Clean Energy Victory Bond Act of 2014 - Directs the Secretary of the Treasury to issue, and promote the purchase of, Clean Energy Victory Bonds to pay for the energy-related tax benefits extended by this Act.
Amends the Internal Revenue Code to:
Directs the Secretary of Energy to establish a voluntary voucher program, through 2017, for the purchase of plug-in electric vehicles.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4426 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4426
To promote the domestic development and deployment of clean energy
technologies required for the 21st century.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 8, 2014
Ms. Lofgren (for herself, Ms. Matsui, Mr. Honda, Ms. Pingree of Maine,
Mr. Clay, Ms. Norton, Ms. Chu, Mr. Israel, Mr. Cartwright, Ms. Clark of
Massachusetts, Mr. Quigley, Mr. Holt, Ms. Tsongas, Ms. Shea-Porter, Mr.
Cardenas, Mrs. Capps, Mr. George Miller of California, and Mr. Schiff)
introduced the following bill; which was referred to the Committee on
Ways and Means, and in addition to the Committee on Energy and
Commerce, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To promote the domestic development and deployment of clean energy
technologies required for the 21st century.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Clean Energy
Victory Bond Act of 2014''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
TITLE I--CLEAN ENERGY VICTORY BONDS
Sec. 101. Clean Energy Victory Bonds.
TITLE II--REVENUE PROVISIONS
Sec. 201. Extension and modification of energy investment tax credit.
Sec. 202. Extension of residential energy efficient property credit.
Sec. 203. Extension and modification of credit for electricity produced
from certain renewable resources.
Sec. 204. Extension of credit for nonbusiness energy property.
Sec. 205. Performance based home energy improvements.
Sec. 206. Extension of new energy efficient home credit.
Sec. 207. Extension and modification of energy efficient commercial
buildings deduction.
Sec. 208. Plug-in electric vehicle grants in lieu of tax credits.
SEC. 2. FINDINGS.
Congress finds the following:
(1) There is enormous potential for increasing renewable
energy production and energy efficiency installation in the
United States.
(2) A major barrier to rapid expansion of renewable energy
and energy efficiency is upfront capital costs. Government tax
incentives and other assistance programs have proven beneficial
in encouraging private sector development, manufacturing and
installation of renewable energy and energy efficiency projects
nationwide. However, these government incentives are not
currently meeting demand from the private sector, and we are
not taking full advantage of the potential for clean energy and
transportation, as well as energy efficiency in the United
States.
(3) Other nations, including China and Germany are ahead of
the United States in manufacturing and deploying various clean
energy technologies, even though the United States invented
many of these technologies.
(4) Investments in renewable energy and energy efficiency
projects in the United States create green jobs for U.S.
citizens across the United States. Hundreds of thousands of
jobs could be created through expanded government support for
clean energy and energy efficiency.
(5) As Americans choose energy efficiency and clean energy
and transportation, it reduces our dependence on foreign oil
and improves our energy security.
(6) Bonds are a low-cost method for encouraging clean
energy, not requiring direct budget allocations or
expenditures. The projects supported through Clean Energy
Victory Bonds will create jobs and business revenues that will
increase Federal tax revenues, while simultaneously reducing
health and environmental costs incurred by the Federal
Government nationwide.
(7) In World War II, over 80 percent of American households
purchased Victory Bonds to support the war effort, raising over
$185 billion, or over $2 trillion in today's dollars.
TITLE I--CLEAN ENERGY VICTORY BONDS
SEC. 101. CLEAN ENERGY VICTORY BONDS.
(a) Initial Capitalization.--The Secretary of the Treasury shall
issue Clean Energy Victory Bonds in an amount not to exceed
$7,500,000,000 on the credit of the United States for purposes of
raising revenue for the extension of certain energy-related tax
benefits extended by this Act.
(b) Denominations and Maturity.--Clean Energy Victory Bonds shall
be in the form of United States Savings Bonds of Series EE or as
administered by the Bureau of the Public Debt of the Department of the
Treasury in denominations of $25, and shall mature within such periods
as determined by the Secretary of the Treasury.
