S.Amdt. 876
What it does: Adds SEC. __. EXCEPTION FROM VOLUME CAP FOR CERTAIN COOLING FACILITIES wherever appropriate
Sen. Daniel K. Inouye (D-HI)What it changes
1 change to H.R. 6
Adds SEC. __. EXCEPTION FROM VOLUME CAP FOR CERTAIN COOLING FACILITIES wherever appropriate
Adds a sectionInserted: SEC. __. EXCEPTION FROM VOLUME CAP FOR CERTAIN COOLING FACILITIES.
Inserted: (a) In General.--Section 146 of the Internal Revenue Code of 1986 (relating to volume cap) is amended by redesignating subsections (i) through (n) as subsections (j) through (o), respectively, and by inserting after subsection (h) the following:
Inserted: "(i) Exception for facilities used to cool structures with ocean water, etc..--
Inserted: "(1) In general.--Only for purposes of this section, the term 'private activity bond' shall not include any exempt facility bond described in section 142(a)(9) which is issued as part of an issue to finance any project which is designed to access deep water renewable thermal energy for district cooling to provide building air conditioning (including any distribution piping, pumping, and chiller facilities).
Inserted: "(2) Limitation.--Paragraph (1) shall apply only to bonds with a face amount of not more than $75,000,000 with respect to any project described in such paragraph.".
Inserted: (b) Effective Date.--The amendments made by this section shall apply to projects placed in service after the date of enactment of this Act and before July 1, 2008.
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Original wording
At the appropriate place insert the following:
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As printed
SA 876. Mr. INOUYE (for himself and Mr. Akaka) submitted an amendment intended to be proposed by him to the bill H.R. 6, to ensure jobs for our future with secure, affordable, and reliable energy; which was ordered to lie on the table; as follows:
At the appropriate place insert the following:
SEC. __. EXCEPTION FROM VOLUME CAP FOR CERTAIN COOLING FACILITIES.
(a) In General.--Section 146 of the Internal Revenue Code of 1986 (relating to volume cap) is amended by redesignating subsections (i) through (n) as subsections (j) through (o), respectively, and by inserting after subsection (h) the following:
“(i) Exception for facilities used to cool structures with ocean water, etc..--
“(1) In general.--Only for purposes of this section, the term ‘private activity bond' shall not include any exempt facility bond described in section 142(a)(9) which is issued as part of an issue to finance any project which is designed to access deep water renewable thermal energy for district cooling to provide building air conditioning (including any distribution piping, pumping, and chiller facilities).
“(2) Limitation.--Paragraph (1) shall apply only to bonds with a face amount of not more than $75,000,000 with respect to any project described in such paragraph.”.
(b) Effective Date.--The amendments made by this section shall apply to projects placed in service after the date of enactment of this Act and before July 1, 2008.
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Senate amendment submitted
June 22, 2005