H. R. 6031
IN THE HOUSE OF REPRESENTATIVES
June 27, 2012
Mr. Blumenauer (for himself, Mr. Levin, Mr. Rangel, Mr. Stark, Mr. McDermott, Mr. Lewis of Georgia, Mr. Neal, Mr. Becerra, Mr. Doggett, Mr. Thompson of California, Mr. Larson of Connecticut, Mr. Kind, Mr. Pascrell, Ms. Berkley, and Mr. Crowley) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to extend the production and investment tax credits for wind facilities and to modify the foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers.
This Act may be cited as the
Wind Powering American Jobs Act of
Extension of production and investment tax credits for wind facilities
Extension of production credit
(1) of section 45(d) of the Internal Revenue Code of 1986 is amended by
January 1, 2013 and inserting
Extension of investment credit
Clause (i) of section 48(a)(5)(C) of such Code
is amended by striking
or 2012 and inserting
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Modifications of foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers
Section 901 of the Internal Revenue Code of 1986 is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:
Special rules relating to major integrated oil companies which are dual capacity taxpayers
Notwithstanding any other provision of this chapter, any amount paid or accrued by a dual capacity taxpayer which is a major integrated oil company (as defined in section 167(h)(5)(B)) to a foreign country or possession of the United States for any period shall not be considered a tax—
if, for such period, the foreign country or possession does not impose a generally applicable income tax, or
to the extent such amount exceeds the amount (determined in accordance with regulations) which—
is paid by such dual capacity taxpayer pursuant to the generally applicable income tax imposed by the country or possession, or
would be paid if the generally applicable income tax imposed by the country or possession were applicable to such dual capacity taxpayer.
Dual capacity taxpayer
For purposes of this subsection, the term dual capacity taxpayer means, with respect to any foreign country or possession of the United States, a person who—
is subject to a levy of such country or possession, and
receives (or will receive) directly or indirectly a specific economic benefit (as determined in accordance with regulations) from such country or possession.
Generally applicable income tax
For purposes of this subsection—
The term generally applicable income tax means an income tax (or a series of income taxes) which is generally imposed under the laws of a foreign country or possession on income derived from the conduct of a trade or business within such country or possession.
Such term shall not include a tax unless it has substantial application, by its terms and in practice, to—
persons who are not dual capacity taxpayers, and
persons who are citizens or residents of the foreign country or possession.
The amendments made by this section shall apply to taxes paid or accrued in taxable years ending after the date of the enactment of this Act.
Contrary treaty obligations upheld
The amendments made by this section shall not apply to the extent contrary to any treaty obligation of the United States.