Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Technologies for Energy Jobs and
Security Act of 2017''.

SEC. 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 the Internal Revenue Code of 1986 are amended by
striking ''30 percent'' each place it appears and inserting
''the applicable percentage''.
(2) Conforming amendment.--Section 25D(g) of the Internal
Revenue Code of 1986 is amended by striking ''paragraphs (1)
and (2) of''.
(c) Effective Date.--The amendments made by this section shall take
effect on January 1, 2017.

SEC. 3. EXTENSION AND PHASEOUT OF ENERGY CREDIT.

(a) Credit Percentage for Geothermal Energy Property.--Section
48(a)(2)(A)(i)(II) of the Internal Revenue Code of 1986 is amended by
striking ''paragraph (3)(A)(i)'' and inserting ''clause (i) or (iii) of
paragraph (3)(A)''.
(b) Extension of Solar and Thermal Energy Property.--Section
48(a)(3)(A) of the Internal Revenue Code of 1986 is amended--
(1) in clause (ii) by striking ''periods ending before
January 1, 2017'' and inserting ''property the construction of
which begins before January 1, 2022''; and
(2) in clause (vii) by striking ''periods ending before
January 1, 2017'' and inserting ''property the construction of
which begins before January 1, 2022''.
(c) Phaseout of 30-Percent Credit Rate for Geothermal Energy
Property.--Section 48(a)(6) of the Internal Revenue Code of 1986 is
amended--
(1) in the heading, by inserting ''and geothermal'' after
''solar'';
(2) in subparagraph (A), by striking ''paragraph
(3)(A)(i)'' and inserting ''clause (i) or (iii) of paragraph
(3)(A)''; and
(3) in subparagraph (B), by striking ''property energy
property described in paragraph (3)(A)(i)'' and inserting
''energy property described in clause (i) or (iii) of paragraph
(3)(A)''.
(d) Phaseout of 30-Percent Credit Rate for Fiber-Optic Solar,
Qualified Fuel Cell, and Qualified Small Wind Energy Property.--
(1) In general.--Section 48(a) of the Internal Revenue Code
of 1986 is amended by adding the following:
''(7) Phaseout for fiber-optic solar, qualified fuel cell,
and qualified small wind energy property.--In the case of any
energy property described in paragraph (3)(A)(ii), qualified
fuel cell property, or qualified small wind property, 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.''.
(2) Conforming amendment.--Section 48(a)(2)(A) of the
Internal Revenue Code of 1986 is amended by striking
''paragraph (6)'' and inserting ''paragraphs (6) and (7)''.
(e) Extension of 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''.
(f) Extension of Qualified Microturbine Property.--Section
48(c)(2)(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''.
(g) Extension of Combined Heat and Power System Property.--Section
48(c)(3)(A)(iv) of the Internal Revenue Code of 1986 is amended by
striking ''which is placed in service before January 1, 2017'' and
inserting ''the construction of which begins before January 1, 2022''.
(h) Extension of Qualified Small Wind Energy Property.--Section
48(c)(4)(C) 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''.
(i) Effective Date.--The amendments made by this section shall take
effect on January 1, 2017.

SEC. 4. WASTE HEAT TO POWER PROPERTY.

(a) In General.--
(1) Introduction of waste to heat power energy property.--
Section 48(a)(3)(A) of the Internal Revenue Code of 1986 is
amended--
(A) at the end of clause (vi) by striking ''or'';
and
(B) at the end of clause (vii) by inserting ''or''
after the comma; and
(C) by adding the following:
''(viii) waste heat to power property,''.
(2) Definitions and limitations.--Section 48(c) of the
Internal Revenue Code of 1986 is amended by adding the
following:
''(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) the construction of which begins
before January 1, 2022.
''(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.''.
(b) Effective Date.--The amendments made by this section shall
apply to periods after December 31, 2016, 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).
A:
Technologies for Energy Jobs and Security Act of 2017 This bill amends the Internal Revenue Code to extend and modify tax credits for residential energy efficient property and investments in energy property. 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. The bill extends the tax credit for investments in energy property for the following property with construction that begins before January 1, 2022: fiber-optic solar energy property, thermal energy property. fuel cell property, microturbine property, combined heat and power system property, and small wind energy property. The bill phases out the current credit rate of 30% for investments in geothermal energy property, fiber-optic solar energy property, fuel cell property, and small wind energy property by reducing it to 26% or 22%, depending on the date that the property is placed in service. The bill also allows an energy tax credit through 2021 for investment in waste heat to power property that does not have a capacity in excess of 50 megawatts. "Waste heat to power property" is property comprising a system which generates electricity through the recovery of a qualified waste heat resource.