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H.R.6182 - American Advanced Energy Manufacturing Jobs Act of 2012
To amend the Internal Revenue Code of 1986 to extend and expand the credit for qualifying advanced energy projects, and for other purposes.
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Mr. THOMPSON of California (for himself, Mr. LEVIN, Mr. RANGEL, Mr. STARK, Mr. MCDERMOTT, Mr. LEWIS of Georgia, Mr. NEAL, Mr. BECERRA, Mr. DOGGETT, Mr. LARSON of Connecticut, Mr. BLUMENAUER, Mr. KIND, Mr. PASCRELL, Ms. BERKLEY, and Mr. CROWLEY) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. EXTENSION AND EXPANSION OF THE QUALIFYING ADVANCED ENERGY PROJECT CREDIT.
(1) IN GENERAL- Subsection (a) of section 48C of the Internal Revenue Code of 1986 is amended by striking ‘an amount equal to’ and all that follows and inserting ‘an amount equal to the sum of--CommentsClose CommentsPermalink
(3) DENIAL OF DOUBLE BENEFIT- Subsection (e) of section 48C of such Code is amended by adding at the end the following: ‘Statutory advanced energy property shall not be taken into account in determining the qualified investment in any qualifying advanced energy project.’.CommentsClose CommentsPermalink
‘(B) LIMITATION- The total amount of qualified investments which may be designated under such program shall not exceed the amount which will result in the total amount of credits allowed under such program being equal to the sum of the following amounts:CommentsClose CommentsPermalink
(2) MANUFACTURING OF PROPERTY USED TO PRODUCE COMPOSITE UTILITY POLES- Clause (i) of section 48C(c)(1)(A) of such Code is amended by striking ‘or’ at the end of subclause (VI), by redesignating subclause (VII) as subclause (VIII), and by inserting after subclause (VI) the following new subclause:CommentsClose CommentsPermalink
(3) PREFERENCE IN SELECTION CRITERIA FOR MANUFACTURING- Paragraph (3) of section 48C(d) of such Code is amended by striking ‘and’ at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting ‘, and’, and by adding at the end the following new subparagraph:CommentsClose CommentsPermalink
‘(3) LIMITATION- The amount which is treated as a qualified investment for all taxable years with respect to any qualifying advanced manufacturing project shall not exceed the amount designated by the Secretary under subsection (d).’.CommentsClose CommentsPermalink
(5) Clause (v) of section 49(a)(1)(C) of such Code is amended by inserting ‘which is statutory advanced energy property (as defined in section 48C(c)(3)) or’ after ‘the basis of any property’.CommentsClose CommentsPermalink
(d) Effective Date- The amendments made by this section shall apply to periods after the date of the enactment of this Act, 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).CommentsClose CommentsPermalink
SEC. 3. MODIFICATIONS OF FOREIGN TAX CREDIT RULES APPLICABLE TO MAJOR INTEGRATED OIL COMPANIES WHICH ARE DUAL CAPACITY TAXPAYERS.
(a) In General- Section 901 of the Internal Revenue Code of 1986 is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:CommentsClose CommentsPermalink
‘(1) GENERAL RULE- Notwithstanding any other provision of this chapter, any amount paid or accrued by a dual capacity taxpayer which is a major integrated oil company (as defined in section 167(h)(5)(B)) to a foreign country or possession of the United States for any period shall not be considered a tax--CommentsClose CommentsPermalink
‘(2) DUAL CAPACITY TAXPAYER- For purposes of this subsection, the term ‘dual capacity taxpayer’ means, with respect to any foreign country or possession of the United States, a person who--CommentsClose CommentsPermalink
‘(A) IN GENERAL- The term ‘generally applicable income tax’ means an income tax (or a series of income taxes) which is generally imposed under the laws of a foreign country or possession on income derived from the conduct of a trade or business within such country or possession.CommentsClose CommentsPermalink
SEC. 4. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS OF MAJOR INTEGRATED OIL COMPANIES.
(a) In General- Section 263(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: ‘This subsection shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is a major integrated oil company (as defined in section 167(h)(5)(B)).’.CommentsClose CommentsPermalink