S.Amdt. 2653

SA 2653. Mr. REID submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:

At the end of the amendment add the following:

SEC. __. CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES TO INCLUDE GEOTHERMAL AND SOLAR ENERGY FACILITIES.

(a) In General.--Section 45(c)(1) (defining qualified energy resources) is amended by striking “and” at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting a comma, and by adding at the end the following new subparagraphs:

“(D) geothermal energy, and

“(E) solar energy.”.

(b) Facilities Described.--Section 45(c)(3) (defining qualified facility) is amended by adding at the end the following new subparagraph:

“(D) Geothermal energy or solar energy facility.--In the case of a facility using geothermal energy or solar energy to produce electricity, the term ‘qualified facility' means any facility owned by the taxpayer which is originally placed in service after the date of the enactment of this subparagraph, and before January 1, 2006.”.

(c) Geothermal Energy Defined.--Section 45(c) (relating to definitions) is amended by adding at the end the following new paragraph:

“(5) Geothermal energy.--The term ‘geothermal energy' means energy derived from a geothermal deposit (within the meaning of section 613(e)(2)).”.

(d) Effective Date.--The amendments made by this section shall apply to electricity produced and sold after the date of the enactment of this Act, in taxable years ending after such date.