S.Amdt. 1430
What it does: Adds SEC. ____. CREDIT FOR ELECTRICITY PRODUCED FROM WIND ALLOWED AGAINST REGULAR AND MINIMUM TAX at the end of title VII of division B
Sen. John B. Breaux (D-LA)What it changes
1 change to S. 14
Adds SEC. ____. CREDIT FOR ELECTRICITY PRODUCED FROM WIND ALLOWED AGAINST REGULAR AND MINIMUM TAX at the end of title VII of division B
Adds a sectionInserted: SEC. ____. CREDIT FOR ELECTRICITY PRODUCED FROM WIND ALLOWED AGAINST REGULAR AND MINIMUM TAX.
Inserted: (a) In General.--Subsection (c) of section 38 (relating to limitation based on amount of tax), as amended by this Act, is amended by redesignating paragraph (6) as paragraph (7) and by inserting after paragraph (5) the following new paragraph:
Inserted: "(6) Special rules for credit for electricity produced from wind.--
Inserted: "(A) In general.--In the case of the wind electricity credit--
Inserted: "(i) this section and section 39 shall be applied separately with respect to such credit, and
Inserted: "(ii) in applying paragraph (1) to such credit--
Inserted: "(I) the tentative minimum tax shall be treated as being zero, and
Inserted: "(II) the limitation under paragraph (1) (as modified by subclause (I)) shall be reduced by the credit allowed under subsection (a) for the taxable year (other than the wind electricity credit).
Inserted: "(B) Wind electricity credit.--For purposes of this subsection, the term 'wind electricity credit' means the credit determined under sections 45 to the extent that such credit is attributable to electricity produced--
Inserted: "(i) at a facility using wind to produce electricity which is originally placed in service after the date of the enactment of this paragraph, and
Inserted: "(ii) during the 4-year period beginning on the date that such facility was originally placed in service.".
Inserted: (b) Conforming Amendments.--Subclause (II) of section 38(c)(2)(A)(ii), as amended by this Act, subclause (II) of section 38(c)(3)(A)(ii), as amended by this Act, subclause (II) of section 38(c)(4)(A)(ii), as added by this Act, and subclause (II) of section 38(c)(5)(A)(ii), as added by this Act, are each amended by inserting "or the wind electricity credit" after "Alaska natural gas credit".
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Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
Original wording
At the end of title VII of Division B, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 1430. Mr. BREAUX submitted an amendment intended to be proposed by him to the bill S. 14, to enhance the energy security of the United States, and for other purposes; which was ordered to lie on the table; as follows:
At the end of title VII of Division B, insert the following:
SEC. ____. CREDIT FOR ELECTRICITY PRODUCED FROM WIND ALLOWED AGAINST REGULAR AND MINIMUM TAX.
(a) In General.--Subsection (c) of section 38 (relating to limitation based on amount of tax), as amended by this Act, is amended by redesignating paragraph (6) as paragraph (7) and by inserting after paragraph (5) the following new paragraph:
“(6) Special rules for credit for electricity produced from wind.--
“(A) In general.--In the case of the wind electricity credit--
“(i) this section and section 39 shall be applied separately with respect to such credit, and
“(ii) in applying paragraph (1) to such credit--
“(I) the tentative minimum tax shall be treated as being zero, and
“(II) the limitation under paragraph (1) (as modified by subclause (I)) shall be reduced by the credit allowed under subsection (a) for the taxable year (other than the wind electricity credit).
“(B) Wind electricity credit.--For purposes of this subsection, the term ‘wind electricity credit' means the credit determined under sections 45 to the extent that such credit is attributable to electricity produced--
“(i) at a facility using wind to produce electricity which is originally placed in service after the date of the enactment of this paragraph, and
“(ii) during the 4-year period beginning on the date that such facility was originally placed in service.”.
(b) Conforming Amendments.--Subclause (II) of section 38(c)(2)(A)(ii), as amended by this Act, subclause (II) of section 38(c)(3)(A)(ii), as amended by this Act, subclause (II) of section 38(c)(4)(A)(ii), as added by this Act, and subclause (II) of section 38(c)(5)(A)(ii), as added by this Act, are each amended by inserting “or the wind electricity credit” after “Alaska natural gas credit”.
(c) Effective Date.--The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
Legislative Activity
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Senate amendment submitted
July 30, 2003