[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 913 Placed on Calendar Senate (PCS)]

                                                        Calendar No. 46
114th CONGRESS
  1st Session
                                 S. 913

                          [Report No. 114-23]

To amend the Internal Revenue Code of 1986 to provide an investment tax 
               credit for waste heat to power technology.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2015

   Mr. Hatch, from the Committee on Finance, reported the following 
     original bill; which was read twice and placed on the calendar

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide an investment tax 
               credit for waste heat to power technology.

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

SECTION 1. INVESTMENT CREDIT FOR WASTE HEAT TO POWER PROPERTY.

    (a) In General.--Subparagraph (A) of section 48(a)(3) of the 
Internal Revenue Code of 1986 is amended by striking ``or'' at the end 
of clause (vi), by striking the comma at the end of clause (vii) and 
inserting ``, or'', and by inserting after clause (vii) the following 
new clause:
                            ``(viii) waste heat to power property,''.
    (b) Waste Heat to Power Property.--Subsection (c) of section 48 of 
the Internal Revenue Code of 1986 is amended by adding at the end the 
following new paragraph:
            ``(5) Waste heat to power property.--
                    ``(A) In general.--The term `waste heat to power 
                property' means property--
                            ``(i) comprising a system which generates 
                        electricity through the recovery of a qualified 
                        waste heat resource, and
                            ``(ii) which is placed in service before 
                        January 1, 2017.
                    ``(B) Qualified waste heat resource.--The term 
                `qualified waste heat resource' means--
                            ``(i) exhaust heat or flared gas from an 
                        industrial process that does not have, as its 
                        primary purpose, the production of electricity, 
                        and
                            ``(ii) a pressure drop in any gas for an 
                        industrial or commercial process.
                    ``(C) Limitations.--
                            ``(i) In general.--For purposes of 
                        subsection (a)(1), the basis of any waste heat 
                        to power property taken into account under this 
                        section shall not exceed the excess of--
                                    ``(I) the basis of such property, 
                                over
                                    ``(II) the fair market value of 
                                comparable property which does not have 
                                the capacity to capture and convert a 
                                qualified waste heat resource to 
                                electricity.
                            ``(ii) Capacity limitation.--The term 
                        `waste heat to power property' shall not 
                        include any property comprising a system if 
                        such system has a capacity in excess of 50 
                        megawatts.''.
    (c) Effective Date.--The amendments made by this section 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).

SEC. 2. INCREASE IN CONTINUOUS LEVY.

    (a) In General.--Paragraph (3) of section 6331(h) of the Internal 
Revenue Code of 1986 is amended by striking ``30 percent'' and 
inserting ``35 percent''.
    (b) Effective Date.--The amendment made by this section shall apply 
to payments made after 180 days after the date of the enactment of this 
Act.
                                                        Calendar No. 46

114th CONGRESS

  1st Session

                                 S. 913

                          [Report No. 114-23]

_______________________________________________________________________

                                 A BILL

To amend the Internal Revenue Code of 1986 to provide an investment tax 
               credit for waste heat to power technology.

_______________________________________________________________________

                             April 14, 2015

                 Read twice and placed on the calendar