S. 1007Senate113th Congress (2013-2015)In Committee

BTU Act of 2013

Introduced May 22, 2013

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

May 22, 2013

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SenateIntro Referral

Introduced in Senate

May 22, 2013

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S3763)

May 22, 2013

SenateIntro Referral

Read twice and referred to the Committee on Finance.

May 22, 2013

Floor Debate

4 members

What members said about S. 1007 on the floor

1 Republican2 Democrats1 Independent
Jeanne Shaheen
Sen. Jeanne ShaheenD-NH · May 22, 2013

Mr. President, I rise today to discuss the threat posed by the proliferation of weapons of mass destruction around the globe and to introduce legislation aimed at modernizing the way the United…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · May 22, 2013

Mr. President, as parents, we can see the scrapes and cuts our children get--the unavoidable byproducts of growing up. A little bit of ointment and some bandages usually do the trick. But what of the…

Angus S. King Jr.
Sen. Angus S. King Jr.I-ME · May 22, 2013

Mr. President, I rise today in support of energy innovation, energy independence, national security, and local economies. The legislation I am introducing, the Biomass Thermal Utilization Act of…

Angus S. King Jr.
Sen. Angus S. King Jr.I-ME · May 22, 2013

Mr. President, I rise today in support of energy innovation, energy independence, national security, and local economies. The legislation I am introducing, the Biomass Thermal Utilization Act of…

John Cornyn
Sen. John CornynR-TX · May 22, 2013

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

Bill Text

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Introduced in SenateIssued May 22, 2013

II

113th CONGRESS

1st Session

S. 1007

IN THE SENATE OF THE UNITED STATES

May 22, 2013

Mr. King (for himself and Ms. Collins) 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 include biomass heating appliances for tax credits available for energy-efficient building property and energy property.

1.

Short title

This Act may be cited as the Biomass Thermal Utilization Act of 2013 or the BTU Act of 2013.

2.

Residential energy-efficient property credit for biomass fuel property expenditures

(a)

Allowance of credit

Subsection (a) of section 25D of the Internal Revenue Code of 1986 is amended—

(1)

by striking and at the end of paragraph (4),

(2)

by striking the period at the end of paragraph (5) and inserting , and, and

(3)

by adding at the end the following new paragraph:

(6)

30 percent of the qualified biomass fuel property expenditures made by the taxpayer during such year.

.

(b)

Qualified biomass fuel property expenditures

Subsection (d) of section 25D of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(6)

Qualified biomass fuel property expenditure

(A)

In general

The term qualified biomass fuel property expenditure means an expenditure for property—

(i)

which uses the burning of biomass fuel to heat a dwelling unit located in the United States and used as a residence by the taxpayer, or to heat water for use in such a dwelling unit, and

(ii)

which has a thermal efficiency rating of at least 75 percent (measured by the higher heating value of the fuel).

(B)

Biomass fuel

For purposes of this section, the term biomass fuel means any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues, plants (including aquatic plants), grasses, residues, and fibers. Such term includes densified biomass fuels such as wood pellets.

.

(c)

Effective date

The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2013.

3.

Investment tax credit for biomass heating property

(a)

In general

Subparagraph (A) of section 48(a)(3) 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:

(viii)

open-loop biomass (within the meaning of section 45(c)(3)) heating property, including boilers or furnaces which operate at thermal output efficiencies of not less than 65 percent (measured by the higher heating value of the fuel) 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, 2017,

.

(b)

30 percent and 15 percent credits

(1)

In general

Subparagraph (A) of section 48(a)(2) is amended—

(A)

by redesignating clause (ii) as clause (iii),

(B)

by inserting after clause (i) the following new clause:

(ii)

except as provided in clause (i)(V), 15 percent in the case of energy property described in paragraph (3)(A)(viii), and

, and

(C)

by inserting or (ii) after clause (i) in clause (iii), as so redesignated.

(2)

Increased credit for greater efficiency

Clause (i) of section 48(a)(2)(A) is amended by striking and at the end of subclause (III) and by inserting after subclause (IV) the following new subclause:

(V)

energy property described in paragraph (3)(A)(viii) which operates at a thermal output efficiency of not less than 80 percent (measured by the higher heating value of the fuel),

.

(c)

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).