S. 2185 - Good Jobs for 21st Century Energy Act

"(1) IN GENERAL. — For purposes of subsection (a)(1), the qualified investment with respect to any qualified facility for any taxable year is the basis of any qualified property placed in service by the taxpayer during such taxable year which is part of a qualified facility.

"(2) QUALIFIED PROPERTY. — The term 'qualified property' means property —

"(A) which is —

"(i) tangible personal property, or

"(ii) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualified facility,

"(B) with respect to which depreciation (or amortization in lieu of depreciation) is allowable,

"(C) which is constructed, reconstructed, erected, or acquired by the taxpayer, and

"(D) the original use of which commences with the taxpayer.

"(3) QUALIFIED FACILITY. — For purposes of this section, the term 'qualified facility' means a facility which is —

"(A)(i) used for the generation of electricity from qualified energy resources (as such term is defined in section 45(c)(1)), or

"(ii) described in section 638(a)(1) of the Energy Policy Act of 2005 (42 U.S.C. 16014(a)(1)), and

"(B) originally placed in service after December 31, 2020.

"(c) QUALIFIED INVESTMENT WITH RESPECT TO QUALIFIED CARBON CAPTURE AND SEQUESTRATION EQUIPMENT. —

"(1) IN GENERAL. — For purposes of subsection (a)(2), the qualified investment with respect to qualified carbon capture and sequestration equipment for any taxable year is the basis of any qualified carbon capture and sequestration equipment placed in service by the taxpayer during such taxable year.

"(2) QUALIFIED CARBON CAPTURE AND SEQUESTRATION EQUIPMENT. — The term 'qualified carbon capture and sequestration equipment' means property —

"(A) installed at a facility placed in service before January 1, 2021, which —

"(i) produces electricity, or

"(ii) emits greenhouse gases as a result of industrial processes,

"(B) which results in the elimination of carbon dioxide emissions from the facility through the capture and disposal or utilization of qualified carbon dioxide (as defined in paragraph (3)),

"(C) with respect to which depreciation is allowable,

"(D) which is constructed, reconstructed, erected, or acquired by the taxpayer, and

"(E) the original use of which commences with the taxpayer.

"(3) QUALIFIED CARBON DIOXIDE. — The term 'qualified carbon dioxide' means carbon dioxide captured from an industrial source which —

"(A) would otherwise be released into the atmosphere as industrial emission of greenhouse gas,

"(B) is measured at the source of capture and verified at the point of disposal or utilization,

"(C)(i) is disposed of by the taxpayer in secure geological storage (as such term is defined under section 45Q(f)(2)), or

"(ii) utilized by the taxpayer in a manner described in section 45Q(f)(5), and

"(D) is captured and disposed or utilized within the United States (within the meaning of section 638(1)) or a possession of the United States (within the meaning of section 638(2)).

"(d) QUALIFIED INVESTMENT WITH RESPECT TO ENERGY STORAGE PROPERTY. —

"(1) IN GENERAL. — For purposes of subsection (a)(3), the qualified investment with respect to energy storage property for any taxable year is the basis of any energy storage property placed in service by the taxpayer during such taxable year.

"(2) ENERGY STORAGE PROPERTY. — The term 'energy storage property' means property —

"(A) which receives, stores, and delivers electricity, or energy for conversion to electricity, provided that such electricity is —

"(i) sold by the taxpayer to an unrelated person, or

"(ii) in the case of a facility which is equipped with a metering device which is owned and operated by an unrelated person, sold or consumed by the taxpayer,

"(B) with respect to which depreciation is allowable,

"(C) which is constructed, reconstructed, erected, or acquired by the taxpayer,

"(D) the original use of which commences with the taxpayer, and

"(E) which is placed in service after December 31, 2020.

"(e) QUALIFIED ENTITY. —

"(1) IN GENERAL. — For purposes of this section, the term 'qualified entity' means an entity which has been certified by the Secretary of Labor as being in compliance with all of the applicable requirements under section 2 of the Good Jobs for 21st Century Energy Act.

"(2) AGGREGATION RULE. — All persons which are treated as a single employer under subsections (a) and (b) of section 52 shall be treated as a single taxpayer.

"(3) REQUIREMENT FOR CERTIFICATION PRIOR TO CONSTRUCTION. — For purposes of this section, an entity shall not be considered a qualified entity unless such entity —

"(A) has been certified by the Secretary of Labor as being in compliance with all of the applicable requirements described in paragraph (1) prior to the date with respect to which construction of the property begins, and

"(B) maintains such certification for the entirety of the period beginning on the date described in subparagraph (A) and ending on the date in which the property is placed in service.".

(b) CONFORMING AMENDMENTS. —

(1) Section 46 of such Code is amended —

(A) by striking "and" at the end of paragraph (5),

(B) by striking the period at the end of paragraph (6) and inserting ", and", and

(C) by adding at the end the following new paragraph:

"(7) the Jobs in Energy credit.".

(2) Section 49(a)(1)(C) of such Code is amended —

(A) by striking "and" at the end of clause (iv),

(B) by striking the period at the end of clause (v) and inserting a comma, and

(C) by adding at the end the following new clauses: