S 425 IS
110th CONGRESS
1st Session
S. 425
To amend the Internal Revenue Code of 1986 to expand the resources
eligible for the renewable energy credit to kinetic hydropower, and for other
purposes.
IN THE SENATE OF THE UNITED STATES
January 29, 2007
Mr. SMITH (for himself and Mr. WYDEN) introduced the following bill; which
was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to expand the resources
eligible for the renewable energy credit to kinetic hydropower, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. EXPANSION OF RESOURCES ELIGIBLE FOR RENEWABLE ENERGY CREDIT TO
KINETIC HYDROPOWER.
(a) In General- Section 45(c)(1) of the Internal Revenue Code of 1986
(defining qualified energy resources) is amended by striking `and' at the end
of subparagraph (G), by striking the period at the end of subparagraph (H) and
inserting `, and', and by adding at the end the following new subparagraph:
`(I) kinetic hydropower.'.
(b) Definition of Resources- Section 45(c) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
`(10) KINETIC HYDROPOWER- The term `kinetic hydropower' means any of the
following:
`(A) Ocean free flowing water derived from flows from tidal currents,
ocean currents, waves, or estuary currents.
`(B) Ocean thermal energy.
`(C) Free flowing water in rivers, lakes, man made channels, or
streams.'.
(c) Facilities- Section 45(d) of the Internal Revenue Code of 1986
(relating to qualified facilities) is amended by adding at the end the
following new paragraph:
`(11) KINETIC HYDROPOWER FACILITY- In the case of a facility using
kinetic hydropower to produce electricity, the term `qualified facility'
means any facility owned by the taxpayer which is originally placed in
service after the date of the enactment of this paragraph and before January
1, 2011. Such term shall not include a facility which includes impoundment
structures.'.
(d) Effective Date- The amendments made by this section shall apply to
taxable years ending after the date of the enactment of this Act.
END