To amend the Internal Revenue Code of 1986 to provide for an energy investment credit for energy storage property connected to the grid, and for other purposes.
Storage Technology for Renewable and Green Energy Act of 2012 or the STORAGE 2012 Act - Amends the Internal Revenue Code to: (1) allow, through 2020, a 20% energy tax credit for investment in energy storage property that is directly connected to the electrical grid (i.e., a system of generators, transmission lines, and distribution facilities) and that is designed to receive, store, and convert energy to electricity, deliver it for sale, or use such energy to provide improved reliability or economic benefits to the grid; (2) make such property eligible for new clean renewable energy bond financing; (3) allow a 30% energy tax credit for investment in energy storage property used at the site of energy storage; and (4) allow a 30% nonbusiness energy property tax credit for the installation of energy storage equipment in a principal residence.
Read twice and referred to the Committee on Finance. (consideration: CR S7371-7372)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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