S.Amdt. 1457

SA 1457. Mr. CARPER (for himself and Mr. Cardin) submitted an
amendment intended to be proposed to amendment SA 1407 submitted by Ms.
Murkowski and intended to be proposed to the bill S. 2657, to support
innovation in advanced geothermal research and development, and for
other purposes; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE IV--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986

SEC. 4001. INVESTMENT CREDIT FOR WASTE HEAT TO POWER
PROPERTY.

(a) In General.--Section 48(a)(3)(A) of the Internal
Revenue Code of 1986 is amended--
(1) at the end of clause (vi), by striking ``or'';
(2) at the end of clause (vii), by inserting ``or'' after
the comma; and
(3) by adding at the end the following:
``(viii) waste heat to power property,''.
(b) Definitions and Limitations.--Section 48(c) of the
Internal Revenue Code of 1986 is amended by adding at the end
the following:
``(5) Waste heat to power property.--
``(A) In general.--The term `waste heat to power property'
means property--
``(i) comprising a system which generates electricity
through the recovery of a qualified waste heat resource, and
``(ii) the construction of which begins before January 1,
2027.
``(B) Qualified waste heat resource.--The term `qualified
waste heat resource' means--
``(i) exhaust heat or flared gas from an industrial process
that does not have, as its primary purpose, the production of
electricity, and
``(ii) a pressure drop in any gas for an industrial or
commercial process.
``(C) Limitations.--
``(i) In general.--For purposes of subsection (a)(1), the
basis of any waste heat to power property taken into account
under this section shall not exceed the excess of--
``(I) the basis of such property, over
``(II) the fair market value of comparable property which
does not have the capacity to capture and convert a
(qualified waste heat resource to electricity.
``(ii) Capacity limitation.--The term `waste heat to power
property' shall not include any property comprising a system
if such system has a capacity in excess of 50 megawatts.''.
(c) Effective Date.---The amendments made by this section
shall apply to periods after the date of enactment of this
Act, in taxable years ending after such date, 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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