A bill to amend the Internal Revenue Code of 1954 to increase the energy investment tax credit for conversions to coal-fueled facilities,and for other purposes.

Summary

Amends the Internal Revenue Code to allow an energy investment tax credit of ten percent for equipment used for conversions to coal fuel and five percent for coal mining equipment. Terminates both credits after 1993. Allows a 12-month amortization period for pollution control facilities used in connection with a plant that uses coal as a principal fuel. (Present law allows such amortization over a five year period.) Increases the income tax credit for increasing research activities from 25 percent to 50 percent for activities relating to coal mining or burning and to controlling pollutants caused by the burning of coal. Amends the Powerplant and Industrial Fuel Use Act of 1978 to require each executive agency to survey its electric powerplants and major fuel-burning installations in order to identify those which could result in substantial savings if converted to coal. Requires each executive agency to submit to the Office of Management and Budget an annual plan for the conversion of electric powerplants and major fuel-burning installations to coal. Repeals the 15 percent reduction in the depletion allowance for coal and iron ore.

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Timeline

1. 29 January 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 29 January 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 31 January 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 29 January 1985

  Open at official source

Sponsors

• Sen. Specter, Arlen [R-PA] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to increase the energy investment tax credit for conversions to coal-fueled facilities, and for other purposes.