(c) Interest.--Clean Energy Victory Bonds shall bear interest at
the rate the Secretary of the Treasury sets for Savings Bonds of Series
EE and Series I, plus a rate of return determined by the Secretary of
the Treasury which is based on the valuation of carbon mitigated or
energy saved through funded projects funded from the proceeds of such
bonds.
(d) Promotion.--
(1) In general.--The Secretary of the Treasury shall take
such actions, independently and in conjunction with financial
institutions offering Clean Energy Victory Bonds, to promote
the purchase of Clean Energy Victory Bonds, including campaigns
describing the financial and social benefits of purchasing
Clean Energy Victory Bonds.
(2) Promotional activities.--Such promotional activities
may include advertisements, pamphlets, or other promotional
materials--
(A) in periodicals;
(B) on billboards and other outdoor venues;
(C) on television;
(D) on radio;
(E) on the Internet;
(F) within financial institutions that offer Clean
Energy Victory Bonds; or
(G) any other venues or outlets the Secretary of
the Treasury may identify.
(3) Limitation.--There are authorized to be appropriated
for such promotional activities not more than--
(A) $10,000,000 in the first year after the date of
the enactment of this Act, and
(B) $2,000,000 in each year thereafter.
(e) Future Capitalization.--
(1) In general.--After the initial capitalization limit is
reached under subsection (a), the Secretary of the Treasury may
issue additional Clean Energy Victory Bonds on the credit of
the United States.
(2) Single issue limitation.--No such additional issue may
exceed $7,500,000,000.
(3) Aggregate limitations.--The aggregate of any such
additional issues during the 4-year period beginning on the day
after the initial capitalization limit is reached under
subsection (a) may not exceed $50,000,000,000. The aggregate of
any such additional issues after the expiration of such 4-year
period may not exceed $50,000,000,000.
(f) Lawful Investments.--Clean Energy Victory Bonds shall be lawful
investments, and may be accepted as security for all fiduciary, trust,
and public funds, the investment or deposit of which shall be under the
authority or control of the United States or any officer or officers
thereof.
TITLE II--REVENUE PROVISIONS
SEC. 201. EXTENSION AND MODIFICATION OF ENERGY INVESTMENT TAX CREDIT.
(a) Extension.--
(1) Solar energy.--Paragraphs (2)(A)(i)(II) and (3)(A)(ii)
of section 48(a) of the Internal Revenue Code of 1986 are each
amended by striking ``January 1, 2017'' and inserting ``January
1, 2023''.
(2) Geothermal heat pumps.--Clause (vii) of section
48(a)(3)(A) of such Code is amended by striking ``January 1,
2017'' and inserting ``January 1, 2023''.
(3) Fuel cell property.--Subparagraph (D) of section
48(c)(1) of such Code is amended by striking ``December 31,
2016'' and inserting ``December 31, 2022''.
(4) Microturbine property.--Subparagraph (D) of section
48(c)(2) of such Code is amended by striking ``December 31,
2016'' and inserting ``December 31, 2022''.
(5) Combined heat and power.--Clause (iv) of section
48(c)(3) of such Code is amended by striking ``January 1,
2017'' and inserting ``January 1, 2023''.
(6) Small wind.--Subparagraph (C) of section 48(c)(4) of
such Code is amended by striking ``December 31, 2016'' and
inserting ``December 31, 2022''.
(7) Offshore wind.--
(A) In general.--Clause (ii) of section 48(a)(5)(C)
of such Code is amended--
(i) by striking ``is placed in service in''
and inserting the following: ``is--
``(I) except as provided in
subclause (II), placed in service in'',
(ii) by adding at the end the following new
subclause:
``(II) in the case of an offshore
wind facility, placed in service after
December 31, 2008, and before January
1, 2021, and''.
(B) Offshore wind facility.--Paragraph (5) of
section 48(a) of such Code is amended by adding at the
end the following new subparagraph:
``(E) Offshore wind facility.--The term `offshore
wind facility' means any qualified facility described
in section 45(d)(1) and located in the inland navigable
waters of the United States, including the Great Lakes,
or in the coastal waters of the United States,
including the territorial seas of the United States,
the exclusive economic zone of the United States, and
the outer Continental Shelf of the United States.''.
