[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1527 Introduced in Senate (IS)]

  1st Session
                                S. 1527

To amend the Internal Revenue Code of 1986 to provide a tax credit for 
      renovation and construction of manufacturing facilities for 
                          incandescent lamps.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 24, 2007

  Mr. Stevens (for himself, Mr. Lieberman, Ms. Snowe, Mr. Carper, Ms. 
 Murkowski, and Ms. Landrieu) 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 provide a tax credit for 
      renovation and construction of manufacturing facilities for 
                          incandescent lamps.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TAX CREDIT FOR RENOVATION AND CONSTRUCTION OF MANUFACTURING 
              FACILITIES FOR INCANDESCENT LAMPS.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to foreign tax credit, 
etc.) is amended by adding at the end the following new section:

``SEC. 30D. ENERGY-EFFICIENT INCANDESCENT LAMP MANUFACTURING CREDIT.

    ``(a) Credit Allowed.--There shall be allowed as a credit against 
the tax imposed by this chapter for the taxable year an amount equal to 
20 percent of the qualified investment of an eligible taxpayer for such 
taxable year.
    ``(b) Qualified Investment.--For purposes of this section, the 
qualified investment for any taxable year is equal to the incremental 
costs incurred during such taxable year to re-equip, expand, or 
construct any manufacturing facility in the United States of the 
eligible taxpayer to produce general service lamps which meet the 
requirements established under section 2(a) of the Bright Idea Act of 
2007 as determined by the Secretary in consultation with the Secretary 
of Commerce pursuant to the regulations described in subsection (e).
    ``(c) Eligible Taxpayer.--The term `eligible taxpayer' means any 
taxpayer who is in the business of producing general service 
incandescent lamps.
    ``(d) Other Rules.--
            ``(1) Reduction in basis.--For purposes of this subtitle, 
        if a credit is allowed under this section for any expenditure 
        with respect to any property, the increase in the basis of such 
        property which would (but for this paragraph) result from such 
        expenditure shall be reduced by the amount of the credit so 
        allowed.
            ``(2) Election not to take credit.--No credit shall be 
        allowed under subsection (a) for any property if the taxpayer 
        elects not to have this section apply to such property.
    ``(e) Regulations.--The Secretary of Energy shall prescribe such 
regulations as necessary to carry out the provisions of this 
section.''.
    (b) Conforming Amendments.--
            (1) Section 1016(a) of the Internal Revenue Code of 1986 is 
        amended by striking ``and'' at the end of paragraph (36), by 
        striking the period at the end of paragraph (37) and inserting 
        a comma and ``and'', and by adding at the end the following:
            ``(38) to the extent provided in section 30D(d)(1).''.
            (2) Section 6501(m) of such Code is amended by inserting 
        ``30D(d)(2),'' after ``30C(e)(5),''.
            (3) The table of sections for subpart B of part IV of 
        subchapter A of chapter 1 of such Code is amended by inserting 
        after the item relating to section 30C the following new item:

``30D. Energy-efficient incandescent lamp manufacturing credit.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts incurred in taxable years beginning after December 31, 
2006, and ending December 31, 2010.
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