American Microturbine Manufacturing and Clean Energy Deployment Act of 2014

Bill: 113-hr-4428
Sponsor: full_name: Rep. Sánchez, Linda T. [D-CA-38]
Introduced: 2014-04-08
Policy area: Taxation
Subjects: Electric power generation and transmission

Income tax credits
Latest action: action_date: 2014-04-08
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-04-08
action_desc: Introduced in House
text: <p>American Microturbine Manufacturing and Clean Energy Deployment Act of 2014 - Amends the Internal Revenue Code to: (1) &nbsp;allow a 30% energy tax credit for qualified microturbine property, (2) revise the definition of "qualified microturbine property" to increase the maximum nameplate capacity of such property to 5,000 kilowatts, and (3) eliminate the limitation on such credit based upon kilowatt capacity.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4428 IN THE HOUSE OF REPRESENTATIVES April 8, 2014 Ms. Linda T. Sánchez of California 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 modify the energy credit for microturbine property.

1. Short title This Act may be cited as the American Microturbine Manufacturing and Clean Energy Deployment Act of 2014 . 2. Modification of energy credit for microturbine property (a) Increase in energy percentage Clause (i) of section 48(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking and at the end of subclause (III) and by adding at the end the following new subclause: (V) qualified microturbine property, and . (b) Modification of definition of qualified microturbine property definition Subparagraph (A) of section 48(c)(2) of such Code is amended— (1) by striking 2,000 kilowatts in clause (i) and inserting 5,000 kilowatts , and (2) by striking and at the end of clause (i), by striking the period at the end of clause (ii) and inserting , and , and by adding at the end the following new clause: (iii) has no single microturbine engine with a nameplate capacity of more than 500 kilowatts. . (c) Elimination of per kilowatt limitation Paragraph (2) of section 48(c) of such Code is amended by striking subparagraph (B), by redesignating subparagraph (C) as subparagraph (B), and by inserting after subparagraph (B) (as so redesignated) the following new subparagraph: (C) Credit may not exceed credit amount allocated (i) In general The amount of credit determined under this section for any taxable year with respect to any qualified microturbine property placed in service by the taxpayer shall not exceed the credit dollar amount allocated to the taxpayer under this subparagraph with respect to such property. (ii) Aggregate limitation The aggregate credits allowed under this section with respect to qualified microturbine property shall not exceed $250,000,000. (iii) Allocation by Secretary The Secretary shall allocate the dollar amount described in clause (ii) among the applicants for such credit in such manner as the Secretary determines appropriate. . (d) Effective date The amendments made by this section shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of section 48(m) of such Code (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).