Energy Tax Fairness Act of 2016

Bill: 114-s-3139
Sponsor: full_name: Sen. Brown, Sherrod [D-OH]
Introduced: 2016-07-07
Policy area: Taxation
Subjects: Business investment and capital

Electric power generation and transmission

Energy efficiency and conservation

Income tax credits
Latest action: action_date: 2016-07-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2016-07-07
action_desc: Introduced in Senate
text: <p><b>Energy Tax Fairness Act of 2016 </b></p> <p>This bill amends the Internal Revenue Code to expand the tax credit for investment in energy property to include qualified high-efficiency linear generator property. </p> <p>A stationary linear generator power plant is an integrated system consisting of translators, cylinders, electricity generating equipment, and associated balance of plant components which converts a fuel or waste heat into electricity for stationary applications. Qualified high-efficiency linear generator property is a stationary linear generator power plant which has: (1) a nameplate capacity of less than 2,000 kilowatts, and (2) an electricity-only generation efficiency of greater than 30%. </p> <p>For high-efficiency linear generator property that is placed in service during the taxable year, the credit for the year may not exceed $1,500 for each 0.5 kilowatt of capacity of the property. </p>

tv_txt: II 114th CONGRESS 2d Session S. 3139 IN THE SENATE OF THE UNITED STATES July 7, 2016 Mr. Brown (for himself and Mrs. Feinstein ) 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 allow the energy credit for certain high-efficiency linear generator property.

1. Short title This Act may be cited as the Energy Tax Fairness Act of 2016 . 2. Energy credit allowed for qualified high-efficiency linear generator 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 adding or at the end of clause (vii), and by adding at the end the following new clause: (viii) qualified high-efficiency linear generator property, . (b) Application of 30-Percent credit 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 high-efficiency linear generator property, and . (c) Qualified high-Efficiency linear generator 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) Qualified high-efficiency linear generator property (A) In general The term qualified high-efficiency linear generator property means a stationary linear generator power plant which has— (i) a nameplate capacity of less than 2,000 kilowatts, and (ii) an electricity-only generation efficiency of greater than 30 percent. (B) Limitations In the case of qualified high-efficiency linear generator property placed in service during the taxable year, the credit otherwise determined under subsection (a) for such year with respect to such property shall not exceed an amount equal to $1,500 for each 0.5 kilowatt of capacity of such property. (C) Stationary linear generator power plant The term stationary linear generator power plant means an integrated system consisting of translators, cylinders, electricity-generating equipment, and associated balance of plant components which converts a fuel or waste heat into electricity for stationary applications. Such term includes all secondary components located between the infrastructure for fuel delivery in place before the property taken into account under subparagraph (A) was placed in service and the infrastructure for power distribution so in place, including equipment and controls for meeting relevant power standards, such as voltage, frequency, and power factors. (6) Termination The term qualified high-efficiency linear generator property shall not include any stationary linear generator power plant the construction of which does not begin before January 1, 2022. . (d) Effective date The amendments made by this section shall apply to periods after December 31, 2016, 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).