Bill > HR1424

This bill, known as the SEAM Act of 2013, aims to extend the qualifying advanced energy project credit, which is a tax credit designed to encourage investments in clean energy manufacturing. Specifically, it amends the Internal Revenue Code of 1986 to establish a new program for awarding these credits for applications received after the bill's enactment. This program will have a total allocation of $5 billion for 2013, with a portion of this amount, up to $1.5 billion, reserved for applications that were already submitted under the original program. The bill also prioritizes projects that manufacture components for advanced energy property, and it allows taxpayers to elect to receive a direct grant instead of the tax credit.