Rollover any line of text to comment and/or link to it.
S 3188 IS
111th CONGRESS
2d Session
S. 3188
To amend the Internal Revenue Code of 1986 to provide an investment tax credit for biomass heating property.
IN THE SENATE OF THE UNITED STATES
March 25, 2010
Mrs. SHAHEEN (for herself, Ms. MURKOWSKI, Mr. BEGICH, and Mr. CRAPO) 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 an investment tax credit for biomass heating property.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. INVESTMENT TAX CREDIT FOR BIOMASS HEATING PROPERTY.
(a) In General- Subparagraph (A) of section 48(a)(3) of the Internal Revenue Code of 1986 (defining energy property) 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) biomass heating property, including boilers or furnaces which operate at output efficiencies greater than 75 percent 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, 2014,’.
(b) 30 Percent Credit- Clause (i) of section 48(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking ‘and’ at the end of subclause (III) and by inserting after subclause (IV) the following new subclause:
(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).
U.S. Congress - Text of S.3188 as Introduced in Senate American Renewable Biomass Heating Act of 2010
