Sec. 204. Investment tax credits for energy battery storage, offshore wind, and certain hydropower technologies
541 words·~2 min read·
/bill/116/hr/9054/ih/section-204·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 48(a)(3)(A) of the Internal Revenue Code of 1986, as amended by section 121, is amended by striking or at the end of clause (vii), and by adding at the end the following new clauses: equipment which generates wind energy from an offshore facility, energy storage equipment, equipment which makes a nonhydroelectric dam capable of generating hydropower, or equipment which generates geothermal electricity through an enhanced geothermal system. . Section 48(a)(2)(A)(i)(II) of the Internal Revenue Code of 1986 is amended by striking paragraph (3)(A)(i) and inserting clause (i), (ix), (x), (xi), or
(xii)of paragraph (3)(A) . Section 48(a)(6) of such Code is amended— by striking solar energy in the heading and inserting certain , and by striking paragraph (3)(A)(i) both places it appears and inserting clause (i), (ix), (x), (xi), or
(xii)of paragraph (3)(A) . Section 48(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraphs: The term qualified offshore wind property means an offshore facility using wind to produce electricity. The term offshore facility means any facility 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. The term energy storage equipment means equipment which receives, stores, and delivers energy using batteries, compressed air, pumped hydropower, hydrogen storage (including hydrolysis and electrolysis), thermal energy storage, regenerative fuel cells, flywheels, capacitors, superconducting magnets, or other technologies identified by the Secretary in consultation with the Secretary of Energy, and which has a capacity of not less than 5 Kilowatt hours. The term nonhydroelectric dam means a nonhydroelectric dam that— is licensed by the Federal Energy Regulatory Commission and meets all other applicable environmental, licensing, and regulatory requirements, was placed in service before the date of the enactment of this paragraph and operated for flood control, navigation, or water supply purposes and did not produce hydroelectric power on the date of the enactment of this paragraph, is operated so that the water surface elevation at any given location and time that would have occurred in the absence of the hydroelectric project is maintained, subject to any license requirements imposed under applicable law that change the water surface elevation for the purpose of improving environmental quality of the affected waterway, and includes one more hydroelectric projects which have been certified by the Secretary, after consultation with the Federal Energy Regulatory Commission, as meeting the requirements of clause (iii). The term enhanced geothermal system means a system to extract heat by creating a subsurface fracture system to which water can be added through injection wells. . Section 48C(c)(1)(A)(i)(IV) of the Internal Revenue Code of 1986 is amended by inserting , including through direct air capture or carbon dioxide removal after emissions . The amendments made by this section shall apply to property placed in service after December 31, 2019. Nothing in this section, or the amendments made by this section, shall affect the standards under which the Federal Energy Regulatory Commission issues licenses for and regulates hydropower projects under part I of the Federal Power Act.