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

Bill: 114-s-913
Sponsor: full_name: Sen. Hatch, Orrin G. [R-UT]
Introduced: 2015-04-14
Policy area: Taxation
Subjects: Alternative and renewable resources

Electric power generation and transmission

Energy efficiency and conservation

Income tax credits

Lighting and heating

Lighting, heating, cooling
Latest action: action_date: 2015-04-14
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 46.

Summaries:
action_date: 2015-04-14
action_desc: Introduced in Senate
text: <p>This bill amends the Internal Revenue Code to allow an energy tax credit for investment in waste heat to power property. </p> <p>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) that is placed in service before January 1, 2017. "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.</p> <p>The bill also increases from 30% to 35% the rate of the continuous levy on payments to Medicare providers and suppliers for unpaid taxes. </p>

action_date: 2015-04-14
action_desc: Reported to Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p>(Sec. 1) This bill amends the Internal Revenue Code to allow an energy tax credit for investment in waste heat to power property. The property cannot have a capacity in excess of 50 megawatts.</p> <p>The bill defines &quot;waste heat to power property&quot; as property: (1) comprising a system which generates electricity through the recovery of a qualified waste heat resource; and (2) that is placed in service before January 1, 2017. &quot;Qualified waste heat resource&quot; 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.</p> <p>The bill provides for a formula to limit the basis of any waste heat to power property for purposes of calculating the credit.</p> <p>The amendments made by this section apply to taxable years ending after the enactment date of this Act. </p> <p>(Sec. 2) The bill also increases from 30% to 35% the rate of the continuous levy on payments made after 180 days after the enactment date of this Act&nbsp;to Medicare providers and suppliers for unpaid taxes. </p>

tv_txt: II Calendar No. 46 114th CONGRESS 1st Session S. 913 [Report No. 114–23] IN THE SENATE OF THE UNITED STATES April 14, 2015 Mr. Hatch , from the Committee on Finance , reported the following original bill; which was read twice and placed on the calendar A BILL To amend the Internal Revenue Code of 1986 to provide an investment tax credit for waste heat to power technology.

1. Investment credit for waste heat to power property (a) In general Subparagraph (A) of section 48(a)(3) of the Internal Revenue Code of 1986 is amended by striking or at the end of clause (vi), by striking the comma at the end of clause (vii) and inserting , or , and by inserting after clause (vii) the following new clause: (viii) waste heat to power property, . (b) Waste heat to power property Subsection (c) of section 48 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (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) which is placed in service before January 1, 2017. (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 the 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). 2. Increase in continuous levy (a) In general Paragraph (3) of section 6331(h) of the Internal Revenue Code of 1986 is amended by striking 30 percent and inserting 35 percent . (b) Effective date The amendment made by this section shall apply to payments made after 180 days after the date of the enactment of this Act.

April 14, 2015 Read twice and placed on the calendar