[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5441 Introduced in House (IH)]
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115th CONGRESS
2d Session
H. R. 5441
To amend the Internal Revenue Code of 1986 to provide for energy
opportunity zones.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 9, 2018
Mr. Carbajal introduced the following bill; which was referred to the
Committee on Ways and Means
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A BILL
To amend the Internal Revenue Code of 1986 to provide for energy
opportunity zones.
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 ``Energy Opportunity Zones Act of
2018''.
SEC. 2. OPPORTUNITY ZONES.
(a) In General.--Chapter 1 of the Internal Revenue Code of 1986 is
amended by adding at the end the following:
``Subchapter Z--Energy Opportunity Zones
``SEC. 1400Z-1. ENERGY OPPORTUNITY ZONES.
``(a) Production Tax Credit.--In the case of a qualified facility
located within an energy opportunity zone, section 45 shall be
administered as if--
``(1) subsection (b)(5) did not apply,
``(2) `2050' were substituted for `2020' in subsection
(d)(1),
``(3) `2050' were substituted for `2017' each place such
term appears in subsection (d)(2)(A),
``(4) `2050' were substituted for `2017' each place such
term appears in subsection (d)(3)(A)(i),
``(5) `2050' were substituted for `2017' in subsection
(d)(4)(B),
``(6) `2050' were substituted for `2017' in paragraphs (6)
and (7) of subsection (d),
``(7) `2050' were substituted for `2017' each place such
term appears in subsection (d)(9), and
``(8) `2050' were substituted for `2017' in subsection
(d)(11)(B).
``(b) Investment Tax Credit.--In the case of energy property placed
in service within an energy opportunity zone, section 48 shall be
administered as if--
``(1) `2050' were substituted for `2022' in subsection
(a)(2)(A)(i)(II),
``(2) `2050' were substituted for `2017' in clauses (ii)
and (vii) of subsection (a)(3)(A),
``(3) `2050' were substituted for `2017' and `2050' were
substituted for `2020' in subsection (a)(5)(C)(ii),
``(4) paragraphs (5)(E) and (6) of subsection (a) did not
apply,
``(5) paragraphs (1)(D) and (2)(D) of subsection (c) did
not apply,
``(6) `2050' were substituted for `2017' in subsection
(c)(3)(A)(iv), and
``(7) subsection (c)(4)(C) did not apply.
``(c) Energy Opportunity Zone Defined.--For the purposes of this
section, the term `energy opportunity zone' means a municipality or
county that has within its boundaries a nuclear power plant that ceased
operation during the 10-year period beginning on January 1, 2018.''.
(b) Clerical Amendment.--The table of subchapters for chapter 1 of
such Code is amended by adding at the end the following new item:
``Subchapter Z. Energy opportunity zones''.
(c) Effective Date.--The amendments made by this section shall
apply with respect to taxable years beginning after the date of the
enactment of this Act.
SEC. 3. ENERGY CREDIT FOR QUALIFIED OFFSHORE WIND FACILITIES.
(a) In General.--Section 48 of the Internal Revenue Code of 1986 is
amended--
(1) in subsection (a)--
(A) in paragraph (2)(A)(i)--
(i) in subclause (II), by striking
``paragraph (3)(A)(i)'' and inserting ``clause
(i) or (ix) of paragraph (3)(A)'',
(ii) by striking ``and'' at the end of
subclause (III), and
(iii) by adding at the end the following
new subclause:
``(V) qualified offshore wind
property, and'', and
(B) in paragraph (3)(A)--
(i) in clause (vi), by striking ``or'' at
the end,
(ii) by adding at the end the following new
clause:
``(viii) qualified offshore wind property,
but only with respect to property the
construction of which begins before January 1,
2026, or
``(ix) equipment which receives, stores,
and delivers energy using batteries, compressed
air, pumped hydropower, hydrogen storage
(including hydrolysis), 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 megawatt hours,'',
and
(2) in subsection (c), by adding at the end the following
new paragraph:
``(5) Qualified offshore wind property.--
``(A) In general.--The term `qualified offshore
wind property' means an offshore facility, other than
qualified small wind energy property, that--
``(i) uses wind to produce electricity, and
``(ii) is located not farther than 50 miles
from the boundary of an energy opportunity zone
(as defined in section 1400Z-1).
``(B) Offshore facility.--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.''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2016.
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