S. 913 · 114th Congress
An original bill to amend the Internal Revenue Code of 1986 to provide an investment tax credit for waste…
Full title
An original bill to amend the Internal Revenue Code of 1986 to provide an investment tax credit for waste heat to power technology.
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HatchSponsorNo cosponsors.
The bill defines "waste heat to power property" as property: (1) comprising a system which generates electricity through the recovery of a qualified waste heat resource; and (2) that is placed in service before January 1, 2017.
What it does: CRS summary · Reported to Senate without amendment · Apr 14, 2015
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
(Sec. 1) This bill amends the Internal Revenue Code to allow an energy tax credit for investment in waste heat to power property. The property cannot have a capacity in excess of 50 megawatts.
The bill defines "waste heat to power property" as property: (1) comprising a system which generates electricity through the recovery of a qualified waste heat resource; and (2) that is placed in service before January 1, 2017. "Qualified waste heat resource" is defined as: (1) exhaust heat or flared gas from an industrial process that does not have as its primary purpose the production of electricity, and (2) a pressure drop in any gas for an industrial or commercial process.
The bill provides for a formula to limit the basis of any waste heat to power property for purposes of calculating the credit.
The amendments made by this section apply to taxable years ending after the enactment date of this Act.
(Sec. 2) The bill also increases from 30% to 35% the rate of the continuous levy on payments made after 180 days after the enactment date of this Act to Medicare providers and suppliers for unpaid taxes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: An original bill to amend the Internal Revenue Code of 1986 to provide an investment tax credit for waste heat to power technology.
Latest action (Apr 14, 2015): Placed on Senate Legislative Calendar under General Orders. Calendar No. 46.
Policy area: Taxation · Origin: Senate · Introduced: Apr 14, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.