[Congressional Record Volume 157, Number 112 (Monday, July 25, 2011)]
[Senate]
[Page S4870]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

      By Mr. KERRY (for himself and Mr. Brown of Massachusetts):
  S. 1412. A bill to designate the facility of the United States Postal 
Service located at 462 Washington Street, Woburn, Massachusetts, as the 
``Officer John Maguire Post Office''; to the Committee on Homeland 
Security and Governmental Affairs.
  Mr. KERRY. Mr. President, last December, in the middle of a New 
England blizzard, armed robbers descended on the Kohl's department 
store in Woburn, MA. They threatened the employees of the store and 
fled with money and jewelry. Officer John ``Jack'' Maguire, on duty 
that night, rushed to the scene in his cruiser. Responding to his 
fellow officer's call for assistance in a foot chase, Officer Maguire 
blocked the gunman's path with his cruiser and got out of his vehicle 
to confront the gunman. The two exchanged gunfire, which killed the 
gunman and left Officer Maguire mortally wounded. Officer Maguire's 
death marks the first officer killed in the line of duty in Woburn, MA, 
since the department was established back in 1847.
  On behalf of the Maguire family, Woburn Mayor Scott Galvin, Woburn 
Chief of Police Richard Kelley, and the residents of Woburn, I am 
introducing legislation to rename the U.S. Post Office on Washington 
Street in Woburn the Officer John Maguire Post Office.
  This post office is only a few hundred yards from the spot where 
Officer Maguire was killed. I believe it is a fitting honor to a public 
servant who gave his life protecting the city of Woburn. It is my hope 
that when people pass by the Post Office on Washington Street, they 
will be reminded of the sacrifices made by both Officer John ``Jack'' 
Maguire and his family.
                                 ______
                                 
      By Mr. WYDEN (for himself and Mr. Crapo):
  S. 1413. A bill to amend the Internal Revenue Code of 1986 to 
temporarily increase the investment tax credit for geothermal energy 
property; to the Committee on Finance.
  Mr. WYDEN. Mr. President, I am pleased to join with my colleague from 
Idaho, Sen. Mike Crapo, in introducing the Geothermal Tax Parity Act of 
2011. This legislation will modify an existing investment tax credit 
for geothermal energy authorized under Section 48 of the Federal tax 
code. Although both solar energy and geothermal energy projects are 
eligible for an investment tax credit under Section 48, they are not 
equal. While I am a strong supporter of solar energy technology and 
support the solar energy tax credit, I am also a strong advocate for 
having a level playing field when it comes to government incentives. 
That is why this bill is called the Geothermal Tax Parity Act, because 
it will create parity in the tax code for these two important renewable 
energy resources.
  This bill would provide geothermal energy with the same 30 percent 
investment tax credit that is now available to solar energy and fuel 
cell technologies in Section 48 and extend this 30 percent tax credit 
for geothermal through December 31, 2016, as it is for these other 
technologies. Without this legislation, new geothermal energy projects 
would be allowed only a 10 percent investment tax credit under Section 
48. This legislation will create a more level playing field among 
clean, renewable energy technologies and help stimulate investment in 
geothermal energy projects.
  Geothermal energy can provide a continuous supply of renewable energy 
with very few environmental impacts. Although the United States has 
more geothermal capacity than any other country, this potential energy 
resource has not been widely developed. This is due in large part to 
the high initial cost and risk involved in locating and developing 
geothermal resources. Extending the 30 percent tax credit through 2016 
will help geothermal developers obtain the financing they need to make 
investments in exploration and development.
  This legislation is identical to a bipartisan companion bill, H.R. 
2408, that our colleagues from the Pacific Northwest, Rep. David 
Reichert from Washington and Rep. Earl Blumenauer from Oregon have 
sponsored in the House.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 1413

       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 ``Geothermal Tax Parity Act of 
     2011''.

     SEC. 2. TEMPORARY INCREASE IN INVESTMENT TAX CREDIT FOR 
                   GEOTHERMAL ENERGY PROPERTY.

       (a) In General.--Subclause (II) of section 48(a)(2)(A)(i) 
     of the Internal Revenue Code of 1986 is amended by striking 
     ``paragraph (3)(A)(i)'' and inserting ``clause (i) or (iii) 
     of paragraph (3)(A)''.
       (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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