THIS SEARCH THIS DOCUMENT GO TO
Next Hit Forward New Bills Search
Prev Hit Back HomePage
Hit List Best Sections Help
Contents Display
H.R.2392
Clean Energy Incentives Act (Introduced in House)
SEC. 101. FIVE-YEAR EXTENSION OF QUALIFIED FACILITIES FOR RENEWABLE RESOURCE
CREDIT.
(a) WIND AND POULTRY WASTE
FACILITIES- Subparagraphs (A) and (C) of section 45(c)(3) (relating to
definitions) are each amended by striking `2002' and inserting `2007'.
(b) CLOSED-LOOP BIOMASS FACILITIES- Subparagraph (B) of section 45(c)(3)
is amended to read as follows:
`(B) CLOSED-LOOP BIOMASS FACILITY- In the case of a facility using
closed-loop biomass to produce electricity, the term `qualified facility'
means any facility owned by the taxpayer which is originally placed in
service--
`(i) after December 31, 1992, and before January 1, 2007,
or
`(ii) before January 1, 1993, and modified to use closed-loop
biomass to co-fire with coal after December 31, 1992, and before January
1, 2007.'.
(c) EFFECTIVE DATE- The amendments made by this section shall apply to
electricity and other energy
produced in taxable years beginning after the date of the enactment of this
Act.
SEC. 102. EXPANSION OF RENEWABLE RESOURCE CREDIT TO INCLUDE ADDITIONAL
ALTERNATIVE RESOURCES.
(a) IN GENERAL- Section 45(c)(1) (relating to qualified energy resources) is amended by
striking `and' at the end of subparagraph (B), by striking the period at the
end of subparagraph (C) and inserting `, and', and by adding at the end the
following:
`(D) alternative resources.'.
(b) DEFINITION OF ALTERNATIVE RESOURCES- Section 45(c) (relating to
definitions) is amended by adding at the end the following:
`(5) ALTERNATIVE RESOURCES-
`(A) IN GENERAL- The term `alternative resources' means--
`(ii) biomass (other than closed loop biomass),
`(iii) incremental hydropower,
`(iv) incremental geothermal, and
`(B) BIOMASS- The term `biomass' means any nonhazardous, cellulosic
waste material, which is segregated from other waste materials, and which
is derived from--
`(i) any of the following forest-related resources: mill residues,
precommercial thinnings, slash, and brush, but not including old-growth
timber or black liquor,
`(ii) agriculture sources, including orchard tree crops, vineyard,
grain, legumes, sugar, and other crop by-products or
residues,
`(iii) waste pallets, crates, dunnage, manufacturing and
construction wood wastes (other than pressure-treated, chemically
treated, or lead-painted wood wastes), and landscape or right-of-way
tree trimmings, but not including--
`(I) unsegregated municipal solid waste (garbage),
or
`(II) postconsumer wastepaper which can be recycled
affordably,
`(v) animal waste (other than poultry waste).
`(C) INCREMENTAL HYDROPOWER- The term `incremental hydropower' means
additional generating capacity achieved from increased efficiency at a
non-Federal hydroelectric facility in existence on January 1, 2001, and
licensed by the Federal Energy Regulatory
Commission.
`(D) INCREMENTAL GEOTHERMAL- The term `incremental geothermal' means
additional generating capacity achieved from--
`(i) increased efficiency, or
`(ii) additions of new capacity,
at a geothermal power plant originally placed in service before the
date of the enactment of this paragraph.
`(E) LANDFILL GAS- The term `landfill gas' means gas generated from
the decomposition of any household solid waste, commercial solid waste,
and industrial solid waste disposed of in a municipal solid waste landfill
unit (as such terms are defined in regulations promulgated under subtitle
D of the Solid Waste Disposal Act (42 U.S.C. 6941 et seq.)).'.
(1) IN GENERAL- Section 45(c)(3) (defining qualified facility) is
amended by adding at the end the following:
`(D) ALTERNATIVE RESOURCES FACILITY- In the case of a facility using
alternative resources to produce electricity, the term `qualified
facility' means--
`(i) any facility owned by the taxpayer which is originally placed
in service after December 31, 2001, and before January 1,
2007,
`(ii) in the case of incremental hydropower and incremental
geothermal, any facility originally placed in service before December
31, 2001, and modified with incremental hydropower or incremental
geothermal after that date and before January 1, 2007, and
`(iii) in the case of biomass (other than closed-loop biomass), any
facility owned by the taxpayer which is originally placed in service
before January 1, 2007, or any facility modified to use biomass to
co-fire with coal after December 31, 2001, and before January 1,
2007.'.
