A bill to amend the Internal Revenue Code of 1986 to modify the credit for production of electricity from renewable resources to allow a credit for certain open-loop biomass and trash facilities placed in service before the date of the enactment of this Act and to modify the definition of municipal solid waste.
Latest action · Jul 14, 2016 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 14, 2016
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill amends the Internal Revenue Code, with respect to the tax credit for producing electricity from renewable resources, to allow a taxpayer to elect the application of such credit to open-loop biomass and trash facilities during the period beginning after December 31, 2016, and ending before January 1, 2018 (in lieu of the 10-year period after the facilities are originally placed in service). The bill limits the aggregate period during which a taxpayer can claim a tax credit with respect to a facility to 10 years.
The bill also modifies the definition of "municipal solid waste" to specify that the term does not include solid waste collected as part of a system which commingles commonly recycled paper with other solid waste which is not commonly recycled at any point from the time of collection through any materials recovery. The bill includes exceptions for incidental and residual waste.
In the case of a facility that produces electricity both from municipal solid waste and other solid waste that is not a qualified energy resource: (1) the facility is a qualified facility if it otherwise meets the requirements for qualified facilities, and (2) the credit only applies to the portion of the electricity produced from municipal solid waste.
Cosponsors 7
Members who signed on, in the order they did. All signed on Jul 14, 2016.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Jul 14, 2016 |
| I-ME | Angus S. King Jr. | Original | Jul 14, 2016 |
| D-MD | Benjamin L. Cardin | Original | Jul 14, 2016 |
| D-MI | Debbie Stabenow | Original | Jul 14, 2016 |
| D-CA | Dianne Feinstein | Original | Jul 14, 2016 |
| R-NH | Kelly Ayotte | Original | Jul 14, 2016 |
| R-ME | Susan M. Collins | Original | Jul 14, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jul 14, 2016 |
Actions 2
Everything that happened, newest first.
- Jul 14, 2016Introduced in Senate
- Jul 14, 2016Read twice and referred to the Committee on Finance.
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to modify the credit for production of electricity from renewable resources to allow a credit for certain open-loop biomass and trash facilities placed in service before the date of the enactment of this Act and to modify the definition of municipal solid waste.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 14, 2016Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
