Title: Waste Heat to Power Investment Tax Credit Act
Policy area: Taxation

Summary:
Waste Heat to Power Investment Tax Credit Act
This bill amends the Internal Revenue Code to allow an energy tax credit for investment in waste heat to power property.
The bill defines "waste heat to power property" as property (1) comprising a system which generates electricity through the recovery of a qualified waste heat resource, and (2) the construction of which begins before January 1, 2027. "Qualified waste heat resource" is defined as (1) exhaust heat or flared gas from an industrial process that does not have as its primary purpose the production of electricity, and (2) a pressure drop in any gas for an industrial or commercial process.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2283 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2283

To amend the Internal Revenue Code of 1986 to provide an investment tax 
               credit for waste heat to power technology.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 25, 2019

Mr. Carper (for himself and Mr. Cardin) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide an investment tax 
               credit for waste heat to power technology.

    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 ``Waste Heat to Power Investment Tax 
Credit Act''.

SEC. 2. 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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