Industrial Energy Conservation Incentive Tax Act
Latest action. Referred to Senate Committee on Finance.
Industrial Energy Conservation Incentive Tax Act - Amends the Internal Revenue Code to allow a credit against income tax in an amount equal to a specified percentage of a qualified investment in certain depreciable industrial energy conservation property. Defines industrial energy conservation property as any such property used as a modification to or a replacement of all or part of an existing productive facility, item of equipment, or process located in the United States, if such modification or replacement: (1) results in the utilization of less energy per unit of production; (2) does not increase the total amount of oil and natural gas consumed per unit of production; and (3) results in an aggregate annual decrease in energy consumption of 15,000 or more barrels of oil equivalent per year. Sets the applicable percentage for such credit at the smaller of: (1) 30 percent; or (2) the percentage necessary to enable the taxpayer to realize a real rate of return on investment in the property, over its useful life, of 15 percent. Reduces such credit to zero if the conservation price of such investment (the cost in dollars per barrel of oil equivalent of producing the energy savings properly attributable to the creditable replacement or modification) exceeds the alternative energy cost equivalent of a barrel of oil (stipulated as $32, increased annually to reflect an increment of increased prices for foreign oil). Makes special rules for application (or non-application) of such credit to public utility property, property financed by public funds or by industrial development bonds, industrial conversion-to-coal projects, and other property. Requires a recomputed increase or reduction of such credit on the basis of actual costs and operating data and the alternative energy cost equivalent as of the close of the first taxable year beginning after the property has been placed in service for more than six months.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on September 25, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 25, 1979: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
MALCOLM WALLOP (R-WY) introduced it on September 25, 1979, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 25, 1979, 17152 days ago. The most recent recorded action was 17152 days ago, on September 25, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers