INVEST Act
Bill: H.R.257 | Sponsor: Rep. Lee, Barbara (D-CA)
Policy area: Taxation

Summary:
Incentives for our Nation's Veterans in Energy Sustainability Technologies or the INVEST Act
This bill allows the work opportunity tax credit to be used for the hiring of a specified veteran who works in a field of renewable energy. A specified veteran means any veteran who is certified as (1) having received a credential or certification from the Department of Defense of a military occupational specialty or skill in a field of renewable energy or with respect to advanced manufacturing, machinist or welding, or engineering; (2) having completed a vocational degree in a field of renewable energy; or (3) having completed a LEED (Leadership in Energy & Environmental Design) certification with the United States Green Building Council.
The Department of the Treasury shall compensate specified U.S. possessions for their losses resulting from this bill.

To amend the Internal Revenue Code of 1986 to provide the work 
 opportunity tax credit with respect to the hiring of veterans in the 
                       field of renewable energy.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Incentives for our Nation's Veterans 
in Energy Sustainability Technologies Act'' or as the ``INVEST Act''.

SEC. 2. WORK OPPORTUNITY TAX CREDIT FOR VETERANS HIRED IN THE FIELD OF 
              RENEWABLE ENERGY.

    (a) In General.--Section 51(d)(14) of the Internal Revenue Code of 
1986 is amended to read as follows:
            ``(14) Certain veterans hired in the field of renewable 
        energy.--
                    ``(A) In general.--For purposes of this subpart, an 
                individual shall be treated as a member of a targeted 
                group if such individual is a specified veteran, but 
                qualified wages with respect to such individual shall 
                include only wages attributable to services rendered in 
                a field of renewable energy.
                    ``(B) Specified veteran.--For purposes of this 
                paragraph, the term `specified veteran' means any 
                veteran (as defined in paragraph (3)) who is certified 
                by the designated local agency as--
                            ``(i) having received a credential or 
                        certification from the Department of Defense of 
                        military occupational specialty or skill in a 
                        field of renewable energy or with respect to 
                        advanced manufacturing, machinist or welding, 
                        or engineering,
                            ``(ii) having completed a vocational degree 
                        in a field of renewable energy during the 1-
                        year period ending on the hiring date, or
                            ``(iii) having completed a LEED 
                        certification with the United States Green 
                        Building Council.
                    ``(C) Renewable energy.--For purposes of this 
                paragraph, renewable energy means resources that rely 
                on fuel sources that restore themselves over short 
                periods of time and do not diminish, including the Sun, 
                wind, moving water, organic plant and waste material, 
                and the Earth's heat.''.
    (b) Treatment of Possessions.--
            (1) Payments to possessions.--
                    (A) Mirror code possessions.--The Secretary of the 
                Treasury shall pay to each possession of the United 
                States with a mirror code tax system amounts equal to 
                the loss to that possession by reason of the amendment 
                made by this section. Such amounts shall be determined 
                by the Secretary of the Treasury based on information 
                provided by the government of the respective possession 
                of the United States.
                    (B) Other possessions.--The Secretary of the 
                Treasury shall pay to each possession of the United 
                States which does not have a mirror code tax system the 
                amount estimated by the Secretary of the Treasury as 
                being equal to the loss to that possession that would 
                have occurred by reason of the amendment made by this 
                section if a mirror code tax system had been in effect 
                in such possession. The preceding sentence shall not 
                apply with respect to any possession of the United 
                States unless such possession establishes to the 
                satisfaction of the Secretary that the possession has 
                implemented (or, at the discretion of the Secretary, 
                will implement) an income tax benefit which is 
                substantially equivalent to the income tax credit in 
                effect after the amendments made by this section.
            (2) Coordination with credit allowed against united states 
        income taxes.--The credit allowed against United States income 
        taxes for any taxable year under the amendment made by this 
        section to section 51 of the Internal Revenue Code of 1986 to 
        any person with respect to any qualified veteran shall be 
        reduced by the amount of any credit (or other tax benefit 
        described in paragraph (1)(B)) allowed to such person against 
        income taxes imposed by the possession of the United States by 
        reason of this subsection with respect to such qualified 
        veteran for such taxable year.
            (3) Definitions and special rules.--
                    (A) Possession of the united states.--For purposes 
                of this subsection, the term ``possession of the United 
                States'' includes American Samoa, Guam, the 
                Commonwealth of the Northern Mariana Islands, the 
                Commonwealth of Puerto Rico, and the United States 
                Virgin Islands.
                    (B) Mirror code tax system.--For purposes of this 
                subsection, the term ``mirror code tax system'' means, 
                with respect to any possession of the United States, 
                the income tax system of such possession if the income 
                tax liability of the residents of such possession under 
                such system is determined by reference to the income 
                tax laws of the United States as if such possession 
                were the United States.
                    (C) Treatment of payments.--For purposes of section 
                1324(b)(2) of title 31, United States Code, the 
                payments under this subsection shall be treated in the 
                same manner as a refund due from credit provisions 
                described in such section.
    (c) Effective Date.--The amendment made by this section shall apply 
to individuals who begin work for the employer after December 31, 2020.
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