(2) SPECIAL RULE- Section 45(d) (relating to definitions and special
rules) is amended by adding at the end the following new paragraph:
`(8) SPECIAL RULE RELATING TO BIOMASS FACILITIES- In the case of a
qualified facility described in subsection (c)(3)(D)(iii)--
`(A) subsection (b)(3) shall not apply to any such facility originally
placed in service before January 1, 1997, and
`(B) if such facility is leased and the operator thereof is the
lessee, such lessee (and not the owner) shall be treated for purposes of
this section as owning such facility.'.
(d) GOVERNMENT-OWNED FACILITY- The text and heading of section 45(d)(6)
(relating to credit eligibility in the case of government-owned facilities
using poultry waste) is amended by inserting `or alternative resources' after
`poultry waste' each place it appears.
(e) QUALIFIED FACILITIES WITH CO-PRODUCTION- Section 45(b) (relating to
limitations and adjustments) is amended by adding at the end the following:
`(4) INCREASED CREDIT FOR CO-PRODUCTION FACILITIES-
`(A) IN GENERAL- In the case of a qualified facility described in
subsection (c)(3)(D)
which has a co-production facility or a qualified facility described in
subparagraph (A), (B), or (C) of subsection (c)(3) which adds a co-production
facility after the date of the enactment of this paragraph, the amount in effect
under subsection (a)(1) for an eligible taxable year of the taxpayer shall
(after adjustment under paragraphs (1), (2), and (3)) be increased by .25 cents.
`(B) CO-PRODUCTION FACILITY- For purposes of subparagraph (A), the
term `co-production facility' means a facility which--
`(i) enables a qualified facility to produce heat, mechanical power,
or minerals from qualified energy resources in addition to
electricity, and
`(ii) produces such energy on a continuous
basis.
`(C) ELIGIBLE TAXABLE YEAR- For purposes of subparagraph (A), the term
`eligible taxable year' means any taxable year in which the amount of
gross receipts attributable to the co-production facility of a qualified
facility are at least 10 percent of the amount of gross receipts
attributable to electricity produced by such facility.'.
(f) QUALIFIED FACILITIES LOCATED WITHIN QUALIFIED INDIAN LANDS- Section
45(b) (relating to limitations and adjustments), as amended by subsection (e),
is amended by adding at the end the following:
`(5) INCREASED CREDIT FOR QUALIFIED FACILITY LOCATED WITHIN QUALIFIED
INDIAN LAND- In the case of a qualified facility described in subsection
(c)(3)(D) which--
`(i) qualified Indian lands (as defined in section 7871(c)(3)),
or
`(ii) lands which are held in trust by a Native Corporation (as
defined in section 3(m) of the Alaska Native Claims Settlement Act (43
U.S.C. 1602(m))) for Alaska Natives, and
`(B) is operated with the explicit written approval of the Indian
tribal government or Native Corporation (as so defined) having
jurisdiction over such lands,
the amount in effect under subsection (a)(1) for a taxable year shall
(after adjustment under paragraphs (1), (2), (3), and (4)) be increased by
.25 cents.'.
(g) ELECTRICITY PRODUCED FROM BIOMASS CO-FIRED IN COAL PLANTS- Paragraph
(1) of section 45(a) is amended by inserting `(1.0 cents in the case of
electricity produced from biomass, other than closed-loop biomass, co-fired in
a facility which produced electricity from coal)' after `1.5 cents'.
(h) COORDINATION WITH OTHER CREDITS- Section 45(d) (relating to
definitions and special rules), as amended by subsection (c), is amended by
adding at the end the following:
`(9) COORDINATION WITH OTHER CREDITS- This section shall not apply to
any qualified facility with respect to which a credit under any other
section is allowed for the taxable year unless the taxpayer elects to waive
application of such credit to such facility.'.
