[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6031 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6031

To amend the Internal Revenue Code of 1986 to extend the production and 
 investment tax credits for wind facilities and to modify the foreign 
tax credit rules applicable to major integrated oil companies which are 
                        dual capacity taxpayers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 27, 2012

  Mr. Blumenauer (for himself, Mr. Levin, Mr. Rangel, Mr. Stark, Mr. 
 McDermott, Mr. Lewis of Georgia, Mr. Neal, Mr. Becerra, Mr. Doggett, 
 Mr. Thompson of California, Mr. Larson of Connecticut, Mr. Kind, Mr. 
Pascrell, Ms. Berkley, and Mr. Crowley) 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 the production and 
 investment tax credits for wind facilities and to modify the foreign 
tax credit rules applicable to major integrated oil companies which are 
                        dual capacity taxpayers.

    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 ``Wind Powering American Jobs Act of 
2012''.

SEC. 2. EXTENSION OF PRODUCTION AND INVESTMENT TAX CREDITS FOR WIND 
              FACILITIES.

    (a) Extension of Production Credit.--Paragraph (1) of section 45(d) 
of the Internal Revenue Code of 1986 is amended by striking ``January 
1, 2013'' and inserting ``January 1, 2014''.
    (b) Extension of Investment Credit.--Clause (i) of section 
48(a)(5)(C) of such Code is amended by striking ``or 2012'' and 
inserting ``2012, or 2013''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2012.

SEC. 3. MODIFICATIONS OF FOREIGN TAX CREDIT RULES APPLICABLE TO MAJOR 
              INTEGRATED OIL COMPANIES WHICH ARE DUAL CAPACITY 
              TAXPAYERS.

    (a) In General.--Section 901 of the Internal Revenue Code of 1986 
is amended by redesignating subsection (n) as subsection (o) and by 
inserting after subsection (m) the following new subsection:
    ``(n) Special Rules Relating to Major Integrated Oil Companies 
Which Are Dual Capacity Taxpayers.--
            ``(1) General rule.--Notwithstanding any other provision of 
        this chapter, any amount paid or accrued by a dual capacity 
        taxpayer which is a major integrated oil company (as defined in 
        section 167(h)(5)(B)) to a foreign country or possession of the 
        United States for any period shall not be considered a tax--
                    ``(A) if, for such period, the foreign country or 
                possession does not impose a generally applicable 
                income tax, or
                    ``(B) to the extent such amount exceeds the amount 
                (determined in accordance with regulations) which--
                            ``(i) is paid by such dual capacity 
                        taxpayer pursuant to the generally applicable 
                        income tax imposed by the country or 
                        possession, or
                            ``(ii) would be paid if the generally 
                        applicable income tax imposed by the country or 
                        possession were applicable to such dual 
                        capacity taxpayer.
        Nothing in this paragraph shall be construed to imply the 
        proper treatment of any such amount not in excess of the amount 
        determined under subparagraph (B).
            ``(2) Dual capacity taxpayer.--For purposes of this 
        subsection, the term `dual capacity taxpayer' means, with 
        respect to any foreign country or possession of the United 
        States, a person who--
                    ``(A) is subject to a levy of such country or 
                possession, and
                    ``(B) receives (or will receive) directly or 
                indirectly a specific economic benefit (as determined 
                in accordance with regulations) from such country or 
                possession.
            ``(3) Generally applicable income tax.--For purposes of 
        this subsection--
                    ``(A) In general.--The term `generally applicable 
                income tax' means an income tax (or a series of income 
                taxes) which is generally imposed under the laws of a 
                foreign country or possession on income derived from 
                the conduct of a trade or business within such country 
                or possession.
                    ``(B) Exceptions.--Such term shall not include a 
                tax unless it has substantial application, by its terms 
                and in practice, to--
                            ``(i) persons who are not dual capacity 
                        taxpayers, and
                            ``(ii) persons who are citizens or 
                        residents of the foreign country or 
                        possession.''.
    (b) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to taxes paid or accrued in taxable years ending after 
        the date of the enactment of this Act.
            (2) Contrary treaty obligations upheld.--The amendments 
        made by this section shall not apply to the extent contrary to 
        any treaty obligation of the United States.
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