Title: Incentivizing New and Valuable Energy Storage Technology (INVEST) Act of 2019
Policy area: Taxation

Summary:
Incentivizing New and Valuable Energy Storage Technology (INVEST) Act of 2019
This bill provides for tax credits for energy storage technologies, including a residential energy efficient property credit for battery storage technology expenditures.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5409 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 5409

 To amend the Internal Revenue Code to provide tax credits for energy 
              storage technology, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 12, 2019

  Mr. Curtis introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code to provide tax credits for energy 
              storage technology, and for other purposes.

    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 ``Incentivizing New and Valuable 
Energy Storage Technology (INVEST) Act of 2019''.

SEC. 2. ENERGY CREDIT FOR ENERGY STORAGE TECHNOLOGIES.

    (a) In General.--Subclause (II) of section 48(a)(2)(A)(i) of the 
Internal Revenue Code of 1986 is amended by striking ``paragraph 
(3)(A)(i)'' and inserting ``clause (i) or (viii) of paragraph (3)(A)''.
    (b) Energy Storage Technologies.--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 adding ``or'' at the end of clause 
(vii), and by adding at the end the following new clause:
                            ``(viii) equipment which receives, stores, 
                        and delivers energy using batteries, compressed 
                        air, pumped hydropower, hydrogen storage 
                        (including hydrolysis), thermal energy storage, 
                        regenerative fuel cells, flywheels, capacitors, 
                        superconducting magnets, or other technologies 
                        identified by the Secretary in consultation 
                        with the Secretary of Energy, and which has a 
                        capacity of not less than 5 kilowatt hours,''.
    (c) Phaseout of Credit.--Paragraph (6) of section 48(a) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``energy'' in the heading and inserting 
        ``and energy storage''; and
            (2) by striking ``paragraph (3)(A)(i)'' both places it 
        appears and inserting ``clause (i) or (viii) of paragraph 
        (3)(A)''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2018.

SEC. 3. RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT FOR BATTERY 
              STORAGE TECHNOLOGY.

    (a) In General.--Subsection (a) of section 25D of the Internal 
Revenue Code of 1986 is amended by striking ``and'' at the end of 
paragraph (4), by inserting ``and'' after the comma at the end of 
paragraph (5), and by adding at the end the following new paragraph:
            ``(6) the qualified battery storage technology 
        expenditures,''.
    (b) Qualified Battery Storage Technology Expenditure.--Subsection 
(d) of section 25D of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new paragraph:
            ``(6) Qualified battery storage technology expenditure.--
        The term `qualified battery storage technology expenditure' 
        means an expenditure for battery storage technology which--
                    ``(A) is installed on or in connection with a 
                dwelling unit located in the United States and used as 
                a residence by the taxpayer, and
                    ``(B) has a capacity of not less than 3 kilowatt 
                hours.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to expenditures paid or incurred in taxable years beginning after 
December 31, 2018.

SEC. 4. PUBLIC UTILITY PROPERTY.

    (a) In General.--Paragraph (2) of section 50(d) of the Internal 
Revenue Code of 1986 is amended--
            (1) by adding after the first sentence the following new 
        sentence: ``At the election of a taxpayer, this paragraph shall 
        not apply to energy property described in clause (viii) of 
        section 48(a)(3)(A) that is placed in service by the taxpayer 
        after December 31, 2018, provided--''; and
            (2) by adding the following new subparagraphs:
                    ``(A) no election under this paragraph shall be 
                permitted if the making of such election is prohibited 
                by, or required by, a State or political subdivision 
                thereof, by any agency or instrumentality of the United 
                States, or by a public service or public utility 
                commission or other similar body of any State or 
                political subdivision that regulates public utilities 
                as described in section 7701(a)(33)(A),
                    ``(B) an election under this paragraph shall be 
                made separately with respect to each energy property by 
                the due date (including extensions) of the Federal tax 
                return for the taxable year in which such property is 
                placed in service by the taxpayer, and once made, may 
                be revoked only with the consent of the Secretary, and
                    ``(C) an election shall not apply with respect to 
                any energy property described in such subparagraph if 
                such property has a maximum energy capacity equal to or 
                less than 14 kilowatt hours.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2018.
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