Section 1 Short title
This Act may be cited as the “American Microturbine Manufacturing and Clean Energy Deployment Act of 2014”.
American Microturbine Manufacturing and Clean Energy Deployment Act of 2014
A BILL
To amend the Internal Revenue Code of 1986 to modify the energy credit for microturbine property.
Sec. 2 Modification of energy credit for microturbine property
Increase in 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) and by adding at the end the following new subclause:
“(V) qualified microturbine property, and”
Modification of definition of qualified microturbine property definition— Subparagraph (A) of section 48(c)(2) of such Code is amended—
by striking “2,000 kilowatts” in clause (i) and inserting “5,000 kilowatts”, and
by striking “and” at the end of clause (i), by striking the period at the end of clause (ii) and inserting “, and”, and by adding at the end the following new clause:
“(iii) has no single microturbine engine with a nameplate capacity of more than 500 kilowatts.”
Elimination of per kilowatt limitation— Paragraph (2) of section 48(c) of such Code is amended by striking subparagraph (B), by redesignating subparagraph (C) as subparagraph (B), and by inserting after subparagraph (B) (as so redesignated) the following new subparagraph:
“(C) Credit may not exceed credit amount allocated
“(i) In general—The amount of credit determined under this section for any taxable year with respect to any qualified microturbine property placed in service by the taxpayer shall not exceed the credit dollar amount allocated to the taxpayer under this subparagraph with respect to such property.
“(ii) Aggregate limitation—The aggregate credits allowed under this section with respect to qualified microturbine property shall not exceed $250,000,000.
“(iii) Allocation by Secretary—The Secretary shall allocate the dollar amount described in clause (ii) among the applicants for such credit in such manner as the Secretary determines appropriate.”
Effective date— The amendments made by this section shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of section 48(m) of such Code (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).