[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 361 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 361
To amend the Internal Revenue Code of 1986 to allow for an energy
efficient appliance credit.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 11, 2003
Mrs. Lincoln (for herself, Mr. Allard, Mr. Grassley, Mr. Harkin, Ms.
Stabenow, Mr. Hagel, Mr. Levin, and Mr. DeWine) introduced the
following bill; which was read twice and referred to the Committee on
Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow for an energy
efficient appliance credit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Resource Efficient Appliance
Incentives Act of 2003''.
SEC. 2. CREDIT FOR ENERGY EFFICIENT APPLIANCES.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business-related
credits) is amended by adding at the end the following new section:
``SEC. 45G. ENERGY EFFICIENT APPLIANCE CREDIT.
``(a) General Rule.--For purposes of section 38, the energy
efficient appliance credit determined under this section for the
taxable year is an amount equal to the applicable amount determined
under subsection (b) with respect to the eligible production of
qualified energy efficient appliances produced by the taxpayer during
the calendar year ending with or within the taxable year.
``(b) Applicable Amount; Eligible Production.--For purposes of
subsection (a)--
``(1) Applicable amount.--The applicable amount is--
``(A) $50, in the case of--
``(i) a clothes washer which is produced in
2003 with at least a 1.26 MEF (at least 1.42
MEF for washers produced after 2003 but not
after 2006), or
``(ii) a refrigerator produced in 2003
which consumes at least 10 percent less kWh per
year than the energy conservation standards for
refrigerators promulgated by the Department of
Energy effective July 1, 2001,
``(B) $100, in the case of--
``(i) a clothes washer which is produced in
2003 with at least a 1.42 MEF (at least 1.5 MEF
for washers produced after 2003 and before
2008), or
``(ii) a refrigerator produced after 2002
and before 2007 which consumes at least 15
percent less kWh per year (at least 20 percent
less kWh per year for refrigerators produced in
2007) than such energy conservation standards,
and
``(C) $150, in the case of a refrigerator which
consumes at least 20 percent less kWh per year than
such energy conservation standards and is produced
after 2002 and before 2007.
``(2) Eligible production.--
``(A) In general.--The eligible production of each
category of qualified energy efficient appliances is
the excess of--
``(i) the number of appliances in such
category which are produced by the taxpayer
during such calendar year, over
``(ii) the average number of appliances in
such category which were produced by the
taxpayer during calendar years 2000, 2001, and
2002.
``(B) Categories.--For purposes of subparagraph
(A), the categories are--
``(i) clothes washers described in
paragraph (1)(A)(i),
``(ii) clothes washers described in
paragraph (1)(B)(i),
``(iii) refrigerators described in
paragraph (1)(A)(ii),
``(iv) refrigerators described in paragraph
(1)(B)(ii), and
``(v) refrigerators described in paragraph
(1)(C).
``(C) Special rule for 2003 production.--For
purposes of determining eligible production for
calendar year 2003--
``(i) only production after the date of
enactment of this section shall be taken into
account under subparagraph (A)(i), and
``(ii) the amount taken into account under
subparagraph (A)(ii) shall be an amount which
bears the same ratio to the amount which would
(but for this subparagraph) be taken into
account under subparagraph (A)(ii) as--
``(I) the number of days in
calendar year 2003 after the date of
enactment of this section, bears to
``(II) 365.
``(c) Limitation on Maximum Credit.--
``(1) In general.--The maximum amount of credit allowed
under subsection (a) with respect to a taxpayer for all taxable
years shall be $60,000,000 except that not more than
$30,000,000 shall be allowed for production of any combination
of clothes washers produced with a 1.26 MEF (described in
subsection (b)(1)(A)(i)) and refrigerators described in
subsection (b)(1)(A)(ii).
``(2) Limitation based on gross receipts.--The credit
allowed under subsection (a) with respect to a taxpayer for the
taxable year shall not exceed an amount equal to 2 percent of
the average annual gross receipts of the taxpayer for the 3
taxable years preceding the taxable year in which the credit is
determined.
``(3) Gross receipts.--For purposes of this subsection, the
rules of paragraphs (2) and (3) of section 448(c) shall apply.
``(d) Definitions.--For purposes of this section--
``(1) Qualified energy efficient appliance.--The term
`qualified energy efficient appliance' means--
``(A) a clothes washer described in subparagraph
(A)(i) or (B)(i) of subsection (b)(1), or
``(B) a refrigerator described in subparagraph
(A)(ii), (B)(ii) or (C) of subsection (b)(1).
``(2) Clothes washer.--The term `clothes washer' means a
residential clothes washer, including a residential style coin
operated washer.
``(3) Refrigerator.--The term `refrigerator' means an
automatic defrost refrigerator-freezer which has an internal
volume of at least 16.5 cubic feet.
``(4) MEF.--The term `MEF' means Modified Energy Factor (as
determined by the Secretary of Energy).
``(e) Special Rules.--
``(1) In general.--Rules similar to the rules of
subsections (c), (d), and (e) of section 52 shall apply for
purposes of this section.
``(2) Aggregation rules.--All persons treated as a single
employer under subsection (a) or (b) of section 52 or
subsection (m) or (o) of section 414 shall be treated as 1
person for purposes of subsection (a).
``(f) Verification.--The taxpayer shall submit such information or
certification as the Secretary, in consultation with the Secretary of
Energy, determines necessary to claim the credit amount under
subsection (a).''.
(b) Limitation on Carryback.--Section 39(d) of the Internal Revenue
Code of 1986 (relating to transition rules) is amended by adding at the
end the following new paragraph:
``(11) No carryback of energy efficient appliance credit
before effective date.--No portion of the unused business
credit for any taxable year which is attributable to the energy
efficient appliance credit determined under section 45G may be
carried to a taxable year ending before January 1, 2003.''.
(c) Conforming Amendment.--Section 38(b) of the Internal Revenue
Code of 1986 (relating to general business credit) is amended by
striking ``plus'' at the end of paragraph (14), by striking the period
at the end of paragraph (15) and inserting ``, plus'', and by adding at
the end the following new paragraph:
``(16) the energy efficient appliance credit determined
under section 45G(a).''.
(d) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of the Internal Revenue Code of
1986 is amended by adding at the end the following new item:
``Sec. 45G. Energy efficient appliance
credit.''.
(e) Effective Date.--The amendments made by this section shall
apply to appliances produced after December 31, 2002, in taxable years
ending after such date.
<all>