S.Amdt. 3569

SA 3569. Ms. COLLINS (for herself and Mr. Casey) 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. ____. MODIFICATIONS IN CREDIT FOR COMBINED HEAT AND
POWER SYSTEM PROPERTY.

(a) Increased Energy Percentage.--Clause (i) of section
48(a)(2)(A) of the Internal Revenue Code of 1986 is amended
by striking ``and'' at the end of subclause (III), by
redesignating subclause (IV) as subclause (V), and by
inserting after subclause (III) the following new subclause:

``(IV) energy property described in paragraph (3)(A)(v),
and''.

(b) Modification of Certain Capacity Limitations.--Section
48(c)(3)(B) of the Internal Revenue Code of 1986 is amended--
(1) by striking ``15 megawatts'' in clause (ii) and
inserting ``25 megawatts'',
(2) by striking ``20,000 horsepower'' in clause (ii) and
inserting ``34,000 horsepower'', and
(3) by striking clause (iii).
(c) Extension of Credit for Combined Heat and Power System
Property.--Section 48(c)(3)(A)(iv) of the Internal Revenue
Code of 1986 is amended by striking ``January 1, 2017'' and
inserting ``January 1, 2022''.
(d) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to periods after
the date of the enactment of this Act, under rules similar to
the rules of section 48(m) of the Internal Revenue Code of
1986 (as in effect on the day before the date of the
enactment of the Revenue Reconciliation Act of 1990).
(2) Extension of credit.--The amendment made by subsection
(c) shall apply to property placed in service after December
31, 2016.

SEC. ____. ENERGY CREDIT FOR WASTE HEAT TO POWER PROPERTY.

(a) In General.--Subparagraph (A) of section 48(a)(3) of
the Internal Revenue Code of 1986 is amended by striking
``or'' at the end of clause (vi), by inserting ``or'' at the
end of clause (vii), and by adding at the end the following
new clause:
``(viii) waste heat to power property,''.
(b) Waste Heat To Power Property.--Subsection (c) of
section 48 of the Internal Revenue Code of 1986 is amended by
adding at the end the following new paragraph:
``(5) Waste heat to power property.--
``(A) Waste heat to power property.--The term `waste heat
to power property' means property comprising a system which
generates electricity through the recovery of a qualified
waste heat resource.
``(B) Qualified waste heat resource defined.--The term
`qualified waste heat resource' means--
``(i) exhaust heat or flared gas from any industrial
process,
``(ii) waste gas or industrial tail gas that would
otherwise be flared, incinerated, or vented,
``(iii) a pressure drop in any gas for an industrial or
commercial process, or
``(iv) such other forms of waste heat resources as the
Secretary may determine.
``(C) Exception.--The term `qualified waste heat resource'
does not include any heat resource from a process whose
primary purpose is the generation of electricity utilizing a
fossil fuel or nuclear energy.
``(D) Termination.--The term `waste heat to power property'
shall not include any property placed in service after
December 31, 2021.''.
(c) Increased Energy Percentage.--Clause (i) of section
48(a)(2)(A) of the Internal Revenue Code of 1986, as amended
by this Act, is further amended by striking ``and'' at the
end of subclause (IV) and inserting after the new subclause
(V) the following new subclause:

``(VI) energy property described in paragraph (3)(A)(viii),
and''.

(d) Effective Date.--The amendments made by this section
shall apply to periods after the date of the enactment of
this Act, under rules similar to the rules of section 48(m)
of the Internal Revenue Code of 1986 (as in effect on the day
before the date of the enactment of the Revenue
Reconciliation Act of 1990).
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