[Congressional Record Volume 166, Number 42 (Tuesday, March 3, 2020)]
[Senate]
[Page S1428]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1457. Mr. CARPER (for himself and Mr. Cardin) submitted an 
amendment intended to be proposed to amendment SA 1407 submitted by Ms. 
Murkowski and intended to be proposed 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. INVESTMENT CREDIT FOR WASTE HEAT TO POWER 
                   PROPERTY.

       (a) In General.--Section 48(a)(3)(A) of the Internal 
     Revenue Code of 1986 is amended--
       (1) at the end of clause (vi), by striking ``or'';
       (2) at the end of clause (vii), by inserting ``or'' after 
     the comma; and
       (3) by adding at the end the following:
       ``(viii) waste heat to power property,''.
       (b) Definitions and Limitations.--Section 48(c) of the 
     Internal Revenue Code of 1986 is amended by adding at the end 
     the following:
       ``(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) the construction of which begins before January 1, 
     2027.
       ``(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 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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