H.R. 3394 (112th): American Microturbine Manufacturing and Clean Energy Deployment Act of 2011

112th Congress, 2011–2013. Text as of Nov 04, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 3394

IN THE HOUSE OF REPRESENTATIVES

November 4, 2011

(for herself, Mr. Rangel, Mr. Baca, Ms. Kaptur, Mr. Moran, Mr. Tonko, Mr. Honda, and Ms. Hirono) 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 modify the energy credit for microturbine property.

1.

Short title

This Act may be cited as the American Microturbine Manufacturing and Clean Energy Deployment Act of 2011.

2.

Modification of energy credit for microturbine property

(a)

Increase in energy percentage

Clause (i) of section 48(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking and at the end of subclause (III) and by adding at the end the following new subclause:

(V)

qualified microturbine property, and

.

(b)

Modification of definition of qualified microturbine property definition

Subparagraph (A) of section 48(c)(2) of such Code is amended—

(1)

by striking 2,000 kilowatts in clause (i) and inserting 5,000 kilowatts, and

(2)

by striking and at the end of clause (i), by striking the period at the end of clause (ii) and inserting , and, and by adding at the end the following new clause:

(iii)

has no single microturbine engine with a nameplate capacity of more than 500 kilowatts.

.

(c)

Elimination of per kilowatt limitation

Paragraph (2) of section 48(c) of such Code is amended by striking subparagraph (B), by redesignating subparagraph (C) as subparagraph (B), and by inserting after subparagraph (B) (as so redesignated) the following new subparagraph:

(C)

Credit may not exceed credit amount allocated

(i)

In general

The amount of credit determined under this section for any taxable year with respect to any qualified microturbine property placed in service by the taxpayer shall not exceed the credit dollar amount allocated to the taxpayer under this subparagraph with respect to such property.

(ii)

Aggregate limitation

The aggregate credits allowed under this section with respect to qualified microturbine property shall not exceed $250,000,000.

(iii)

Allocation by Secretary

The Secretary shall allocate the dollar amount described in clause (ii) among the applicants for such credit in such manner as the Secretary determines appropriate.

.

(d)

Effective date

The amendments made by this section shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of section 48(m) of such Code (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).