To amend the Internal Revenue Code of 1986 to extend and phaseout the energy credit for certain property.

Bill: 114-hr-5172
Sponsor: full_name: Rep. Meehan, Patrick [R-PA-7]
Introduced: 2016-05-06
Policy area: Taxation
Subjects: Alternative and renewable resources

Income tax credits

Lighting and heating

Lighting, heating, cooling
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>This bill amends the Internal Revenue Code to extend and modify tax credits for investments in certain energy property. </p> <p>The bill extends the tax credits to apply to investments in certain energy property with construction that begins before January 1, 2022. The extensions apply to investments in:</p> <ul> <li> qualified fuel cell property, </li> <li> qualified microturbine property, </li> <li> combined heat and power system property, </li> <li> qualified small wind energy property, and </li> <li> thermal energy property.</li> </ul> <p>The bill sets forth a schedule for reducing from 30% to 22% the credit rate for investments in qualified fuel cell property and small wind energy property. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5172 IN THE HOUSE OF REPRESENTATIVES May 6, 2016 Mr. Meehan (for himself and Mr. Carney ) 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 and phaseout the energy credit for certain property.

1. Extension and phaseout of energy credit for certain property (a) Qualified fuel cell property Section 48(c)(1)(D) of the Internal Revenue Code of 1986 is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2022 . (b) 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 . (c) 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 . (d) 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 . (e) 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 . (f) 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 percent. . (g) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act.