Title: Innovative Energy Manufacturing Act of 2019
Policy area: Taxation

Summary:
Innovative Energy Manufacturing Act of 2019
This bill amends the Internal Revenue Code to provide for additional annual allocations, in 2020 through 2024, of the qualifying advanced energy project tax credit. The Department of the Treasury must report to Congress by the end of 2025, on domestic job creation attributable to the credit allocations made by this bill.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5165 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 5165

   To amend the Internal Revenue Code of 1986 to extend the advanced 
                         energy project credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2019

  Mr. Brendan F. Boyle of Pennsylvania (for himself, Ms. Sanchez, Mr. 
    Suozzi, Mr. Panetta, Mr. Blumenauer, Mr. Gomez, and Ms. Moore) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to extend the advanced 
                         energy project credit.

    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 ``Innovative Energy Manufacturing Act 
of 2019''.

SEC. 2. EXTENSION OF THE ADVANCED ENERGY PROJECT CREDIT.

    (a) In General.--Section 48C of the Internal Revenue Code of 1986 
is amended by redesignating subsection (e) as subsection (f) and by 
inserting after subsection (d) the following new subsection:
    ``(e) Additional Allocations.--
            ``(1) In general.--Not later than 180 days after the date 
        of enactment of this paragraph, the Secretary, after 
        consultation with the Secretary of Energy, shall establish a 
        program to designate amounts of qualifying advanced project 
        credit limitation to qualifying advanced energy projects.
            ``(2) Annual limitation.--
                    ``(A) In general.--The amount of qualifying 
                advanced project credit limitation that may be 
                designated under this subsection during any calendar 
                year shall not exceed the annual credit limitation with 
                respect to such year.
                    ``(B) Annual credit limitation.--For purposes of 
                this subsection, the term `annual credit limitation' 
                means $2,500,000,000 for each of calendar years 2020, 
                2021, 2022, 2023, and 2024, and zero thereafter.
                    ``(C) Carryover of unused limitation.--If the 
                annual credit limitation for any calendar year exceeds 
                the aggregate amount designated for such year under 
                this subsection, such limitation for the succeeding 
                calendar year shall be increased by the amount of such 
                excess. No amount may be carried under the preceding 
                sentence to any calendar year after 2024.
            ``(3) Placed in service deadline.--No credit shall be 
        determined under subsection (a) with respect to any property 
        which is placed in service after the date that is 4 years after 
        the date of the designation under this subsection relating to 
        such property.
            ``(4) Selection criteria.--Selection criteria similar to 
        those in subsection (d)(3) shall apply, except that in 
        determining designations under this subsection, the Secretary, 
        after consultation with the Secretary of Energy, shall give the 
        highest priority to projects which manufacture (other than 
        assembly of components) property described in a subclause of 
        subsection (c)(1)(A)(i) (or components thereof).
            ``(5) Disclosure of designations.--Rules similar to the 
        rules of subsection (d)(5) shall apply for purposes of this 
        subsection.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.
    (c) Progress Report.--During the 30-day period ending on December 
31, 2025, the Secretary of the Treasury (or the Secretary's delegate), 
after consultation with the Secretary of Labor, shall submit a report 
to Congress on the domestic job creation, and wages associated with 
such jobs, attributable to the amendment made by this section.
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