
The amendments made by subsection (b) shall apply to credits determined under section 46 of the Internal Revenue Code of 1986 in taxable years beginning after the date of the enactment of this Act and to carrybacks of such credits. (3)
Fuel cell property and public electric utility property
The amendments made by subsections (c) and (d) shall apply to periods after the date of the enactment of this Act, 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).