Home > 108th Congressional Bills > H.R. 4705 (ih) To provide crop and livestock disaster assistance. [Introduced in House] ...
H.R. 4705 (ih) To provide crop and livestock disaster assistance. [Introduced in House] ...
108th CONGRESS
2d Session
H. R. 4704
To amend the Internal Revenue Code of 1986 to establish tax credits for
climate neutral combustion technologies.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 24, 2004
Mr. Ose (for himself, Mr. Doolittle, Mr. Carson of Oklahoma, and Mr.
Dooley of California) introduced the following bill; which was referred
to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to establish tax credits for
climate neutral combustion technologies.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. EXPANSION OF RENEWABLE RESOURCE CREDIT TO INCLUDE CLIMATE
NEUTRAL COMBUSTION PROCESSES.
(a) In General.--Section 45(c)(1) of the Internal Revenue Code of
1986 (relating to qualified energy resources) is amended by striking
``and'' at the end of subparagraph (B), by striking the period at the
end of subparagraph (C) and inserting ``, and'', and by adding at the
end the following:
``(D) resources used to produce climate neutral
combustion.''.
(b) Climate Neutral Combustion Defined.--Section 45(c) of such Code
(relating to definitions) is amended by adding at the end the
following:
``(5) Climate neutral combustion.--
``(A) In general.--The term `climate neutral
combustion' means a combustion system to generate
electricity, wherein the combustion is fueled by
biomass or fossil energy carriers, where the carbon
dioxide, which is released during the combustion
process, is captured and applied to a useful purpose,
or stored in the Earth's subsurface by sequestration,
and from which there are no atmospheric emissions of
mercury or greenhouse gases, nor emissions that form
fine particles, smog, or acid rain.
``(B) Biomass.--For purposes of subparagraph (A),
the term `biomass' means--
``(i) any portion of a crop containing
cellulose, including rice or other grain hulls
or straws, seeds or pits of fruits, nut hulls,
orchard residue, tree trimmings, soybean
matter, sugarcane or grape bagasse, and
``(ii) agricultural wastes (other than
wastes described in clause (i)), including
chicken, cattle, pig, or other livestock waste.
``(C) Fossil energy carriers.--For purposes of
subparagraph (A), the term `fossil energy carrier'
means--
``(i) a fossil fuel, such as coal, lignite,
petroleum, natural gas, including petcoke, and
``(ii) refined or gasified forms of such
fossil fuels.''.
(c) Qualified Facility.--Section 45(c)(3) of such Code (defining
qualified facility) is amended by adding at the end the following:
``(D) Climate neutral combustion facility.--In the
case of a facility using a climate neutral combustion
process to produce electricity, the term `qualified
facility' means any facility owned by the taxpayer
which is originally placed in service after December
31, 2004.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2004.
<all>
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