(b) Modification of Fuel Cell Property.--Paragraph (1) of section
48(c) of such Code, as amended by this Act, is amended by redesignating
subparagraph (D) as subparagraph (E) and by inserting after
subparagraph (C) the following new subparagraph:
``(D) Exception for fuel derived from fossil
fuels.--The term `qualified fuel cell powerplant' shall
not include any fuel cell powerplant the fuel of which
is derived from, or is produced by using, any fossil
fuel.''.
(c) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 202. EXTENSION OF RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT.
(a) In General.--Subsection (g) of section 25D of the Internal
Revenue Code of 1986 is amended by striking ``December 31, 2016'' and
inserting ``December 31, 2023''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2016.
SEC. 203. EXTENSION AND MODIFICATION OF CREDIT FOR ELECTRICITY PRODUCED
FROM CERTAIN RENEWABLE RESOURCES.
(a) Extension.--Subsection (d) of section 45 of the Internal
Revenue Code of 1986 is amended--
(1) by striking ``January 1, 2013'' in paragraph (1) and
inserting ``January 1, 2023'',
(2) by striking ``January 1, 2014'' each place it appears
in paragraphs (2), (3), (4), (9), and (11) and inserting
``January 1, 2023'', and
(3) by striking ``January 1, 2006'' in paragraph (4) and
inserting ``January 1, 2023''.
(b) Modifications With Respect to Closed-Loop Biomass.--
(1) In general.--Paragraph (2) of section 45(c) of such
Code is amended to read as follows:
``(2) Closed-loop biomass.--
``(A) In general.--The term `closed-loop biomass'
means any organic matter from a plant which--
``(i) is planted exclusively for purposes
of being used at a qualified facility to
produce electricity, or
``(ii) is a byproduct from harvesting
timber (including tops, branches, crooks) or is
invasive woody vegetation that interferes with
regeneration or the natural growth of the
forest from which timber is harvested.
``(B) Limitation.--For purposes of subparagraph
(A)(ii), byproduct from harvesting timber shall not be
treated as closed-loop biomass unless--
``(i) such byproduct does not exceed 30
percent (by weight) of the harvested timber to
which it relates, and
``(ii) the percentage byproduct removed (by
weight) does not exceed--
``(I) 25 percent in the case of
timber harvested from good soil, and
``(II) 0 percent in the case of
timber harvested from poor soil.
For purposes of the preceding sentence, soil quality
shall be determined by reference to soil
classifications by the Natural Resources Conservation
Service.''.
(2) Qualified facility.--Paragraph (2) of section 45(d) of
such Code is amended by adding at the end the following new
subparagraph:
``(D) Greenhouse gas emissions.--In the case of a
facility placed in service after December 31, 2014,
such term shall not include any facility unless, with
respect to the facility, the taxpayer annually during
the 10-year period described in subsection (a)
demonstrates to the satisfaction of the Secretary that
such facility's use of closed-loop biomass will result
in a 50-percent reduction in greenhouse gas emissions
compared to a similar facility using natural gas
combined-cycle generation.''.
(c) Modification of Open-Loop Biomass Definition.--The second
sentence of subparagraph (A) of section 45(c)(3) of such Code is
amended--
(1) by striking ``or biomass'' and inserting ``, biomass'',
and
(2) by inserting before the period at the end the
following: ``, any biomass which is primarily a food crop, or
biomass derived from any crop that displaces any forest
existing on the date of the enactment of the Clean Energy
Victory Bond Act of 2014''.
(d) Modification of Biofuel as Qualified Energy Resource.--
(1) In general.--Paragraph (1) of section 45(c) of such
Code is amended by striking ``and'' at the end of subparagraph
(H), by striking the period at the end of subparagraph (I) and
inserting ``, and'', and by adding at the end the following new
subparagraph:
``(J) second generation biomass.''.
(2) Second generation biomass defined.--Subsection (c) of
section 45 of such Code is amended by adding at the end the
following new paragraph:
``(11) Second generation biomass.--The term `second
generation biomass' means any biomass which is composed of
lignocellulosic or hemicellulosic matter that is available on a
renewable or recurring basis and that does not replace forested
land (other than any fuel described in section
40(b)(6)(E)(iii)).''.
