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H.R. 5172 (114th): To amend the Internal Revenue Code of 1986 to extend and phaseout the energy credit for certain property.

The text of the bill below is as of May 6, 2016 (Introduced).


I

114th CONGRESS

2d Session

H. R. 5172

IN THE HOUSE OF REPRESENTATIVES

May 6, 2016

(for himself and Mr. Carney) 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 extend and phaseout the energy credit for certain property.

1.

Extension and phaseout of energy credit for certain property

(a)

Qualified fuel cell property

Section 48(c)(1)(D) of the Internal Revenue Code of 1986 is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2022.

(b)

Qualified microturbine property

Section 48(c)(2)(D) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2022.

(c)

Combined heat and power system property

Section 48(c)(3)(A)(iv) of such Code is amended by striking which is placed in service before January 1, 2017 and inserting the construction of which begins before January 1, 2022.

(d)

Qualified small wind energy property

Section 48(c)(4)(C) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2022.

(e)

Thermal energy property

Section 48(a)(3)(A)(vii) of such Code is amended by striking periods ending before January 1, 2017 and inserting property the construction of which begins before January 1, 2022.

(f)

Phaseout of 30 percent credit rate for fuel cell and small wind energy property

Subsection (a) of section 48 of such Code is amended by adding at the end the following new paragraph:

(7)

Phaseout for qualified fuel cell property and qualified small wind energy property

In the case of qualified fuel cell property or qualified small wind energy property, the construction of which begins before January 1, 2022, the energy percentage determined under paragraph (2) shall be equal to—

(A)

in the case of any property the construction of which begins after December 31, 2019, and before January 1, 2021, 26 percent, and

(B)

in the case of any property the construction of which begins after December 31, 2020, and before January 1, 2022, 22 percent.

.

(g)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.