[Congressional Record Volume 162, Number 53 (Thursday, April 7, 2016)]
[Senate]
[Page S1839]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3563. Mr. HELLER submitted an amendment intended to be proposed to 
amendment SA 3464 submitted by Mr. Thune (for himself and Mr. Nelson) 
to the bill H.R. 636, to amend the Internal Revenue Code of 1986 to 
permanently extend increased expensing limitations, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. EXTENSION OF ENERGY CREDIT FOR CERTAIN ENERGY 
                   PROPERTY.

       (a) Qualified Fuel Cell Property.--Section 48(c)(1)(D) of 
     the Internal Revenue Code of 1986 is amended by striking 
     ``for any period after December 31, 2016'' and inserting 
     ``the construction of which does not begin before January 1, 
     2022''.
       (b) Qualified Microturbine Property.--Section 48(c)(2)(D) 
     of such Code is amended by striking ``for any period after 
     December 31, 2016'' and inserting ``the construction of which 
     does not begin before January 1, 2022''.
       (c) Combined Heat and Power System Property.--Section 
     48(c)(3)(A)(iv) of such Code is amended by striking ``which 
     is placed in service before January 1, 2017'' and inserting 
     ``the construction of which begins before January 1, 2022''.
       (d) Qualified Small Wind Energy Property.--Section 
     48(c)(4)(C) of such Code is amended by striking ``for any 
     period after December 31, 2016'' and inserting ``the 
     construction of which does not begin before January 1, 
     2022''.
       (e) Thermal Energy Property.--Section 48(a)(3)(A)(vii) of 
     such Code is amended by striking ``periods ending before 
     January 1, 2017'' and inserting ``property the construction 
     of which begins before January 1, 2022''.
       (f) Geothermal Energy Property.--Subclause (II) of section 
     48(a)(2)(A)(i) of such Code is amended by striking 
     ``paragraph (3)(A)(i)'' and inserting ``clause (i) or (iii) 
     of paragraph (3)(A)''.
       (g) Phaseout of 30 Percent Credit Rate for Fuel Cell, Small 
     Wind, and Geothermal Energy Property.--
       (1) In general.--Subsection (a) of section 48 of such Code 
     is amended by adding at the end the following new paragraph:
       ``(7) Phaseout for qualified fuel cell property, qualified 
     small wind energy property, and geothermal property.--
       ``(A) In general.--In the case of qualified fuel cell 
     property, qualified small wind energy property, or property 
     described in paragraph (3)(A)(iii), the construction of which 
     begins before January 1, 2022, the energy percentage 
     determined under paragraph (2) shall be equal to--
       ``(i) in the case of any property the construction of which 
     begins after December 31, 2019, and before January 1, 2021, 
     26 percent, and
       ``(ii) in the case of any property the construction of 
     which begins after December 31, 2020, and before January 1, 
     2022, 22 percent.
       ``(B) Placed in service deadline.--Subparagraph (A) shall 
     not apply to any property which is not placed in service 
     before January 1, 2024.''.
       (2) Conforming amendment.--Subparagraph (A) of section 
     48(a)(2) of such Code is amended by striking ``paragraph 
     (6)'' and inserting ``paragraphs (6) and (7)''.
       (h) Phaseout of 10 Percent Credit Rate.--
       (1) In general.--Subsection (a) of section 48 of such Code, 
     as amended by subsection (g), is amended by adding at the end 
     the following new paragraph:
       ``(8) Phaseout of 10 percent credit rate.--
       ``(A) In general.--In the case of property to which 
     paragraph (2)(A)(ii) applies (before the application of this 
     paragraph), the energy percentage determined under paragraph 
     (2) shall be equal to--
       ``(i) in the case of any property the construction of which 
     begins after December 31, 2019, and before January 1, 2021, 8 
     percent, and
       ``(ii) in the case of any property the construction of 
     which begins after December 31, 2020, and before January 1, 
     2022, 6 percent.
       ``(B) Placed in service deadline.--Subparagraph (A) shall 
     not apply to any property which is not placed in service 
     before January 1, 2024.''.
       (2) Conforming amendment.--Subparagraph (A) of section 
     48(a)(2) of such Code, as amended by subsection (g), is 
     amended by striking ``(6) and (7)'' and inserting ``(6), (7), 
     and (8).''.
       (i) Effective Date.--The amendments made by this section 
     shall take effect on the date of the enactment of this Act.
                                 ______