S.Amdt. 4725
What it does: Adds SEC. 6. EXPANSION OF RESOURCES TO WAVE, CURRENT, TIDAL, AND OCEAN THERMAL ENERGY at the end of the bill
Sen. Robert Menendez (D-NJ)What it changes
1 change to S. 3711 · shown in the bill's text
Adds SEC. 6. EXPANSION OF RESOURCES TO WAVE, CURRENT, TIDAL, AND OCEAN THERMAL ENERGY at the end of the bill
Adds a sectionIn S. 3711 · Placed on Calendar Senate
(B) any remainder of the qualified outer Continental Shelf revenues shall revert to the general fund of the Treasury.
Inserted: SEC. 6. EXPANSION OF RESOURCES TO WAVE, CURRENT, TIDAL, AND OCEAN THERMAL ENERGY.
Inserted: (a) In General.--Section 45(c)(1) of the Internal Revenue Code of 1986 (defining qualified energy resources) is amended by striking "and" at the end of subparagraph (G), by striking the period at the end of subparagraph (H) and inserting ", and", and by adding at the end the following new subparagraph:
Inserted: "(I) wave, current, tidal, and ocean thermal energy."
Inserted: (b) Definition of Resources.--Section 45(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
Inserted: "(10) Wave, current, tidal, and ocean thermal energy.--The term 'wave, current, tidal, and ocean thermal energy' means electricity produced from any of the following:
Inserted: "(A) Free flowing ocean water derived from tidal currents, ocean currents, waves, or estuary currents.
Inserted: "(B) Ocean thermal energy.
Inserted: "(C) Free flowing water in rivers, lakes, man made channels, or streams."
Inserted: (c) Facilities.--Section 45(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
Inserted: "(11) Wave, current, tidal, and ocean thermal facility.--In the case of a facility using resources described in subparagraph (A), (B), or (C) of subsection (c)(10) 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 paragraph and before January 1, 2015, but such term shall not include a facility which includes impoundment structures or a small irrigation power facility."
Inserted: (d) 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, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4725. Mr. MENENDEZ (for himself, Mr. Lautenberg, Ms. Cantwell, and Mr. Lieberman) submitted an amendment intended to be proposed by him to the bill S. 3711, to enhance the energy independence and security of the United States by providing for exploration, development, and production activities for mineral resources in the Gulf of Mexico, and for other purposes; which was ordered to lie on the table; as follows:
At the end, add the following:
SEC. 6. EXPANSION OF RESOURCES TO WAVE, CURRENT, TIDAL, AND OCEAN THERMAL ENERGY.
(a) In General.--Section 45(c)(1) of the Internal Revenue Code of 1986 (defining qualified energy resources) is amended by striking “and” at the end of subparagraph (G), by striking the period at the end of subparagraph (H) and inserting “, and”, and by adding at the end the following new subparagraph:
“(I) wave, current, tidal, and ocean thermal energy.”
(b) Definition of Resources.--Section 45(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(10) Wave, current, tidal, and ocean thermal energy.--The term ‘wave, current, tidal, and ocean thermal energy' means electricity produced from any of the following:
“(A) Free flowing ocean water derived from tidal currents, ocean currents, waves, or estuary currents.
“(B) Ocean thermal energy.
“(C) Free flowing water in rivers, lakes, man made channels, or streams.”
(c) Facilities.--Section 45(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(11) Wave, current, tidal, and ocean thermal facility.--In the case of a facility using resources described in subparagraph (A), (B), or (C) of subsection (c)(10) 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 paragraph and before January 1, 2015, but such term shall not include a facility which includes impoundment structures or a small irrigation power facility.”
(d) Effective Date.--The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
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Senate amendment submitted
July 27, 2006