S.Amdt. 4746

1. Adds SEC. 6. INVESTMENT TAX CREDITS at the end of the bill

   Adds a section

   In 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. INVESTMENT TAX CREDITS.

   Inserted: (a) Extension and Modification of Investment Tax Credit With Respect to Solar Energy Property and Qualified Fuel Cell Property.--

   Inserted: (1) Solar energy property.--Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) of the Internal Revenue Code of 1986 are each amended by striking "2008" and inserting "2016".

   Inserted: (2) Eligible fuel cell property.--Paragraph (1)(E) of section 48(c) of the Internal Revenue Code of 1986 is amended by striking "2007" and inserting "2015".

   Inserted: (3) Credits allowed against the alternative minimum tax.--Section 38(c)(4)(B) of the Internal Revenue Code of 1986 (defining specified credits) is amended by striking the period at the end of clause (ii)(II) and inserting ", and", and by adding at the end the following new clause:

   Inserted: "(iii) the portion of the investment credit under section 46(2) as determined under section 48(a)(2)(A)(i).".

   Inserted: (b) Extension and Modification of Credit for Residential Energy Efficient Property.--

   Inserted: (1) Extension.--Section 25D of the Internal Revenue Code of 1986 (relating to termination) is amended by striking "2007" and inserting "2015".

   Inserted: (2) Modification of maximum credit.--Paragraph (1) of section 25D(b) of the Internal Revenue Code of 1986 (relating to limitations) is amended to read as follows:

   Inserted: "(1) Maximum credit.--The credit allowed under subsection (a) for any taxable year shall not exceed--

   Inserted: "(A) $1,000 with respect to each half kilowatt of capacity of qualified photovoltaic property for which qualified photovoltaic property expenditures are made,

   Inserted: "(B) $2,000 with respect to any qualified solar water heating property expenditures, and

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   Inserted: "(C) $500 with respect to each half kilowatt of capacity of qualified fuel cell property (as defined in section 48(c)(1)) for which qualified fuel cell property expenditures are made.".

   Inserted: (3) Credit allowed against alternative minimum tax.--

   Inserted: (A) In general.--Section 25D(b) of the Internal Revenue Code of 1986 (as amended by subsection (b)) is amended by adding at the end the following new paragraph:

   Inserted: "(3) Credit allowed against alternative minimum tax.--The credit allowed under subsection (a) for the taxable year shall not exceed the excess of--

   Inserted: "(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

   Inserted: "(B) the sum of the credits allowable under subpart A of part IV of subchapter A and section 27 for the taxable year.".

   Inserted: (B) Conforming amendment.--Subsection (c) of section 25D of such Code is amended to read as follows:

   Inserted: "(c) Carryforward of Unused Credit.--If the credit allowable under subsection (a) for any taxable year exceeds the limitation imposed by subsection (b)(3) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.".

   Inserted: (4) Effective date.--The amendments made by this subsection shall apply to taxable years beginning after December 31, 2006.

   Original wording

   At the end, add the following:

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As printed