POWER Act

Power Efficiency and Resiliency Act or the POWER Act - Amends the Internal Revenue Code to: (1) allow a 30% energy tax credit for combined heat and power system property and increase the capacity limitations for such property, (2) extend until December 31, 2018, the placed-in-service deadline for such property, and (3) allow a 30% energy tax credit for waste heat to power property (property comprising a system generating electricity through the recovery of a qualified waste heat resource) placed in service before January 1, 2019.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4916 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4916

To amend the Internal Revenue Code of 1986 to modify the energy credit 
    to provide greater incentives for industrial energy efficiency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 19, 2014

  Ms. Schwartz (for herself, Mr. Crowley, Mr. Gibson, Mr. King of New 
 York, and Mr. Neal) 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 modify the energy credit 
    to provide greater incentives for industrial energy efficiency.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Power Efficiency and Resiliency 
Act'' or as the ``POWER Act''.

SEC. 2. MODIFICATIONS IN CREDIT FOR COMBINED HEAT AND POWER SYSTEM 
              PROPERTY.

    (a) Increased Energy Percentage.--Clause (i) of section 48(a)(2)(A) 
of the Internal Revenue Code of 1986 is amended by striking ``and'' at 
the end of subclause (III), by redesignating subclause (IV) as 
subclause (V), and by inserting after subclause (III) the following new 
subclause:
                                    ``(IV) energy property described in 
                                paragraph (3)(A)(v), and''.
    (b) Modification of Certain Capacity Limitations.--Section 
48(c)(3)(B) of such Code is amended--
            (1) by striking ``15 megawatts'' in clause (ii) and 
        inserting ``25 megawatts'',
            (2) by striking ``20,000 horsepower'' in clause (ii) and 
        inserting ``34,000 horsepower'', and
            (3) by striking clause (iii).
    (c) Extension of Credit for Combined Heat and Power System 
Property.--Section 48(c)(3)(A)(iv) of such Code is amended by striking 
``January 1, 2017'' and inserting ``January 1, 2019''.
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), 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).
            (2) Extension of credit.--The amendments made by subsection 
        (c) shall apply to property placed in service after December 
        31, 2016.

SEC. 3. ENERGY CREDIT FOR WASTE HEAT TO POWER PROPERTY.

    (a) In General.--Subparagraph (A) of section 48(a)(3) of the 
Internal Revenue Code of 1986 is amended by striking ``or'' at the end 
of clause (vi), by inserting ``or'' at the end of clause (vii), and by 
adding at the end the following new clause:
                            ``(viii) waste heat to power property,''.
    (b) Waste Heat To Power Property.--Subsection (c) of section 48 of 
such Code is amended by adding at the end the following new paragraph:
            ``(5) Waste heat to power property.--
                    ``(A) Waste heat to power property.--The term 
                `waste heat to power property' means property 
                comprising a system which generates electricity through 
                the recovery of a qualified waste heat resource.
                    ``(B) Qualified waste heat resource defined.--The 
                term `qualified waste heat resource' means--
                            ``(i) exhaust heat or flared gas from any 
                        industrial process,
                            ``(ii) waste gas or industrial tail gas 
                        that would otherwise be flared, incinerated, or 
                        vented,
                            ``(iii) a pressure drop in any gas for an 
                        industrial or commercial process, or
                            ``(iv) such other forms of waste heat 
                        resources as the Secretary may determine.
                    ``(C) Exception.--The term `qualified waste heat 
                resource' does not include any heat resource from a 
                process whose primary purpose is the generation of 
                electricity utilizing a fossil fuel.
                    ``(D) Termination.--The term `waste heat to power 
                property' shall not include any property placed in 
                service after December 31, 2018.''.
    (c) Increased Energy Percentage.--Clause (i) of section 48(a)(2)(A) 
of such Code is amended by inserting after the new subclause (V) the 
following new subclause:
                                    ``(VI) energy property described in 
                                paragraph (3)(A)(viii), and''.
    (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).
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