H.R. 6121 – Renewable Energy Investment Incentive Act of 2010

111th CONGRESS

2d Session

H. R. 6121

IN THE HOUSE OF REPRESENTATIVES

September 14, 2010

Mr. Sestak introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To amend the Internal Revenue Code to extend the production tax credit and investment tax credit, to increase the investment tax credit with respect to equipment used to generate electricity by geothermal power, and to extend specified energy property grants under the American Recovery and Reinvestment Act.

Short title

This Act may be cited as the Renewable Energy Investment Incentive Act of 2010.

Extension of credit for electricity produced from certain renewable resources

Section 45(d) of the Internal Revenue Code of 1986 (relating to qualified facilities) is amended—

(1)

by striking 2010 each place it appears in paragraphs (1) and (8) and inserting 2019;

(2)

by striking 2011 each place it appears in paragraphs (2), (3), (4), (5), (6), (7), and (9) and inserting 2019; and

(3)

by striking 2012 in paragraph (11)(B) and inserting 2019.

Extension of investment tax credit for certain energy property

(a)

Solar Energy Property

Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) are each amended by striking January 1, 2017 and inserting January 1, 2019.

(b)

Fuel Cell Property

Subparagraph (D) of section 48(c)(1) is amended by striking December 31, 2016 and inserting December 31, 2018.

(c)

Qualified Small Wind Energy Property

Subparagraph (C) of section 48(c)(4) is amended by striking December 31, 2016 and inserting December 31, 2018.

(d)

Geothermal Heat Pump Systems

Clause (vii) of section 48(a)(3)(A) is amended by striking January 1, 2017 and inserting January 1, 2019.

(e)

Effective Date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

Increase of energy credit for equipment used to generate electricity by geothermal power

(a)

In general

Clause (i) of section 48(a)(2)(A) of the Internal Revenue Code of 1986 is amended—

(1)

in subclause (III), by striking and; and

(2)

by adding at the end the following:

(V)

energy property described in paragraph (3)(A)(iii), but only with respect to periods ending before January 1, 2019, and

(b)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

Extension of specified energy property grants in lieu of credit

(a)

In general

Subsection (a) of section 1603 of the American Recovery and Reinvestment Tax Act of 2009 is amended by striking unless such property— and all that follows through the period at the end and inserting the following: unless such property is placed in service before the credit termination date with respect to such property..

(b)

Effective date

The amendment made by this section shall apply to grants made after the date of the enactment of this Act.

Renewable Energy Investment Incentive Act of 2010

Legislative Activity

Bill Text