[Congressional Record Volume 161, Number 11 (Thursday, January 22, 2015)]
[Senate]
[Pages S434-S435]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 110. Mr. CARPER (for himself, Ms. Collins, Mr. Booker, Mr. Cardin,
Mr. Markey, Mr. King, Mrs. Gillibrand, Mr. Menendez, and Mr. Coons)
submitted an amendment intended to be proposed to amendment SA 2
proposed by Ms. Murkowski (for herself, Mr. Hoeven, Mr. Barrasso, Mr.
Risch, Mr. Lee, Mr. Flake, Mr. Daines, Mr. Manchin, Mr. Cassidy, Mr.
Gardner, Mr. Portman, Mr. Alexander, and Mrs. Capito) to the bill S. 1,
to approve the Keystone XL Pipeline; which was ordered to lie on the
table; as follows:
At the end, add the following:
TITLE _--OFFSHORE WIND FACILITIES
SEC. _01. QUALIFYING OFFSHORE WIND FACILITY CREDIT.
(a) In General.--Section 46 is amended--
(1) by striking ``and'' at the end of paragraph (5),
(2) by striking the period at the end of paragraph (6) and
inserting ``, and'', and
(3) by adding at the end the following new paragraph:
``(7) the qualifying offshore wind facility credit.''.
(b) Amount of Credit.--Subpart E of part IV of subchapter A
of chapter 1 is amended by inserting after section 48D the
following new section:
``SEC. 48E. CREDIT FOR OFFSHORE WIND FACILITIES.
``(a) In General.--For purposes of section 46, the
qualifying offshore wind facility credit for any taxable year
is an amount equal to 30 percent of the qualified investment
for such taxable year with respect to any qualifying offshore
wind facility of the taxpayer.
``(b) Qualified Investment.--
``(1) In general.--For purposes of subsection (a), the
qualified investment for any taxable year is the basis of
eligible property placed in service by the taxpayer during
such taxable year which is part of a qualifying offshore wind
facility.
``(2) Certain qualified progress expenditures rules made
applicable.--Rules similar to the rules of subsections (c)(4)
and (d) of section 46 (as in effect on the day before the
enactment of the Revenue Reconciliation Act of 1990) shall
apply for purposes of this section.
``(c) Definitions.--For purposes of this section--
``(1) Qualifying offshore wind facility.--
``(A) In general.--The term `qualifying offshore wind
facility' means an offshore facility using wind to produce
electricity.
``(B) Offshore facility.--The term `offshore facility'
means any facility located in the inland navigable waters of
the United States, including the Great Lakes, or in the
coastal waters of the United States, including the
territorial seas of the United States, the exclusive economic
zone of United States, and the outer Continental Shelf of the
United States.
``(2) Eligible property.--The term `eligible property'
means any property--
``(A) which is--
``(i) tangible personal property, or
``(ii) other tangible property (not including a building or
its structural components), but only if such property is used
as an integral part of the qualifying offshore wind facility,
and
``(B) with respect to which depreciation (or amortization
in lieu of depreciation) is allowable.
``(d) Qualifying Credit for Offshore Wind Facilities
Program.--
``(1) Establishment.--
``(A) In general.--Not later than 180 days after the date
of the enactment of this section, the Secretary, in
consultation with the Secretary of Energy and the Secretary
of the Interior, shall establish a qualifying credit for
offshore wind facilities program to consider and award
certifications for qualified investments eligible for credits
under this section to qualifying offshore wind facility
sponsors.
``(B) Limitation.--The total amount of megawatt capacity
for offshore facilities with respect to which credits may be
allocated under the program shall not exceed 3,000 megawatts.
``(2) Certification.--
``(A) Application period.--Each applicant for certification
under this paragraph shall submit an application containing
such information as the Secretary may require beginning on
the date the Secretary establishes the program under
paragraph (1).
``(B) Period of issuance.--An applicant which receives a
certification shall have 5 years from the date of issuance of
the certification in order to place the facility in service
and if such facility is not placed in service by that time
period, then the certification shall no longer be valid.
``(3) Selection criteria.--In determining which qualifying
offshore wind facilities to certify under this section, the
Secretary shall--
``(A) take into consideration which facilities will be
placed in service at the earliest date, and
``(B) take into account the technology of the facility that
may lead to reduced industry and consumer costs or expand
access to offshore wind.
``(4) Review, additional allocations, and reallocations.--
``(A) Review.--Periodically, but not later than 4 years
after the date of the enactment of this section, the
Secretary shall review the credits allocated under this
section as of the date of such review.
``(B) Additional allocations and reallocations.--The
Secretary may make additional allocations and reallocations
of credits under this section if the Secretary determines
that--
``(i) the limitation under paragraph (1)(B) has not been
attained at the time of the review, or
``(ii) scheduled placed-in-service dates of previously
certified facilities have been significantly delayed and the
Secretary determines the applicant will not meet the timeline
pursuant to paragraph (2)(B).
``(C) Additional program for allocations and
reallocations.--If the Secretary determines that credits
under this section are available for further allocation or
reallocation, but there is an insufficient quantity of
qualifying applications for certification pending at the time
of the review, the Secretary is authorized to conduct an
additional program for applications for certification.
``(5) Disclosure of allocations.--The Secretary shall, upon
making a certification under this subsection, publicly
disclose the identity of the applicant and the amount of the
credit with respect to such applicant.
``(e) Denial of Double Benefit.--A credit shall not be
allowed under this section with respect to any facility if--
``(1) a credit has been allowed to such facility under
section 45 for such taxable year or any prior taxable year,
``(2) a credit has been allowed with respect to such
facility under section 46 by reason of section 48(a) or
48C(a) for such taxable or any preceding taxable year, or
``(3) a grant has been made with respect to such facility
under section 1603 of the American Recovery and Reinvestment
Act of 2009.''.
(c) Conforming Amendments.--
(1) Section 49(a)(1)(C) is amended--
(A) by striking ``and'' at the end of clause (v),
(B) by striking the period at the end of clause (vi) and
inserting ``, and'', and
(C) by adding after clause (vi) the following new clause:
[[Page S435]]
``(vii) the basis of any property which is part of a
qualifying offshore wind facility under section 48E.''.
(2) Subparagraph (B) of section 50(a)(2) is amended by
striking ``or 48D(b)(4)'' and inserting ``48D(b)(4), or
48E(b)(2)''.
(3) The table of sections for subpart E of part IV of
subchapter A of chapter 1 is amended by inserting after the
item relating to section 48D the following new item:
``48E. Credit for offshore wind facilities.''.
(d) 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).
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