[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1858 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1858

  To amend the Internal Revenue Code of 1986 to provide an investment 
 credit for equipment used to fabricate solar energy property, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 10, 2011

 Mr. Menendez 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 an investment 
 credit for equipment used to fabricate solar energy property, and for 
                            other purposes.

    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 ``Solar Jobs Creation Act''.

SEC. 2. INVESTMENT CREDIT FOR EQUIPMENT USED TO FABRICATE SOLAR ENERGY 
              PROPERTY.

    (a) In General.--Subparagraph (A) of section 48(a)(3) of the 
Internal Revenue Code of 1986 (defining energy property) is amended by 
striking ``or'' at the end of clause (vi), by adding ``or'' at the end 
of clause (vii), and by inserting after clause (vii) the following new 
clause:
                            ``(viii) equipment designed to be used for 
                        the fabrication of property described in clause 
                        (i) or paragraph (1) or (2) of section 25D(d), 
                        including solar cells and modules that convert 
                        sunlight to electricity, but only with respect 
                        to periods ending before January 1, 2017.''.
    (b) Credit Percentage.--Clause (i) of section 48(a)(2)(A) of the 
Internal Revenue Code of 1986 (defining energy percentage) is amended 
by striking ``and'' at the end of subclause (III) and by inserting 
after subclause (IV) the following new subclause:
                                    ``(V)   energy property described 
                                in paragraph (3)(A)(viii), and''.  
    (c) Effective Date.--The amendments made by this section shall 
apply to periods after the date of the enactment of this Act, 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).

SEC. 3. ENERGY CREDIT ALLOWED FOR WATER HEATERS IN POOLS LOCATED ON 
              COMMERCIAL PROPERTY.

    (a) In General.--Section 48(a)(3)(A)(i) of the Internal Revenue 
Code of 1986 is amended by inserting ``located at a single family 
residence'' after ``swimming pool''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after the date of the enactment of this 
Act.
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