(3) Qualified facility.--Subsection (d) of section 45 of
such Code is amended by adding at the end the following new
paragraph:
``(12) Second generation biomass.--In the case of a
facility producing electricity from second generation biomass,
the term `qualified facility' means any facility owned by the
taxpayer which is originally placed in service on or after the
date of the enactment of this paragraph and before January 1,
2023.''.
(4) Conforming amendments.--
(A) Subsection (d) of section 45 of such Code is
amended by striking ``January 1, 2014'' each place it
appears in paragraphs (2)(A)(i), (3), (6), and (7) and
inserting ``the date of the enactment of the Clean
Energy Victory Bond Act of 2014''.
(B) Clause (ii) of section 45(d)(2)(A) of such Code
is amended by striking ``January 1, 2014,'' and
inserting ``the date of the enactment of the Clean
Energy Victory Bond Act of 2014''.
(e) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act.
SEC. 204. EXTENSION OF CREDIT FOR NONBUSINESS ENERGY PROPERTY.
(a) In General.--Paragraph (2) of section 25C(g) of the Internal
Revenue Code of 1986 is amended by striking ``December 31, 2013'' and
inserting ``December 31, 2022''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2013.
SEC. 205. PERFORMANCE BASED HOME ENERGY IMPROVEMENTS.
(a) In General.--Subpart A of part IV of subchapter A of chapter 1
is amended by adding at the end the following new section:
``SEC. 25E. PERFORMANCE BASED ENERGY IMPROVEMENTS.
``(a) In General.--In the case of an individual, there shall be
allowed as a credit against the tax imposed by this chapter for the
taxable year for a qualified whole home energy efficiency retrofit an
amount determined under subsection (b).
``(b) Amount Determined.--
``(1) In general.--Subject to paragraph (4), the amount
determined under this subsection is equal to--
``(A) the base amount under paragraph (2),
increased by
``(B) the amount determined under paragraph (3).
``(2) Base amount.--For purposes of paragraph (1)(A), the
base amount is $2,000, but only if the energy use for the
residence is reduced by at least 20 percent below the baseline
energy use for such residence as calculated according to
paragraph (5).
``(3) Increase amount.--For purposes of paragraph (1)(B),
the amount determined under this paragraph is $500 for each
additional 5 percentage point reduction in energy use.
``(4) Limitation.--In no event shall the amount determined
under this subsection exceed the lesser of--
``(A) $5,000 with respect to any residence, or
``(B) 30 percent of the qualified home energy
efficiency expenditures paid or incurred by the
taxpayer under subsection (c) with respect to such
residence.
``(5) Determination of energy use reduction.--For purposes
of this subsection--
``(A) In general.--The reduction in energy use for
any residence shall be determined by modeling the
annual predicted percentage reduction in total energy
costs for heating, cooling, hot water, and permanent
lighting. It shall be modeled using computer modeling
software approved under subsection (d)(2) and a
baseline energy use calculated according to subsection
(d)(1)(C).
``(B) Energy costs.--For purposes of subparagraph
(A), the energy cost per unit of fuel for each fuel
type shall be determined by dividing the total actual
energy bill for the residence for that fuel type for
the most recent available 12-month period by the total
energy units of that fuel type used over the same
period.
``(c) Qualified Home Energy Efficiency Expenditures.--For purposes
of this section, the term `qualified home energy efficiency
expenditures'--
``(1) means any amount paid or incurred by the taxpayer
during the taxable year for a qualified whole home energy
efficiency retrofit, including the cost of diagnostic
procedures, labor, and modeling,
``(2) includes only measures that have an average estimated
life of 5 years or more as determined by the Secretary, after
consultation with the Secretary of Energy,
``(3) does not include any amount which is paid or incurred
in connection with any expansion of the building envelope of
the residence, and
``(4) does not include improvements to swimming pools or
hot tubs or any other expenditure specifically excluded by the
Secretary, after consultation with the Secretary of Energy.
``(d) Qualified Whole Home Energy Efficiency Retrofit.--For
purposes of this section--
``(1) In general.--The term `qualified whole home energy
efficiency retrofit' means the implementation of measures
placed in service during the taxable year intended to reduce
the energy use of the principal residence of the taxpayer which
is located in the United States. A qualified whole home energy
efficiency retrofit shall--
``(A) be designed, implemented, and installed by a
contractor which is--
``(i) accredited by the Building
Performance Institute (hereafter in this
section referred to as `BPI') or a preexisting
BPI accreditation-based State certification
program with enhancements to achieve State
energy policy,
``(ii) a Residential Energy Services
Network (hereafter in this section referred to
as `RESNET') accredited Energy Smart Home
Performance Team, or
``(iii) accredited by an equivalent
certification program approved by the
Secretary, after consultation with the
Secretary of Energy, for this purpose,
``(B) install a set of measures modeled to achieve
a reduction in energy use of at least 20 percent below
the baseline energy use established in subparagraph
(C), using computer modeling software approved under
paragraph (2),
``(C) establish the baseline energy use by
calibrating the model using sections 3 and 4 and Annex
D of BPI Standard BPI-2400-S-2011: Standardized
Qualification of Whole House Energy Savings Estimates,
or an equivalent standard approved by the Secretary,
after consultation with the Secretary of Energy, for
this purpose,
``(D) document the measures implemented in the
residence through photographs taken before and after
the retrofit, including photographs of its visible
energy systems and envelope as relevant, and
``(E) implement a test-out procedure, following
guidelines of the applicable certification program
specified under clause (i) or (ii) of subparagraph (A),
or equivalent guidelines approved by the Secretary,
after consultation with the Secretary of Energy, for
this purpose, to ensure--
``(i) the safe operation of all systems
post retrofit, and
``(ii) that all improvements are included
in, and have been installed according to,
standards of the applicable certification
program specified under clause (i) or (ii) of
subparagraph (A), or equivalent standards
approved by the Secretary, after consultation
with the Secretary of Energy, for this purpose.
For purposes of subparagraph (A)(iii), an organization
or State may submit an equivalent certification program
for approval by the Secretary, in consultation with the
Secretary of Energy. The Secretary shall approve or
deny such submission not later than 180 days after
receipt, and, if the Secretary fails to respond in that
time period, the submitted equivalent certification
program shall be considered approved.
``(2) Approved modeling software.--For purposes of
paragraph (1)(B), the contractor shall use modeling software
certified by RESNET as following the software verification test
suites in section 4.2.1 of RESNET Publication No. 06-001 or
certified by an alternative organization as following an
equivalent standard, as approved by the Secretary, after
consultation with the Secretary of Energy, for this purpose.
``(3) Documentation.--The Secretary, after consultation
with the Secretary of Energy, shall prescribe regulations
directing what specific documentation is required to be
retained or submitted by the taxpayer in order to claim the
credit under this section, which shall include, in addition to
the photographs under paragraph (1)(D), a form approved by the
Secretary that is completed and signed by the qualified whole
home energy efficiency retrofit contractor under penalties of
perjury. Such form shall include--
``(A) a statement that the contractor followed the
specified procedures for establishing baseline energy
use and estimating reduction in energy use,
``(B) the name of the software used for calculating
the baseline energy use and reduction in energy use,
the percentage reduction in projected energy savings
achieved, and a statement that such software was
certified for this program by the Secretary, after
consultation with the Secretary of Energy,
``(C) a statement that the contractor will retain
the details of the calculations and underlying energy
bills for 5 years and will make such details available
for inspection by the Secretary or the Secretary of
Energy, if so requested,
``(D) a list of measures installed and a statement
that all measures included in the reduction in energy
use estimate are included in, and installed according
to, standards of the applicable certification program
specified under clause (i) or (ii) of subparagraph (A),
or equivalent standards approved by the Secretary,
after consultation with the Secretary of Energy,
``(E) a statement that the contractor meets the
requirements of paragraph (1)(A), and
``(F) documentation of the total cost of the
project in order to comply with the limitation under
subsection (b)(4)(B).
``(e) Additional Rules.--For purposes of this section--
``(1) No double benefit.--
``(A) In general.--With respect to any residence,
no credit shall be allowed under this section for any
taxable year in which the taxpayer claims a credit
under section 25C.
``(B) Renewable energy systems and appliances.--In
the case of a renewable energy system or appliance that
qualifies for another credit under this chapter, the
resulting reduction in energy use shall not be taken
into account in determining the percentage energy use
reductions under subsection (b).
``(C) No double benefit for certain expenditures.--
The term `qualified home energy efficiency
expenditures' shall not include any expenditure for
which a deduction or credit is claimed by the taxpayer
under this chapter for the taxable year or with respect
to which the taxpayer receives any Federal energy
efficiency rebate.
``(2) Principal residence.--The term `principal residence'
has the same meaning as when used in section 121.
``(3) Special rules.--Rules similar to the rules under
paragraphs (4), (5), (6), (7), and (8) of section 25D(e) and
section 25C(e)(2) shall apply, as determined by the Secretary,
after consultation with the Secretary of Energy.
``(4) Basis adjustments.--For purposes of this subtitle, if
a credit is allowed under this section with respect to any
expenditure with respect to any property, the increase in the
basis of such property which would (but for this paragraph)
result from such expenditure shall be reduced by the amount of
the credit so allowed.
``(5) Election not to claim credit.--No credit shall be
determined under subsection (a) for the taxable year if the
taxpayer elects not to have subsection (a) apply to such
taxable year.
``(6) Multiple year retrofits.--If the taxpayer has claimed
a credit under this section in a previous taxable year, the
baseline energy use for the calculation of reduced energy use
must be established after the previous retrofit has been placed
in service.
``(f) Termination.--This section shall not apply with respect to
any costs paid or incurred after December 31, 2022.
``(g) Secretary Review.--The Secretary, after consultation with the
Secretary of Energy, shall establish a review process for the retrofits
performed, including an estimate of the usage of the credit and a
statistically valid analysis of the average actual energy use
reductions, utilizing utility bill data collected on a voluntary basis,
and report to Congress not later than June 30, 2016, any findings and
recommendations for--
``(1) improvements to the effectiveness of the credit under
this section, and
``(2) expansion of the credit under this section to rental
units.''.
(b) Conforming Amendments.--
(1) Section 1016(a) is amended--
(A) by striking ``and'' at the end of paragraph
(36),
(B) by striking the period at the end of paragraph
(37) and inserting ``, and'', and
(C) by adding at the end the following new
paragraph:
``(38) to the extent provided in section 25E(e)(4), in the
case of amounts with respect to which a credit has been allowed
under section 25E.''.
(2) Section 6501(m) is amended by inserting ``25E(e)(5),''
after ``section''.
(3) The table of sections for subpart A of part IV of
subchapter A chapter 1 is amended by inserting after the item
relating to section 25D the following new item:
``Sec. 25E. Performance based energy improvements.''.
(c) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred for a qualified whole home energy
efficiency retrofit placed in service after December 31, 2013.
SEC. 206. EXTENSION OF NEW ENERGY EFFICIENT HOME CREDIT.
(a) In General.--Subsection (g) of section 45L of the Internal
Revenue Code of 1986 is amended by striking ``December 31, 2013'' and
inserting ``December 31, 2022''.
(b) Effective Date.--The amendment made by this section shall apply
to homes acquired after December 31, 2013.
SEC. 207. EXTENSION AND MODIFICATION OF ENERGY EFFICIENT COMMERCIAL
BUILDINGS DEDUCTION.
(a) In General.--Subsection (h) of section 179D of the Internal
Revenue Code of 1986 is amended by striking ``December 31, 2013'' and
inserting ``December 31, 2022''.
(b) Increase in Deduction Limitations.--
(1) In general.--Subparagraph (A) of section 179D(b)(1) of
such Code is amended by striking ``$1.80'' and inserting
``$3.00''.
(2) Partial pay.--Subparagraph (A) of section 179D(d)(1) is
amended by striking ``substituting `$.60' for `$1.80'.'' and
inserting ``substituting `$1.00' for `$3.00'.''.
