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II
116TH CONGRESS
1ST SESSION
S. 2283
To amend the Internal Revenue Code of 1986 to provide an investment
tax credit for waste heat to power technology.
IN THE SENATE OF THE UNITED STATES
JULY 25, 2019
Mr. CARPER (for himself and Mr. CARDIN) 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 waste heat to power technology.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Waste Heat to Power
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Investment Tax Credit Act’’.
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SEC. 2. INVESTMENT CREDIT FOR WASTE HEAT TO POWER
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PROPERTY.
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(a) IN GENERAL.—Section 48(a)(3)(A) of the Inter-
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nal Revenue Code of 1986 is amended—
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(1) at the end of clause (vi), by striking ‘‘or’’;
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•S 2283 IS
(2) at the end of clause (vii), by inserting ‘‘or’’
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after the comma; and
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(3) by adding at the end the following:
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‘‘(viii) waste heat to power property,’’.
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(b) DEFINITIONS AND LIMITATIONS.—Section 48(c)
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of the Internal Revenue Code of 1986 is amended by add-
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ing at the end the following:
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‘‘(5) WASTE HEAT TO POWER PROPERTY.—
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‘‘(A) IN GENERAL.—The term ‘waste heat
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to power property’ means property—
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‘‘(i) comprising a system which gen-
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erates electricity through the recovery of a
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qualified waste heat resource, and
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‘‘(ii) the construction of which begins
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before January 1, 2027.
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‘‘(B)
QUALIFIED
WASTE
HEAT
RE-
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SOURCE.—The term ‘qualified waste heat re-
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source’ means—
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‘‘(i) exhaust heat or flared gas from
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an industrial process that does not have,
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as its primary purpose, the production of
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electricity, and
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‘‘(ii) a pressure drop in any gas for an
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industrial or commercial process.
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‘‘(C) LIMITATIONS.—
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•S 2283 IS
‘‘(i) IN
GENERAL.—For purposes of
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subsection (a)(1), the basis of any waste
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heat to power property taken into account
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under this section shall not exceed the ex-
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cess of—
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‘‘(I) the basis of such property,
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over
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‘‘(II) the fair market value of
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comparable property which does not
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have the capacity to capture and con-
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vert a qualified waste heat resource to
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electricity.
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‘‘(ii)
CAPACITY
LIMITATION.—The
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term ‘waste heat to power property’ shall
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not include any property comprising a sys-
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tem if such system has a capacity in excess
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of 50 megawatts.’’.
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(c) EFFECTIVE DATE.—The amendments made by
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this section shall apply to periods after the date of enact-
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ment of this Act, in taxable years ending after such date,
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under rules similar to the rules of section 48(m) of the
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Internal Revenue Code of 1986 (as in effect on the day
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before the date of the enactment of the Revenue Reconcili-
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ation Act of 1990).
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Æ
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