[Congressional Record Volume 162, Number 54 (Monday, April 11, 2016)]
[Senate]
[Page S1869]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3618. Mr. HATCH (for himself, Mr. Heller, and Mr. Carper) 
submitted an amendment intended to be proposed by him 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. ____. 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, 2018.
       ``(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).
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