S. 3610 (112th): Investment Tax Credit Integrity Act

112th Congress, 2011–2013. Text as of Sep 21, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

S 3610 IS

112th CONGRESS

2d Session

S. 3610

To amend the Internal Revenue Code of 1986 to deny the inclusion of any antidumping or countervailing duties in the determination of the basis of any energy tax credit property.

IN THE SENATE OF THE UNITED STATES

September 21, 2012

Mr. WYDEN (for himself and Mr. MERKLEY) 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 deny the inclusion of any antidumping or countervailing duties in the determination of the basis of any energy tax credit property.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Investment Tax Credit Integrity Act’.

SEC. 2. DENIAL OF THE INCLUSION OF ANY ANTIDUMPING OR COUNTERVAILING DUTIES IN THE DETERMINATION OF THE BASIS OF ANY ENERGY TAX CREDIT PROPERTY.

    (a) In General- Subsection (a) of section 48 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

      ‘(6) DETERMINATION OF BASIS DOES NOT INCLUDE ANTIDUMPING AND COUNTERVAILING DUTIES- For purposes of this section, the determination of the basis of any energy property shall not include the amount of any antidumping or countervailing duty imposed on such property under title VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.).’.

    (b) Effective Date- The amendment made by this section shall apply to any property placed in service after the date of the enactment of this Act.