Technologies for Energy Security Act

Bill: 114-hr-5167
Sponsor: full_name: Rep. Reed, Tom [R-NY-23]
Introduced: 2016-05-06
Policy area: Taxation
Subjects: Alternative and renewable resources

Income tax credits

Lighting and heating

Lighting, heating, cooling

Residential rehabilitation and home repair
Latest action: action_date: 2016-05-06
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-05-06
action_desc: Introduced in House
text: <p><b>Technologies for Energy Security Act </b></p> <p>This bill amends the Internal Revenue Code to extend and modify the tax credits for residential energy efficient property and investments in energy property. </p> <p>The bill modifies the tax credit for residential energy efficient property to extend through 2021 the credits for expenditures for fuel cell property, small wind energy property, and geothermal heat pump property. For each extended credit, the bill phases out the current credit rate of 30% of expenditures by reducing it to 26% or 22%, depending on the date that the property is placed in service.</p> <p>The bill extends the tax credit for investments in energy property for the following property with construction that begins before January 1, 2022: </p> <ul> <li> fiber-optic solar energy property, </li> <li>fuel cell property, </li> <li> microturbine property, </li> <li> combined heat and power system property, </li> <li> small wind energy property, and </li> <li> thermal energy property. </li> </ul> <p>The bill phases out the current credit rate of 30% for investments in fuel cell property, small wind energy property, and fiber-optic solar energy property by reducing it to 26% or 22%, depending on the date that the property is placed in service. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5167 IN THE HOUSE OF REPRESENTATIVES May 6, 2016 Mr. Reed (for himself, Mr. Thompson of California , Mr. Meehan , and Mr. Blumenauer ) 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 credit for residential energy efficient property and the energy credit.

1. Short title This Act may be cited as the Technologies for Energy Security Act . 2. Extension and phaseout of residential energy efficient property (a) Extension Section 25D(h) of the Internal Revenue Code of 1986 is amended by striking December 31, 2016 (December 31, 2021, in the case of any qualified solar electric property expenditures and qualified solar water heating property expenditures) and inserting December 31, 2021 . (b) Phaseout (1) In general Paragraphs (3), (4), and (5) of section 25D(a) of such Code are amended by striking 30 percent each place it appears and inserting ‘‘the applicable percentage’’. (2) Conforming amendment Section 25D(g) of such Code is amended by striking paragraphs (1) and (2) of . (c) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act. 3. Extension of energy credit (a) Solar energy property Paragraph (3)(A)(ii) of section 48(a) of the Internal Revenue Code of 1986 is amended by striking periods ending before January 1, 2017 and inserting property the construction of which begins before January 1, 2022 . (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, 2022 . (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, 2022 . (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 before January 1, 2017 and inserting the construction of which begins before January 1, 2022 . (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, 2022 . (f) Thermal energy property Section 48(a)(3)(A)(vii) of such Code is amended by striking periods ending before January 1, 2017 and inserting property the construction of which begins before January 1, 2022 . (g) Phaseout of 30 percent credit rate for fuel cell and small wind energy property Subsection (a) of section 48 of such Code is amended by adding at the end the following new paragraph: (7) Phaseout for qualified fuel cell property and qualified small wind energy property In the case of qualified fuel cell property or qualified small wind energy property, the construction of which begins before January 1, 2022, the energy percentage determined under paragraph (2) shall be equal to— (A) in the case of any property the construction of which begins after December 31, 2019, and before January 1, 2021, 26 percent, and (B) in the case of any property the construction of which begins after December 31, 2020, and before January 1, 2022, 22 per-cent. . (h) Phaseout for Fiber-Optic Solar Energy Property Section 48(a)(6) of such Code is amended by inserting or (3)(A)(ii) after paragraph (3)(A)(i) . (i) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act.