S.Amdt. 3563

SA 3563. Mr. HELLER submitted an amendment intended to be proposed to
amendment SA 3464 submitted by Mr. Thune (for himself and Mr. Nelson)
to the bill H.R. 636, to amend the Internal Revenue Code of 1986 to
permanently extend increased expensing limitations, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. EXTENSION OF ENERGY CREDIT FOR CERTAIN ENERGY
PROPERTY.

(a) Qualified Fuel Cell Property.--Section 48(c)(1)(D) of
the Internal Revenue Code of 1986 is amended by striking
``for any period after December 31, 2016'' and inserting
``the construction of which does not begin before January 1,
2022''.
(b) Qualified Microturbine Property.--Section 48(c)(2)(D)
of such Code is amended by striking ``for any period after
December 31, 2016'' and inserting ``the construction of which
does not begin before January 1, 2022''.
(c) Combined Heat and Power System Property.--Section
48(c)(3)(A)(iv) of such Code is amended by striking ``which
is placed in service before January 1, 2017'' and inserting
``the construction of which begins before January 1, 2022''.
(d) Qualified Small Wind Energy Property.--Section
48(c)(4)(C) of such Code is amended by striking ``for any
period after December 31, 2016'' and inserting ``the
construction of which does not begin before January 1,
2022''.
(e) Thermal Energy Property.--Section 48(a)(3)(A)(vii) of
such Code is amended by striking ``periods ending before
January 1, 2017'' and inserting ``property the construction
of which begins before January 1, 2022''.
(f) Geothermal Energy Property.--Subclause (II) of section
48(a)(2)(A)(i) of such Code is amended by striking
``paragraph (3)(A)(i)'' and inserting ``clause (i) or (iii)
of paragraph (3)(A)''.
(g) Phaseout of 30 Percent Credit Rate for Fuel Cell, Small
Wind, and Geothermal Energy Property.--
(1) In general.--Subsection (a) of section 48 of such Code
is amended by adding at the end the following new paragraph:
``(7) Phaseout for qualified fuel cell property, qualified
small wind energy property, and geothermal property.--
``(A) In general.--In the case of qualified fuel cell
property, qualified small wind energy property, or property
described in paragraph (3)(A)(iii), the construction of which
begins before January 1, 2022, the energy percentage
determined under paragraph (2) shall be equal to--
``(i) in the case of any property the construction of which
begins after December 31, 2019, and before January 1, 2021,
26 percent, and
``(ii) in the case of any property the construction of
which begins after December 31, 2020, and before January 1,
2022, 22 percent.
``(B) Placed in service deadline.--Subparagraph (A) shall
not apply to any property which is not placed in service
before January 1, 2024.''.
(2) Conforming amendment.--Subparagraph (A) of section
48(a)(2) of such Code is amended by striking ``paragraph
(6)'' and inserting ``paragraphs (6) and (7)''.
(h) Phaseout of 10 Percent Credit Rate.--
(1) In general.--Subsection (a) of section 48 of such Code,
as amended by subsection (g), is amended by adding at the end
the following new paragraph:
``(8) Phaseout of 10 percent credit rate.--
``(A) In general.--In the case of property to which
paragraph (2)(A)(ii) applies (before the application of this
paragraph), the energy percentage determined under paragraph
(2) shall be equal to--
``(i) in the case of any property the construction of which
begins after December 31, 2019, and before January 1, 2021, 8
percent, and
``(ii) in the case of any property the construction of
which begins after December 31, 2020, and before January 1,
2022, 6 percent.
``(B) Placed in service deadline.--Subparagraph (A) shall
not apply to any property which is not placed in service
before January 1, 2024.''.
(2) Conforming amendment.--Subparagraph (A) of section
48(a)(2) of such Code, as amended by subsection (g), is
amended by striking ``(6) and (7)'' and inserting ``(6), (7),
and (8).''.
(i) Effective Date.--The amendments made by this section
shall take effect on the date of the enactment of this Act.
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