I
111th CONGRESS
2d Session
H. R. 5918
IN THE HOUSE OF REPRESENTATIVES
July 29, 2010
Mr. Hodes introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to provide an investment tax credit for biomass heating property and repeal the passive activity limitation exception for working interests in oil and gas property.
Investment tax credit for biomass heating property
In general
Subparagraph (A) of
section 48(a)(3) of the Internal Revenue Code of 1986 (defining energy
property) is amended by striking or
at the end of clause (vi),
by inserting or
at the end of clause (vii), and by inserting
after clause (vii) the following new clause:
biomass heating property, including boilers or furnaces which operate at output efficiencies greater than 75 percent and which provide thermal energy in the form of heat, hot water, or steam for space heating, air conditioning, domestic hot water, or industrial process heat, but only with respect to periods ending before January 1, 2014,
.
30 percent credit
Clause (i) of section
48(a)(2)(A) of such Code is amended by striking and
at the end
of subclause (III) and by inserting after subclause (IV) the following new
subclause:
energy property described in paragraph (3)(A)(viii), and
.
Effective date
The amendments made by this section shall apply to periods after the date of the 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).
Repeal of exception from passive activity rules for working interests in oil or gas property
In general
Subsection (c) of section 469 of the Internal Revenue Code of 1986 is amended by striking paragraph (3).
Conforming amendment
Paragraph (4) of section 469 (c) of such Code is amended—
by striking
Paragraphs (2) and (3)
and inserting Paragraph
(2)
, and
by striking
Paragraphs
(2) and
(3)
in the heading
and inserting Paragraph
(2)
.
Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.