(i) TREATMENT OF QUALIFIED FACILITIES NOT IN COMPLIANCE WITH POLLUTION
LAWS- Section 45(c)(3) (relating to qualified facilities), as amended by
subsection (c), is amended by adding at the end the following:
`(E) NONCOMPLIANCE WITH POLLUTION LAWS- For purposes of this
paragraph, a facility which is not in compliance with the applicable State
and Federal pollution prevention, control, and permit requirements for any
period of time shall not be considered to be a qualified facility during
such period.'.
(j) EFFECTIVE DATE- The amendments made by this section shall apply to
electricity and other energy
produced in taxable years beginning after the date of the enactment of this
Act.
SEC. 103. TRADABLE RENEWABLE RESOURCE CREDIT FOR PUBLIC UTILITIES AND OTHER
TAX EXEMPT ORGANIZATIONS.
(a) CREDITS FOR CERTAIN TAX
EXEMPT ORGANIZATIONS AND GOVERNMENTAL UNITS-
(1) IN GENERAL- Section 45(d) (relating to definitions and special
rules), as amended by section 102, is amended by adding at the end the
following:
`(10) CREDITS FOR CERTAIN TAX EXEMPT ORGANIZATIONS AND
GOVERNMENTAL UNITS-
`(A) ALLOWANCE OF CREDIT- Any credit which would be allowable under
subsection (a) with respect to a qualified facility of an entity if such
entity were not exempt from tax under this chapter shall be
treated as a credit allowable under subpart D to such entity if such
entity is--
`(i) an organization described in section 501(c)(12)(C) and exempt
from tax under section
501(a),
`(ii) an organization described in section
1381(a)(2)(C),
`(iii) an entity the income of which is excludable from gross income
under section 115, or
`(iv) a State, the District of Columbia, any territory or possession
of the United States, or any political subdivision thereof.
`(i) TRANSFER OF CREDIT- An entity described in subparagraph (A) may
assign, trade, sell, or otherwise transfer any credit allowable to such
entity under subparagraph (A) to any taxpayer.
`(ii) USE OF CREDIT AS AN OFFSET- Notwithstanding any other
provision of law, in the case of an entity described in clause (i) or
(ii) of subparagraph (A), any credit allowable to such entity under
subparagraph (A) may be applied by such entity, without penalty, as a
prepayment of
any loan, debt, or other obligation the entity has incurred under subchapter
I of chapter 31 of title 7 of the Rural Electrification Act of 1936 (7 U.S.C.
901 et seq.).
`(C) CREDIT NOT INCOME- Neither a transfer under clause (i) nor a use
under clause (ii) of subparagraph (B) of any credit allowable under
subparagraph (A) shall result in income for purposes of section
501(c)(12).
`(D) TRANSFER PROCEEDS TREATED AS ARISING FROM ESSENTIAL GOVERNMENT
FUNCTION- Any proceeds derived by an entity described in subparagraph
(A)(iii) from the transfer of any credit under subparagraph (B)(i) shall
be treated as arising from an essential government function.
`(E) CREDITS NOT REDUCED BY TAX -EXEMPT BONDS OR CERTAIN OTHER
SUBSIDIES- Subsection (b)(3) shall not apply to reduce any credit
allowable under subparagraph (A) with respect to--
`(i) proceeds described in subparagraph (A)(ii) of such subsection,
or
`(ii) any loan, debt, or other obligation incurred under subchapter
I of chapter 31 of title 7 of the Rural Electrification Act of 1936 (7
U.S.C. 901 et seq.),
used to provide financing for any qualified facility.
`(F) TREATMENT OF UNRELATED PERSONS- For purposes of this paragraph,
sales among and between entities described in subparagraph (A) shall be
treated as sales between unrelated parties.'.
(2) INCLUSION OF INDIAN TRIBAL GOVERNMENTS- Section 7871(a)(7) is
amended by striking `and' at the end of subparagraph (A), by striking the
period at the end of subparagraph (B), and by adding at the end the
following:
`(C) section 45 (relating to credit for electricity produced from
certain renewable resources).'.
(b) CREDIT ALLOWABLE AGAINST REGULAR AND MINIMUM TAX -
(1) IN GENERAL- Section 38(c) (relating to limitation based on amount of
tax ) is amended by
redesignating paragraph (3) as paragraph (4) and inserting after paragraph
(2) the following:
`(3) SPECIAL RULES FOR RENEWABLE ELECTRICITY PRODUCTION CREDIT-
`(A) IN GENERAL- In the case of the renewable electricity production
credit--
`(i) this section and section 39 shall be applied separately with
respect to the credit, and
`(ii) in applying paragraph (1) to the credit--
`(I) subparagraphs (A) and (B) thereof shall not apply,
and
`(II) the limitation under paragraph (1) (as modified by subclause
(I)) shall be reduced by the credit allowed under subsection (a) for
the taxable year (other than the renewable electricity production
credit).
