Renewable Energy Construction and Investment Parity Act of 2013

Bill: 113-hr-3017
Sponsor: full_name: Rep. Cook, Paul [R-CA-8]
Introduced: 2013-08-02
Policy area: Taxation
Subjects: Alternative and renewable resources

Budget deficits and national debt

Income tax credits

Oil and gas

Strategic materials and reserves
Latest action: action_date: 2013-08-12
text: Referred to the Subcommittee on Energy and Mineral Resources.

Summaries:
action_date: 2013-08-02
action_desc: Introduced in House
text: <p>Renewable Energy Construction and Investment Parity Act of 2013 - Amends the Internal Revenue Code to extend the energy tax credit to solar energy, fuel cell, microturbine, combined heat and power system, small wind energy, and thermal energy properties the construction of which begins before January 1, 2017. Requires amounts received from the sale of crude helium under the Helium Act to be deposited in the general fund of the Treasury to compensate for revenue lost resulting from this Act and to reduce the annual federal budget deficit or the public debt. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3017 IN THE HOUSE OF REPRESENTATIVES August 2, 2013 Mr. Cook (for himself and Mr. Salmon ) introduced the following bill; which was referred to the Committee on Ways and Means , and in addition to the Committee on Natural Resources , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Internal Revenue Code of 1986 to extend the energy credit for certain property under construction.

1. Short title This Act may be cited as the Renewable Energy Construction and Investment Parity Act of 2013 . 2. Extension of energy credit for certain property under construction (a) Solar energy property Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) of the Internal Revenue Code of 1986 are each amended by striking periods ending and inserting property the construction of which begins . (b) Qualified fuel cell property Section 48(c)(1)(D) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2017 . (c) Qualified microturbine property Section 48(c)(2)(D) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2017 . (d) Combined heat and power system property Section 48(c)(3)(A)(iv) of such Code is amended by striking which is placed in service and inserting construction of which begins . (e) Qualified small wind energy property Section 48(c)(4)(C) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2017 . (f) Thermal energy property Section 48(a)(3)(A)(vii) of such Code is amended by striking periods ending and inserting property the construction of which begins . (g) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act. 3. Treatment of proceeds of sales of helium from Federal helium reserve (a) Deposit of proceeds Notwithstanding any other provision of law, from amounts received by the United States in a fiscal year as proceeds of sales of crude helium under the Helium Act (50 U.S.C. 167a et seq.), there shall be deposited in the general fund of the Treasury an amount equal to the amount of revenue that would have been received by the United States in that fiscal year but for the enactment of section 2 of this Act. (b) Treatment of deposits Amounts deposited under subsection (a) shall be applied— (1) except as provided in paragraph (2), to reduce the annual Federal budget deficit of the Government of the United States; or (2) for amounts deposited in a fiscal year for which there is not such an annual deficit, to reduce the Federal debt of the Government of the United States.