Industrial Energy Efficiency and Fuel Conversion Tax Incentive Act of 1980
Latest action. Referred to Senate Committee on Finance.
Industrial Energy Efficiency and Fuel Conversion Tax Incentive Act of 1980 - Amends the Internal Revenue Code to allow an additional 20 percent investment tax credit for qualified industrial energy property. Provides for up to a three-year carryback and a one-year carryover of any excess credit amounts. Defines "qualified industrial energy property" as any depreciable equipment used by the taxpayer as an integral part of modification to, or replacement of, all or part of an existing facility, process, or item of equipment, but only if the modification or replacement results in the utilization of less energy per unit of output and does not increase the amount of oil and natural gas consumed. Requires such property either: (1) to result directly in energy savings; (2) to result in conversion to a substance other than oil or natural gas, or a derivative, as a fuel or feedstock; or (3) to be part of, physically attached to, or otherwise directly associated with such energy saving property. Limits such credit to: (1) 20 percent of the qualified investment; or (2) $55 for each barrel of energy saved by the investment. Defines barrel of energy as equal to 5,800,000 Btu's. Disallows such credit if it amounts to less than $11 for each barrel of oil or oil equivalent saved per year.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on August 1, 1980. 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 August 1, 1980: 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 August 1, 1980, and 5 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 3 Republicans.
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 August 1, 1980, 16841 days ago. The most recent recorded action was 16841 days ago, on August 1, 1980.
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