`(B) RENEWABLE ELECTRICITY PRODUCTION CREDIT- For purposes of this
subsection, the term `renewable electricity production credit' means the
credit allowable under subsection (a) by reason of section
45(a).'.
(2) CONFORMING AMENDMENT- Subclause (II) of section 38(c)(2)(A)(ii) is
amended by inserting `or the renewable electricity production credit' after
`employment credit'.
(c) EFFECTIVE DATE- The amendments made by this section shall apply to
electricity and other energy
produced in taxable years beginning after the date of the enactment of this
Act.
TITLE II--ALTERNATIVE FUELS AND ENERGY EFFICIENT VEHICLES
SEC. 201. CREDIT FOR ALTERNATIVE MOTOR VEHICLES AND MODIFICATION OF CREDIT
FOR QUALIFIED ELECTRIC VEHICLES.
(a) CREDIT FOR ALTERNATIVE MOTOR VEHICLES-
(1) IN GENERAL- Subpart B of part IV of subchapter A of chapter 1
(relating to foreign tax
credit, etc.) is amended by adding at the end the following:
`SEC. 30B. ALTERNATIVE MOTOR VEHICLE CREDIT.
`(a) ALLOWANCE OF CREDIT- There shall be allowed as a credit against the
tax imposed by this chapter for
the taxable year an amount equal to the sum of--
`(1) the new qualified fuel cell motor vehicle credit determined under
subsection (b),
`(2) the new qualified hybrid motor vehicle credit determined under
subsection (c), and
`(3) the new qualified alternative fuel motor vehicle credit determined
under subsection (d).
`(b) NEW QUALIFIED FUEL CELL MOTOR VEHICLE CREDIT-
`(1) IN GENERAL- For purposes of subsection (a), the new qualified fuel
cell motor vehicle credit determined under this subsection with respect to a
new qualified fuel cell motor vehicle placed in service by the taxpayer
during the taxable year is--
`(A) $4,000, if such vehicle has a gross vehicle weight rating of not
more than 8,500 pounds,
`(B) $10,000, if such vehicle has a gross vehicle weight rating of
more than 8,500 pounds but not more than 14,000 pounds,
`(C) $20,000, if such vehicle has a gross vehicle weight rating of
more than 14,000 pounds but not more than 26,000 pounds, and
`(D) $40,000, if such vehicle has a gross vehicle weight rating of
more than 26,000 pounds.
`(2) INCREASE FOR FUEL EFFICIENCY-
`(A) IN GENERAL- The amount determined under paragraph (1)(A) with
respect to a new qualified fuel cell motor vehicle which is
a passenger automobile or light truck shall be increased by--
`(i) $1,000, if such vehicle achieves at least 150 percent but less
than 175 percent of the 2000 model year city fuel economy,
`(ii) $1,500, if such vehicle achieves at least 175 percent but less
than 200 percent of the 2000 model year city fuel economy,
`(iii) $2,000, if such vehicle achieves at least 200 percent but
less than 225 percent of the 2000 model year city fuel
economy,
`(iv) $2,500, if such vehicle achieves at least 225 percent but less
than 250 percent of the 2000 model year city fuel economy,
`(v) $3,000, if such vehicle achieves at least 250 percent but less
than 275 percent of the 2000 model year city fuel economy,
`(vi) $3,500, if such vehicle achieves at least 275 percent but less
than 300 percent of the 2000 model year city fuel economy,
and
`(vii) $4,000, if such vehicle achieves at least 300 percent of the
2000 model year city fuel economy.
`(B) 2000 MODEL YEAR CITY FUEL ECONOMY- For purposes of subparagraph
(A), the 2000 model year city fuel economy with respect to a vehicle shall
be determined in accordance with the following tables:
`(i) In the case of a passenger automobile:
THIS SEARCH THIS DOCUMENT GO TO
Next Hit Forward New Bills Search
Prev Hit Back HomePage
Hit List Best Sections Help
Contents Display