H.R. 1424 – Reading Mode

113th CONGRESS

1st Session

H. R. 1424

IN THE HOUSE OF REPRESENTATIVES

April 9, 2013

Ms. Sinema (for herself, Mr. Cárdenas, Ms. Chu, Mr. Crowley, Mr. Doyle, and Mr. Cicilline) 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 extend the qualifying advanced energy project credit.

Short title

This Act may be cited as the Security in Energy and Manufacturing Act of 2013 or the SEAM Act of 2013.

Extension of the advanced energy project credit

(a)

In general

Subsection (d) of section 48C of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(6)

Additional 2013 allocations

(A)

In general

Not later than 180 days after the date of the enactment of this paragraph, the Secretary, in consultation with the Secretary of Energy, shall establish a program to consider and award certifications for qualified investments eligible for credits under this section to qualifying advanced energy project sponsors with respect to applications received on or after the date of the enactment of this paragraph.

(B)

Limitation

The total amount of credits that may be allocated under the program described in subparagraph (A) shall not exceed the 2013 allocation amount reduced by so much of the 2013 allocation amount as is taken into account as an increase in the limitation described in paragraph (1)(B).

(C)

Application of certain rules

Rules similar to the rules of paragraphs (2), (3), (4), and (5) shall apply for purposes of the program described in subparagraph (A), except that—

(i)

Certification

Applicants shall have 2 years from the date that the Secretary establishes such program to submit applications.

(ii)

Selection criteria

In determining which qualifying advanced energy projects to certify under such program, the Secretary, in consultation with the Secretary of Energy, shall give the highest priority to projects which manufacture (other than assembly of components) property described in a subclause of subsection (c)(1)(A)(i) (or components thereof).

(iii)

Review and redistribution

The Secretary shall conduct a separate review and redistribution under paragraph (5) with respect to such program not later than 4 years after the date of the enactment of this paragraph.

(D)

2013 allocation amount

For purposes of this subsection, the term 2013 allocation amount means $5,000,000,000.

(E)

Direct payments

In lieu of any qualifying advanced energy project credit which would otherwise be determined under this section with respect to an allocation to a taxpayer under this paragraph, the Secretary shall, upon the election of the taxpayer, make a grant to the taxpayer in the amount of such credit as so determined. Rules similar to the rules of section 50 shall apply with respect to any grant made under this subparagraph.

(b)

Portion of 2013 allocation allocated toward pending applications under original program

Subparagraph (B) of section 48C(d)(1) of such Code is amended by inserting (increased by so much of the 2013 allocation amount (not in excess of $1,500,000,000) as the Secretary determines necessary to make allocations to qualified investments with respect to which qualifying applications were submitted before the date of the enactment of paragraph (6)) after $2,300,000,000.

(c)

Conforming amendment

Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting 48C(d)(6)(E), after 36C,.