A bill to amend the Internal Revenue Code of 1986 to modify the credit for production of electricity from renewable resources for certain open-loop biomass and trash facilities placed in service before the date of the enactment of this Act.

Bill: 113-s-2856
Sponsor: full_name: Sen. Menendez, Robert [D-NJ]
Introduced: 2014-09-18
Policy area: Taxation
Subjects: Alternative and renewable resources

Electric power generation and transmission

Income tax credits

Solid waste and recycling
Latest action: action_date: 2014-09-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2014-09-18
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code, with respect to the tax credit for producing electricity from renewable resources, to allow a taxpayer to elect the application of such credit to open-loop biomass and trash facilities during the period beginning after December 31, 2013, and ending before January 1, 2016 (in lieu of the 10-year period after the facilities&nbsp;are originally placed in service). Limits the aggregate period during which a&nbsp;taxpayer can claim a tax credit with respect to a facility to 10 years.</p>

tv_txt: II 113th CONGRESS 2d Session S. 2856 IN THE SENATE OF THE UNITED STATES September 18, 2014 Mr. Menendez (for himself, Mr. Cardin , and Ms. Collins ) 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 modify the credit for production of electricity from renewable resources for certain open-loop biomass and trash facilities placed in service before the date of the enactment of this Act.

1. Special rule for certain facilities (a) In general Section 45(e) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (12) Special rule for certain qualified facilities (A) In general In the case of electricity produced at a qualified facility described in paragraph (3) or (7) of subsection (d) and placed in service before the date of the enactment of this paragraph, a taxpayer may elect to apply subsection (a)(2)(A)(ii) by substituting the period beginning after December 31, 2013, and ending before January 1, 2016 for the 10-year period beginning on the date the facility was originally placed in service . (B) Limitation No credit shall be allowed under subsection (a) to any taxpayer making an election under this paragraph with respect to electricity produced and sold at a facility during any period which, when aggregated with all other periods for which a credit is allowed under this section with respect to electricity produced and sold at such facility, is in excess of 10 years. . (b) Effective date The amendment made by this section shall take effect on January 1, 2014.