Climate Change Tax Amendments of 1999

Summary

Climate Change Tax Amendments of 1999 - Amends the Internal Revenue Code to state that the June 30, 1999, date for termination of the business tax credit for qualified research activities shall not apply if such research: (1) has as one of its purposes the reducing or sequestering of greenhouse gases; and (2) has been reported to the Department of Energy pursuant to the Energy Policy Act of 1992. Includes as part of the investment tax credit the reduced greenhouse gas emissions facilities credit and makes such credit the applicable percentage of qualified investment in a reduced greenhouse gas emissions facility for a taxable year. Allows such credit to be increased by the aggregate of each qualified progress (emissions facility expansion or construction) expenditure for a taxable year. Provides special rules for the recapture of such credit. Directs the Secretaries of the Treasury and Energy to jointly study and report to Congress on possible additional incentives for, and removal of barriers to, voluntary, non- recoupable expenditures for the reduction of such emissions. Expresses the sense of Congress that such incentives should be available for individuals, organizations, and entities, including both for- profit and nonprofit institutions. Directs the Secretaries to jointly study and report to Congress on possible additional measures that would provide nonprofit entities with economic incentives for such emission reductions comparable to those provided by this Act.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 October 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 October 1999

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• Introduced in Senate

  summary · EN · 25 October 1999

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