We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 14, 2015.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
This bill excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. To the extent that such grant, award, or allowance is related to depreciable property, the adjusted basis of such property is reduced by the amount excluded from gross income. Each non-corporate taxpayer allowed a tax exclusion under this Act must make a payment to the federal government of 1.18% of the value of the grant, award, or allowance received.
This bill is applicable to grant amounts received in taxable years beginning after December 31, 2011.