Supercritical Advanced Coal Project Incentive Act of 2012

Supercritical Advanced Coal Project Incentive Act of 2012 - Amends the Internal Revenue Code to expand the tax credit for investment in qualifying advanced coal projects to include a credit for supercritical advanced coal-based generation technology projects. Defines such projects as including a coal-fired boiler that reaches an electricity generating efficiency of at least 36%, and operates at a minimum pressure of 3,200 pounds per square inch.

Increases from $2.55 billion to $3.8 billion the aggregate amount of credits allowable for qualifying advanced coal projects, and includes within that aggregate amount a maximum $1.25 billion credit amount for supercritical advanced coal-based generation technology projects.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4826 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 4826

    To amend the Internal Revenue Code of 1986 to allow additional 
investment credits for qualifying supercritical advanced coal projects.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 26, 2012

Mr. Davis of Kentucky 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 allow additional 
investment credits for qualifying supercritical advanced coal projects.

    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 ``Supercritical Advanced Coal Project 
Incentive Act of 2012''.

SEC. 2. ADDITIONAL TAX CREDITS FOR QUALIFYING SUPERCRITICAL ADVANCED 
              COAL PROJECTS.

    (a) 30 Percent Credit Percentage.--Paragraph (3) of section 48A(a) 
of the Internal Revenue Code of 1986 is amended by inserting ``or 
(iv)'' after ``(iii)''.
    (b) Supercritical Advanced Coal-Based Generation Technology Project 
Defined.--Subsection (c) of section 48A of such Code is amended by 
adding at the end the following:
            ``(8) The term `supercritical advanced coal-based 
        generation technology project' means a qualifying advanced 
        coal-based generation technology project which includes a coal-
        fired boiler that--
                    ``(A) in lieu of the requirements under subsection 
                (f)(1)(A)(ii), reaches an electricity generating 
                efficiency of at least 36 percent, and
                    ``(B) operates at a minimum pressure of 3,200 
                pounds per square inch.''.
    (c) Application Period for Certification.--Subparagraph (A) of 
section 48A(d)(2) of such Code is amended 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:
                            ``(iii) for an allocation from the dollar 
                        amount specified in paragraph (3)(B)(iv) during 
                        the 3-year period beginning at earlier of the 
                        termination of the period described in clause 
                        (ii) or the date prescribed by the 
                        Secretary.''.
    (d) Aggregate Credits.--
            (1) In general.--Subparagraph (A) of section 48A(d)(3) of 
        such Code is amended by striking ``$2,550,000,000'' and 
        inserting ``$3,800,000,000''.
            (2) Supercritical advanced coal-based generation technology 
        projects.--Subparagraph (B) of section 48A(d)(3)(B) is amended 
        by striking ``and'' at the end of clause (ii), by striking the 
        period at the end of clause (iii) and inserting ``, and'', and 
        by adding at the end the following:
                            ``(iv) $1,250,000,000 for supercritical 
                        advanced coal-based generation technology 
                        projects the application for which is submitted 
                        during the period described in paragraph 
                        (2)(A)(iii).''.
    (e) Carbon Dioxide Sequester.--Subparagraph (G) of section 
48A(e)(1) of such Code is amended by striking ``subsection 
(d)(2)(A)(ii)'' and inserting ``clause (ii) or (iii) of subsection 
(d)(2)(A)''.
    (f) Effective Date.--The amendments made by this section shall 
apply to periods after the date of the enactment of this Act under 
rules similar to the rules of section 48(m) of the Internal Revenue 
Code of 1986 (as in effect on the day before the date of the enactment 
of the Revenue Reconciliation Act of 1990).
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