Innovative Energy Manufacturing Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 5165 To amend the Internal Revenue Code of 1986 to extend the advanced energy project credit. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 19, 2019 Mr. BRENDAN F. BOYLE of Pennsylvania (for himself, Ms. SA´NCHEZ, Mr. SUOZZI, Mr. PANETTA, Mr. BLUMENAUER, Mr. GOMEZ, and Ms. MOORE) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend the advanced energy project credit. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Innovative Energy 4 Manufacturing Act of 2019’’. 5 SEC. 2. EXTENSION OF THE ADVANCED ENERGY PROJECT 6 CREDIT. 7 (a) IN GENERAL.—Section 48C of the Internal Rev- 8 enue Code of 1986 is amended by redesignating subsection 9 VerDate Sep 11 2014 21:05 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5165.IH H5165 kjohnson on DSK79L0C42 with BILLS 2 •HR 5165 IH (e) as subsection (f) and by inserting after subsection (d) 1 the following new subsection: 2 ‘‘(e) ADDITIONAL ALLOCATIONS.— 3 ‘‘(1) IN GENERAL.—Not later than 180 days 4 after the date of enactment of this paragraph, the 5 Secretary, after consultation with the Secretary of 6 Energy, shall establish a program to designate 7 amounts of qualifying advanced project credit limita- 8 tion to qualifying advanced energy projects. 9 ‘‘(2) ANNUAL LIMITATION.— 10 ‘‘(A) IN GENERAL.—The amount of quali- 11 fying advanced project credit limitation that 12 may be designated under this subsection during 13 any calendar year shall not exceed the annual 14 credit limitation with respect to such year. 15 ‘‘(B) ANNUAL CREDIT LIMITATION.—For 16 purposes of this subsection, the term ‘annual 17 credit limitation’ means $2,500,000,000 for 18 each of calendar years 2020, 2021, 2022, 2023, 19 and 2024, and zero thereafter. 20 ‘‘(C) CARRYOVER OF UNUSED LIMITA- 21 TION.—If the annual credit limitation for any 22 calendar year exceeds the aggregate amount 23 designated for such year under this subsection, 24 such limitation for the succeeding calendar year 25 VerDate Sep 11 2014 21:05 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5165.IH H5165 kjohnson on DSK79L0C42 with BILLS 3 •HR 5165 IH shall be increased by the amount of such excess. 1 No amount may be carried under the preceding 2 sentence to any calendar year after 2024. 3 ‘‘(3) PLACED IN SERVICE DEADLINE.—No cred- 4 it shall be determined under subsection (a) with re- 5 spect to any property which is placed in service after 6 the date that is 4 years after the date of the des- 7 ignation under this subsection relating to such prop- 8 erty. 9 ‘‘(4) SELECTION CRITERIA.—Selection criteria 10 similar to those in subsection (d)(3) shall apply, ex- 11 cept that in determining designations under this 12 subsection, the Secretary, after consultation with the 13 Secretary of Energy, shall give the highest priority 14 to projects which manufacture (other than assembly 15 of components) property described in a subclause of 16 subsection (c)(1)(A)(i) (or components thereof). 17 ‘‘(5) DISCLOSURE OF DESIGNATIONS.—Rules 18 similar to the rules of subsection (d)(5) shall apply 19 for purposes of this subsection.’’. 20 (b) EFFECTIVE DATE.—The amendment made by 21 this section shall take effect on the date of the enactment 22 of this Act. 23 (c) PROGRESS REPORT.—During the 30-day period 24 ending on December 31, 2025, the Secretary of the Treas- 25 VerDate Sep 11 2014 21:05 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5165.IH H5165 kjohnson on DSK79L0C42 with BILLS 4 •HR 5165 IH ury (or the Secretary’s delegate), after consultation with 1 the Secretary of Labor, shall submit a report to Congress 2 on the domestic job creation, and wages associated with 3 such jobs, attributable to the amendment made by this 4 section. 5 Æ VerDate Sep 11 2014 21:05 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H5165.IH H5165 kjohnson on DSK79L0C42 with BILLS