[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2856 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2856

  To amend the Internal Revenue Code of 1986 to modify the credit for 
  production of electricity from renewable resources for certain open-
loop biomass and trash facilities placed in service before the date of 
                       the enactment of this Act.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 18, 2014

Mr. Menendez (for himself, Mr. Cardin, and Ms. Collins) 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 modify the credit for 
  production of electricity from renewable resources for certain open-
loop biomass and trash facilities placed in service before the date of 
                       the enactment of this Act.

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

SECTION 1. SPECIAL RULE FOR CERTAIN FACILITIES.

    (a) In General.--Section 45(e) of the Internal Revenue Code of 1986 
is amended by adding at the end the following new paragraph:
            ``(12) Special rule for certain qualified facilities.--
                    ``(A) In general.--In the case of electricity 
                produced at a qualified facility described in paragraph 
                (3) or (7) of subsection (d) and placed in service 
                before the date of the enactment of this paragraph, a 
                taxpayer may elect to apply subsection (a)(2)(A)(ii) by 
                substituting `the period beginning after December 31, 
                2013, and ending before January 1, 2016' for `the 10-
                year period beginning on the date the facility was 
                originally placed in service'.
                    ``(B) Limitation.--No credit shall be allowed under 
                subsection (a) to any taxpayer making an election under 
                this paragraph with respect to electricity produced and 
                sold at a facility during any period which, when 
                aggregated with all other periods for which a credit is 
                allowed under this section with respect to electricity 
                produced and sold at such facility, is in excess of 10 
                years.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on January 1, 2014.
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