S.Amdt. 1659
What it does: Adds SECTION _. CREDIT FOR BIOMASS FUEL PROPERTY EXPENDITURES wherever appropriate
Sen. John E. Sununu (R-NH)What it changes
1 change to SA 1502
Adds SECTION _. CREDIT FOR BIOMASS FUEL PROPERTY EXPENDITURES wherever appropriate
Adds a sectionInserted: SECTION _. CREDIT FOR BIOMASS FUEL PROPERTY EXPENDITURES.
Inserted: (a) Allowance of Credit.--Subsection (a) of section 25D (relating to allowance of credit), as amended by this Act, is amended--
Inserted: (1) by striking "and" at the end of paragraph (3),
Inserted: (2) by striking the period at the end of paragraph (4) and inserting ", and", and
Inserted: (3) by adding at the end the following new paragraph:
Inserted: "(5) 30 percent of the qualified biomass fuel property expenditures made by the taxpayer during such year.".
Inserted: (b) Maximum Credit.--Paragraph (1) of section 25D(b) (relating to maximum credit), as amended by this Act, is amended--
Inserted: (1) by striking "and" at the end of subparagraph (C),
Inserted: (2) by striking the period at the end of subparagraph (D) and inserting ", and", and
Inserted: (3) by adding at the end the following new subparagraph:
Inserted: "(E) $4,000 with respect to any qualified biomass fuel property expenditures.".
Inserted: (c) Maximum Expenditures.--Subparagraph (A) of section 25D(e)(4) (relating to maximum expenditures in case of joint occupancy) is amended--
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Inserted: (1) by striking "and" at the end of clause (ii),
Inserted: (2) by striking the period at the end of clause (iii) and inserting ", and", and
Inserted: (3) by adding at the end the following new clause:
Inserted: "(iv) $13,334 in the case of any qualified biomass fuel property expenditures.".
Inserted: (d) Qualified Biomass Fuel Property Expenditures.--Subsection (d) of section 25D (relating to definitions), as amended by this Act, is amended by adding at the end the following new paragraph:
Inserted: "(5) Qualified biomass fuel property expenditure.--
Inserted: "(A) In general.--The term 'qualified biomass fuel property expenditure' means an expenditure for property--
Inserted: "(i) which uses the burning of biomass fuel to heat a dwelling unit located in the United States and used as a residence by the taxpayer, or to heat water for use in such a dwelling unit, and
Inserted: "(ii) which has a thermal efficiency rating of at least 75 percent.
Inserted: "(B) Biomass fuel.--For purposes of this section, the term 'biomass fuel' means any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.".
Inserted: (e) Effective Date.--The amendments made by this subsection shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2007.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
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As printed
SA 1659. Mr. SUNUNU submitted an amendment intended to be proposed to amendment SA 1502 proposed by Mr. Reid to the bill H.R. 6, to reduce our Nation's dependency on foreign oil by investing in clean, renewable, and alternative energy resources, promoting new emerging energy technologies, developing greater efficiency, and creating a Strategic Energy Efficiency and Renewables Reserve to invest in alternative energy, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SECTION _. CREDIT FOR BIOMASS FUEL PROPERTY EXPENDITURES.
(a) Allowance of Credit.--Subsection (a) of section 25D (relating to allowance of credit), as amended by this Act, is amended--
(1) by striking “and” at the end of paragraph (3),
(2) by striking the period at the end of paragraph (4) and inserting “, and”, and
(3) by adding at the end the following new paragraph:
“(5) 30 percent of the qualified biomass fuel property expenditures made by the taxpayer during such year.”.
(b) Maximum Credit.--Paragraph (1) of section 25D(b) (relating to maximum credit), as amended by this Act, is amended--
(1) by striking “and” at the end of subparagraph (C),
(2) by striking the period at the end of subparagraph (D) and inserting “, and”, and
(3) by adding at the end the following new subparagraph:
“(E) $4,000 with respect to any qualified biomass fuel property expenditures.”.
(c) Maximum Expenditures.--Subparagraph (A) of section 25D(e)(4) (relating to maximum expenditures in case of joint occupancy) is amended--
(1) by striking “and” at the end of clause (ii),
(2) by striking the period at the end of clause (iii) and inserting “, and”, and
(3) by adding at the end the following new clause:
“(iv) $13,334 in the case of any qualified biomass fuel property expenditures.”.
(d) Qualified Biomass Fuel Property Expenditures.--Subsection (d) of section 25D (relating to definitions), as amended by this Act, is amended by adding at the end the following new paragraph:
“(5) Qualified biomass fuel property expenditure.--
“(A) In general.--The term ‘qualified biomass fuel property expenditure' means an expenditure for property--
“(i) which uses the burning of biomass fuel to heat a dwelling unit located in the United States and used as a residence by the taxpayer, or to heat water for use in such a dwelling unit, and
“(ii) which has a thermal efficiency rating of at least 75 percent.
“(B) Biomass fuel.--For purposes of this section, the term ‘biomass fuel' means any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.”.
(e) Effective Date.--The amendments made by this subsection shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2007.
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Senate amendment submitted
June 19, 2007