summary
Introduced
10/06/2020
10/06/2020
In Committee
10/06/2020
10/06/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to provide for energy opportunity zones. This bill designates energy opportunity zones for areas that are within 120 miles of a nuclear or coal power plant used to generate electricity that has ceased operations or is scheduled to cease operations within 6 years, or areas that can demonstrate how changes in the nuclear or coal economy have resulted or may result in job losses. The bill modifies or extends the new energy efficient home tax credit, the nonbusiness energy property tax credit, the investment tax credit, and the tax credit for production of electricity, and establishes a new tax credit for offshore wind and energy storage. The bill also extends through 2050 the tax deduction for energy efficient commercial buildings.
AI Summary
This bill, the Energy Opportunity Zones Act of 2020, aims to provide tax incentives for energy-efficient projects and infrastructure in certain designated "energy opportunity zones." Key provisions of the bill include:
- Extending the tax credits for production of renewable electricity, investment in energy property, and energy-efficient home improvements through 2050.
- Establishing a new tax credit for offshore wind facilities and energy storage equipment located in energy opportunity zones.
- Expanding and increasing the tax credits for non-business energy property improvements, such as windows, doors, and insulation.
- Extending the tax deduction for energy-efficient commercial buildings through 2050.
The bill targets areas near closing or recently closed nuclear and coal power plants, as well as other areas impacted by changes in the nuclear and coal industries, designating them as "energy opportunity zones." Facilities and projects located in these zones can qualify for the enhanced tax incentives if they meet certain labor standards, such as requiring project labor agreements and paying prevailing wages.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 10/06/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/8530/all-info |
| BillText | https://www.congress.gov/116/bills/hr8530/BILLS-116hr8530ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8530/BILLS-116hr8530ih.pdf.pdf |
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