(3) Reduced amount for lower efficiency property.--
Subsection (d) of section 179D of such Code is amended by
adding at the end the following new paragraph:
``(1) 30 to 50 percent property.--In the case of property
which would be energy efficient commercial building property
were subsection (c)(1)(D) applied by substituting `more than 30
percent and less than 50 percent' for `50 percent or more',
subsection (b) shall be applied to such property by
substituting `$1.80' for `$3.00'.''.
(c) Updating Partial Allowance Regulations.--Subparagraph (B) of
section 179D(d)(1) of such Code is amended by adding at the end the
following: ``Not later than 1 year after the date of the enactment of
the Clean Energy Victory Bond Act of 2014, and every three years
thereafter, the Secretary shall, after consultation with the Secretary
of Energy, update the targets for such systems in such a manner as the
Secretary determines will encourage innovation in commercial building
energy efficiency.''.
(d) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2013.
SEC. 208. PLUG-IN ELECTRIC VEHICLE GRANTS IN LIEU OF TAX CREDITS.
(a) In General.--The Secretary of Energy, in consultation with the
Secretary of the Treasury, shall establish a voluntary program through
which the Secretary of Energy shall--
(1) authorize the issuance of an electronic voucher to
offset the purchase price of a qualified plug-in electric
vehicle or a new qualified plug-in electric drive motor vehicle
purchased from a dealer participating in the program;
(2) register dealers for participation in the program and
require that all dealers so registered accept such vouchers as
partial payment or down payment for the purchase of any such
vehicle offered for sale by such dealer;
(3) make electronic payments to dealers for eligible
transactions by such dealers; and
(4) in consultation with the Inspector General of the
Department of Transportation establish and provide for the
enforcement of measures to prevent and penalize fraud under the
program.
(b) Voucher Limitations.--A voucher issued under the program shall
have a value that may be applied to offset the purchase price of a
vehicle by--
(1) in the case of a qualified plug-in electric vehicle,
$2,500; or
(2) in the case of a new qualified plug-in electric drive
motor vehicle, $2,500 plus an amount determined with respect to
the vehicle under section 30D(b)(3) of the Internal Revenue
Code of 1986.
(c) Treated as Advance Payment of Credit.--Use of a voucher under
the program to offset the purchase price of a vehicle shall, for
purposes of the Internal Revenue Code of 1986, be treated as advance
payment of the credit allowed under section 30 or 30D of such Code, as
the case may be, and the amount of credit which would (but for this
paragraph) be allowable with respect to such vehicle under either such
section shall be reduced (but not below zero) by the amount of the
voucher so used.
(d) Definitions and Special Rules.--For purposes of this section--
(1) Qualified plug-in electric vehicle.--The term
``qualified plug-in electric vehicle'' shall have the meaning
given such term by section 30(d) of the Internal Revenue Code
of 1986.
(2) New qualified plug-in electric drive motor vehicle.--
The term ``new qualified plug-in electric drive motor vehicle''
shall have the meaning given such term by section 30D(d) of
such Code.
(3) No combination of vouchers.--Only 1 voucher issued
under the program may be applied toward the purchase of a
single vehicle.
(4) Combination with other incentives permitted.--The
availability or use of a Federal, State, or local incentive or
a State-issued voucher for the purchase of any vehicle shall
not limit the value or issuance of a voucher under the program
to any person otherwise eligible to receive such a voucher.
(5) No additional fees.--A dealer participating in the
program may not charge a person purchasing a vehicle any
additional fees associated with the use of a voucher under the
program.
(6) Application of certain rules.--Rules similar to the
rules of paragraphs (1), (2), (3), (4), and (5) of section
30(e) of such Code shall apply for purposes of this section.
(e) Termination and Phaseout.--
(1) Termination for qualified plug-in electric vehicles.--
This section shall not apply to any qualified plug-in electric
vehicle acquired after December 31, 2017.
(2) Phaseout for new qualified plug-in electric drive motor
vehicle.--The amount of any voucher with respect to any new
qualified plug in electric drive motor vehicle shall be reduced
as provided in section 30D(e) of the Internal Revenue Code of
1986.
(f) Regulations.--The Secretary of Energy, in consultation with the
Secretary of the Treasury, shall prescribe such regulations as may be
necessary or appropriate to carry out the purposes of this section.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Energy and Power.
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