[Congressional Record Volume 166, Number 42 (Tuesday, March 3, 2020)]
[Senate]
[Page S1408]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 1415. Ms. CORTEZ MASTO (for herself and Ms. Rosen) submitted an
amendment intended to be proposed by her to the bill S. 2657, to
support innovation in advanced geothermal research and development, and
for other purposes; which was ordered to lie on the table; as follows:
At the end, add the following:
TITLE IV--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986
SEC. 4001. EXTENSION AND PHASEOUT OF ENERGY CREDIT.
(a) Extensions.--Section 48 of the Internal Revenue Code of
1986 is amended--
(1) in subsection (a)--
(A) in paragraph (2)(A)(i)(II), by striking ``January 1,
2022'' and inserting ``January 1, 2027''; and
(B) in paragraph (3)(A)--
(i) in clause (ii), by striking ``January 1, 2022'' and
inserting ``January 1, 2027''; and
(ii) in clause (vii), by striking ``January 1, 2022'' and
inserting ``January 1, 2027''; and
(2) in subsection (c)--
(A) in paragraph (1)(D), by striking ``January 1, 2022''
and inserting ``January 1, 2027'';
(B) in paragraph (2)(D), by striking ``January 1, 2022''
and inserting ``January 1, 2027'';
(C) in paragraph (3)(A)(iv), by striking ``January 1,
2022'' and inserting ``January 1, 2027''; and
(D) in paragraph (4)(C), by striking ``January 1, 2022''
and inserting ``January 1, 2027''.
(b) Phaseouts.--
(1) Solar energy property.--Section 48(a)(6) of the
Internal Revenue Code of 1986 is amended--
(A) in subparagraph (A)--
(i) by striking ``January 1, 2022, the energy percentage''
and inserting ``January 1, 2027, the energy percentage'';
(ii) in clause (i), by striking ``after December 31, 2019,
and before January 1, 2021'' and inserting ``after December
31, 2024, and before January 1, 2026''; and
(iii) in clause (ii), by striking ``after December 31,
2020, and before January 1, 2022'' and inserting ``after
December 31, 2025, and before January 1, 2027''; and
(B) in subparagraph (B), by striking ``begins before
January 1, 2022, and which is not placed in service before
January 1, 2024'' and inserting ``begins before January 1,
2027, and which is not placed in service before January 1,
2029''.
(2) Fiber-optic solar, qualified fuel cell, and qualified
small wind energy property.--Section 48(a)(7) of such Code is
amended--
(A) in subparagraph (A)--
(i) in clause (i), by striking ``after December 31, 2019,
and before January 1, 2021'' and inserting ``after December
31, 2024, and before January 1, 2026''; and
(ii) in clause (ii), by striking ``after December 31, 2020,
and before January 1, 2022'' and inserting ``after December
31, 2025, and before January 1, 2027''; and
(B) in subparagraph (B), by striking ``January 1, 2024''
and inserting ``January 1, 2029''.
(c) Effective Date.--The amendments made by this section
shall apply to periods after December 31, 2019.
SEC. 4002. ENHANCING THE ENERGY CREDIT FOR MICROTURBINES,
COMBINED HEAT AND POWER SYSTEMS, GEOTHERMAL
HEAT PUMPS, AND GEOTHERMAL ENERGY.
(a) In General.--Section 48(a)(2)(A)(i) of the Internal
Revenue Code of 1986 is amended--
(1) by striking subclause (I);
(2) by redesignating subclause (II), as amended by section
4001 of this Act, as subclause (I);
(3) by inserting after subclause (I), as redesignated by
paragraph (2), the following:
``(II) energy property described in paragraph (3)(A)(iii)
but only with respect to property the construction of which
begins before January 1, 2027, and'';
(4) by amending subclause (III) to read as follows:
``(III) energy property described in clause (ii), (iv),
(v), (vi), or (vii) of paragraph (3)(A), and''; and
(5) by striking subclause (IV).
(b) Effective Date.--The amendments made by this section
shall apply to periods after December 31, 2019, 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. 4003. EXTENSION AND PHASEOUT OF CREDIT FOR RESIDENTIAL
ENERGY EFFICIENT PROPERTY.
(a) Applicable Percentage.--Subsection (g) of section 25D
of the Internal Revenue Code of 1986 is amended--
(1) in paragraph (1), by striking ``January 1, 2020'' and
inserting ``January 1, 2025'';
(2) in paragraph (2), by striking ``after December 31,
2019, and before January 1, 2021'' and inserting ``after
December 31, 2024, and before January 1, 2026''; and
(3) in paragraph (3), by striking ``after December 31,
2020, and before January 1, 2022'' and inserting ``after
December 31, 2025, and before January 1, 2027''.
(b) Termination.--Subsection (h) of section 25D of such
Code is amended by striking ``December 31, 2021'' and
inserting ``December 31, 2026''.
(c) Effective Date.--The amendments made by this section
shall apply to property placed in service after December 31,
2019.
______