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Text of the MADE Act of 2012

This bill was introduced on September 13, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of Sep 13, 2012 (Introduced).

Source: GPO

I

112th CONGRESS

2d Session

H. R. 6403

IN THE HOUSE OF REPRESENTATIVES

September 13, 2012

introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To provide for grants in lieu of expensing under the Internal Revenue Code of 1986 for energy efficient commercial buildings placed in service by manufacturers.

1.

Short title

This Act may be cited as the Manufacturing Assistance Driving Efficiency Act of 2012 or as the MADE Act of 2012.

2.

Grants in lieu of expensing for energy efficient commercial buildings placed in service by manufacturers

(a)

In general

Upon application, the Secretary of the Treasury shall, subject to the requirements of this section and such other terms and conditions as the Secretary may impose, provide a grant to each manufacturer who places in service for the use of such manufacturer energy efficient commercial building property—

(1)

to reimburse such manufacturer for a portion of the expense of such property as provided in subsection (b), or

(2)

for power purchase agreements for renewable energy resources for use in such property.

(b)

Limitation

No grant shall be made under this section with respect to any property unless such property—

(1)

is placed in service during 2012 or 2013, or

(2)

is placed in service after 2013 and before 2016 with respect to such property, but only if the construction of such property began during 2012 or 2013.

(c)

Grant amount

(1)

In general

The amount of the grant under subsection (a) shall—

(A)

in the case of any energy efficient commercial building property be the basis of such property, and

(B)

in the case of a power purchase agreement, shall be 50 percent of the excess (if any) of the rate to be paid under the power purchase agreement over the standard electrical rate.

(2)

Limitation

The amount of any grant under this section with respect to such property shall not exceed the limitation described in section 179D(b)(1) of the Internal Revenue Code of 1986.

(d)

Time for payment of grant

The Secretary of the Treasury shall make payment of any grant under subsection (a) during the 60-day period beginning on the later of—

(1)

the date of the application for such grant, or

(2)

the date the energy efficient commercial building property for which the grant is being made is placed in service.

(e)

Definitions and special rules

For purposes of this section—

(1)

Energy efficient commercial building property

The term energy efficient commercial building property has the meaning given such term by section 179D(c) of the Internal Revenue Code of 1986.

(2)

Manufacturer

The term manufacturer means a person classified as a manufacturer under the North American Industry Classification System (2007) under any of the codes numbered 31 through 33.

(3)

Other terms

Terms used in this section which are also used in section 179D of such Code shall have the same meaning for purposes of this section as when used in such section 179D.

(4)

Application of certain rules

In making grants under this section, the Secretary of the Treasury shall apply rules similar to the rules of section 179D of the Internal Revenue Code of 1986.

(5)

Reference

Any reference in this section to the Secretary of the Treasury shall be treated as including the Secretary’s delegate.

(f)

Coordination

For purposes of any other section of this chapter, the cost of any property with respect to which a grant is made under this section shall be reduced by the amount of such grant.

(g)

Appropriations

There is hereby appropriated to the Secretary of the Treasury such sums as may be necessary to carry out this section.

(h)

Termination

The Secretary of the Treasury shall not make any grant to any person under this section unless the application of such person for such grant is received before January 1, 2013.