HR 724 IHCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

H. R. 724CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to extend the qualifying advanced energy project credit.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

February 15, 2011CommentsClose CommentsPermalink

Mr. ROTHMAN of New Jersey introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to extend the qualifying advanced energy project credit.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Security in Energy and Manufacturing Act of 2011’ or the ‘SEAM Act of 2011’.CommentsClose CommentsPermalink

SEC. 2. 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:CommentsClose CommentsPermalink





‘(6) ADDITIONAL 2011 ALLOCATIONS-CommentsClose CommentsPermalink





‘(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.CommentsClose CommentsPermalink





‘(B) LIMITATION- The total amount of credits that may be allocated under the program described in subparagraph (A) shall not exceed the 2011 allocation amount reduced by so much of the 2011 allocation amount as is taken into account as an increase in the limitation described in paragraph (1)(B).CommentsClose CommentsPermalink





‘(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--CommentsClose CommentsPermalink





‘(i) CERTIFICATION- Applicants shall have 2 years from the date that the Secretary establishes such program to submit applications.CommentsClose CommentsPermalink





‘(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).CommentsClose CommentsPermalink





‘(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.CommentsClose CommentsPermalink





‘(D) 2011 ALLOCATION AMOUNT- For purposes of this subsection, the term ‘2011 allocation amount’ means $5,000,000,000.CommentsClose CommentsPermalink





‘(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.’.CommentsClose CommentsPermalink





(b) Portion of 2011 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 2011 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’.CommentsClose CommentsPermalink





(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,’.CommentsClose CommentsPermalink