S. 1321Senate111th Congress (2009-2011)In Committee

WATER Act of 2009

Sponsored by Mark UdallSen. Mark Udall (D-CO)
Introduced June 23, 2009

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6942)

June 23, 2009

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SenateIntro Referral

Introduced in Senate

June 23, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S6941-6942)

June 23, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6942)

June 23, 2009

Floor Debate

6 members

What members said about S. 1321 on the floor

1 Republican5 Democrats
Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jun 23, 2009

Mr. President, the Senate is considering many issues now of great importance, but none more important to the American people than the future of health care in this great Nation. This weekend, a new…

Mark Udall
Sen. Mark UdallD-CO · Jun 23, 2009

Mr. President, there is an old saying that ``you don't know what you've got until it's gone.'' It is true, especially when you are talking about water. We have a tendency to take water for granted…

Mark Udall
Sen. Mark UdallD-CO · Jun 23, 2009

Mr. President, there is an old saying that ``you don't know what you've got until it's gone.'' It is true, especially when you are talking about water. We have a tendency to take water for granted…

Arlen Specter
Sen. Arlen SpecterD-PA · Jun 23, 2009

Mr. President, I have sought recognition to introduce legislation to make permanent a tax credit for the production of Steel Industry Fuel, SIF. SIF is used by the domestic steel industry as a…

Herb Kohl
Sen. Herb KohlD-WI · Jun 23, 2009

Mr. President, I rise today, with Senator Kennedy, Senator Durbin, and Senator Cardin to introduce the state Court Interpreter Grant Program Act of 2009. This legislation would create a modest grant…

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Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jun 23, 2009

Mr. President, I rise on behalf of myself and Senator Boxer to introduce legislation to improve the administration of Chappie-Shasta Off-Highway Vehicle area by reducing unnecessary bureaucracy and…

Mitch McConnell
Sen. Mitch McConnellR-KY · Jun 23, 2009

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I ask unanimous consent that Senator Sessions and I be granted 20 minutes.

Mark Udall
Sen. Mark UdallD-CO · Jun 23, 2009

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. I yield the floor and suggest the absence of a quorum.

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jun 23, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued June 23, 2009

II

111th CONGRESS

1st Session

S. 1321

IN THE SENATE OF THE UNITED STATES

June 23, 2009

Mr. Udall of Colorado (for himself and Mrs. Gillibrand) 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 provide a credit for property labeled under the Environmental Protection Agency WaterSense program.

1.

Short title

This Act may be cited as the Water Accountability Tax Efficiency Reinvestment Act of 2009 or as the WATER Act of 2009.

2.

Credit for WaterSense labeled property

(a)

In general

Subpart B 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 section:

30E.

WaterSense labeled property

(a)

Allowance of credit

There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 30 percent of the amounts paid or incurred by the taxpayer during such taxable year for certified WaterSense labeled property.

(b)

Lifetime limitation

The aggregate amount of the credits allowed under this section with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of $1,500 over the aggregate credits allowed under this section with respect to such taxpayer for all prior taxable years.

(c)

Certified WaterSense labeled property

For purposes of this section, the term certified WaterSense labeled property means any property—

(1)

which is certified by a licensed independent third party as meeting specifications of the Environmental Protection Agency WaterSense program, and

(2)

the original use of which commences with the taxpayer.

(d)

Application with other credits

(1)

Business credit treated as part of general business credit

So much of the credit which would be allowed under subsection (a) for any taxable year (determined without regard to this subsection) that is attributable to property of a character subject to an allowance for depreciation shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)).

(2)

Personal credit

(A)

In general

For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.

(B)

Limitation based on amount of tax

In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall not exceed the excess of—

(i)

the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

(ii)

the sum of the credits allowable under subpart A (other than this section and sections 23, 25D, 30, and 30D) and section 27 for the taxable year.

(e)

Special rules

For purposes of this section—

(1)

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 a one person.

(2)

Basis reduction

For purposes of this subtitle, the basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit so allowed (determined without regard to subsection (d)).

(3)

No double benefit

The amount of any deduction or other credit allowable under this chapter with respect to any property for which credit is allowable under subsection (a) shall be reduced by the amount of credit allowed under subsection (a) with respect to such property (determined without regard to subsection (d)).

(4)

Property used outside united states not qualified

No credit shall be allowable under subsection (a) with respect to any property referred to in section 50(b)(1).

(f)

Termination

This section shall not apply to any property placed in service after December 31, 2010.

.

(b)

Conforming amendments

(1)
(A)

Section 24(b)(3)(B) of the Internal Revenue Code of 1986 is amended by striking and 30D and inserting 30D, and 30E.

(B)

Section 25(e)(1)(C)(ii) of such Code is amended by inserting 30E, after 30D,.

(C)

Section 25B(g)(2) of such Code is amended by striking and 30D and inserting 30D, and 30E.

(D)

Section 26(a)(1) of such Code is amended by striking and 30D and inserting 30D, and 30E.

(E)

Section 904(i) of such Code is amended by striking and 30D and inserting 30D, and 30E.

(F)

Section 1400C(d)(2) of such Code is amended by striking and 30D and inserting 30D, and 30E.

(2)

Section 1016(a) of such Code is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , and, and by adding at the end the following new paragraph:

(38)

to the extent provided in section 30E(e)(2).

.

(3)

The table of sections for subpart B of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item:

.

(c)

Effective date

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