H.R. 3017

Renewable Energy Construction and Investment Parity Act of 2013

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I

113th CONGRESS

1st Session

H. R. 3017

IN THE HOUSE OF REPRESENTATIVES

August 2, 2013

Mr. Cook (for himself and Mr. Salmon) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, 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 of 1986 to extend the energy credit for certain property under construction.

1.

Short title

This Act may be cited as the Renewable Energy Construction and Investment Parity Act of 2013.

2.

Extension of energy credit for certain property under construction

(a)

Solar energy property

Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) of the Internal Revenue Code of 1986 are each amended by striking periods ending and inserting property the construction of which begins.

(b)

Qualified fuel cell property

Section 48(c)(1)(D) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2017.

(c)

Qualified microturbine property

Section 48(c)(2)(D) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2017.

(d)

Combined heat and power system property

Section 48(c)(3)(A)(iv) of such Code is amended by striking which is placed in service and inserting construction of which begins.

(e)

Qualified small wind energy property

Section 48(c)(4)(C) of such Code is amended by striking for any period after December 31, 2016 and inserting the construction of which does not begin before January 1, 2017.

(f)

Thermal energy property

Section 48(a)(3)(A)(vii) of such Code is amended by striking periods ending and inserting property the construction of which begins.

(g)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.

3.

Treatment of proceeds of sales of helium from Federal helium reserve

(a)

Deposit of proceeds

Notwithstanding any other provision of law, from amounts received by the United States in a fiscal year as proceeds of sales of crude helium under the Helium Act (50 U.S.C. 167a et seq.), there shall be deposited in the general fund of the Treasury an amount equal to the amount of revenue that would have been received by the United States in that fiscal year but for the enactment of section 2 of this Act.

(b)

Treatment of deposits

Amounts deposited under subsection (a) shall be applied—

(1)

except as provided in paragraph (2), to reduce the annual Federal budget deficit of the Government of the United States; or

(2)

for amounts deposited in a fiscal year for which there is not such an annual deficit, to reduce the Federal debt of the Government of the United States.