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    Bill HR 3479

    Uploaded by

    FIXMYLOAN
    This bill proposes to amend the Internal Revenue Code to provide tax credits for developing and implementing plans to address non-point source pollution affecting nationally significant estuaries. It would provide a $500 credit for developing a pollution mitigation plan certified by the local Soil Conservation District, and up to $2,500 for implementing such a plan. The credits would apply to property owners within designated National Estuary Program estuaries. The Environmental Protection Agency and U.S. Geological Survey would evaluate the credits' effectiveness annually and report to Congress. If enacted, the credits would apply to tax years starting after 2015.

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    Bill HR 3479

    Uploaded by

    FIXMYLOAN
    30 views7 pages
    This bill proposes to amend the Internal Revenue Code to provide tax credits for developing and implementing plans to address non-point source pollution affecting nationally significant estuaries. It would provide a $500 credit for developing a pollution mitigation plan certified by the local Soil Conservation District, and up to $2,500 for implementing such a plan. The credits would apply to property owners within designated National Estuary Program estuaries. The Environmental Protection Agency and U.S. Geological Survey would evaluate the credits' effectiveness annually and report to Congress. If enacted, the credits would apply to tax years starting after 2015.

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    This bill proposes to amend the Internal Revenue Code to provide tax credits for developing and implementing plans to address non-point source pollution affecting nationally significant estuaries. It would provide a $500 credit for developing a pollution mitigation plan certified by the local Soil Conservation District, and up to $2,500 for implementing such a plan. The credits would apply to property owners within designated National Estuary Program estuaries. The Environmental Protection Agency and U.S. Geological Survey would evaluate the credits' effectiveness annually and report to Congress. If enacted, the credits would apply to tax years starting after 2015.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    30 views7 pages

    Bill HR 3479

    Uploaded by

    FIXMYLOAN
    This bill proposes to amend the Internal Revenue Code to provide tax credits for developing and implementing plans to address non-point source pollution affecting nationally significant estuaries. It would provide a $500 credit for developing a pollution mitigation plan certified by the local Soil Conservation District, and up to $2,500 for implementing such a plan. The credits would apply to property owners within designated National Estuary Program estuaries. The Environmental Protection Agency and U.S. Geological Survey would evaluate the credits' effectiveness annually and report to Congress. If enacted, the credits would apply to tax years starting after 2015.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 7

    I

    114TH CONGRESS
    1ST SESSION

    H. R. 3479

    To amend the Internal Revenue Code of 1986 to provide a credit for developing and implementing plans to address non-point source pollution affecting nationally significant estuaries.

    IN THE HOUSE OF REPRESENTATIVES


    SEPTEMBER 10, 2015
    Mr. MACARTHUR (for himself, Mr. LOBIONDO, and Mr. SMITH of New Jersey) introduced the following bill; which was referred to the Committee
    on Ways and Means

    A BILL
    To amend the Internal Revenue Code of 1986 to provide
    a credit for developing and implementing plans to address non-point source pollution affecting nationally significant estuaries.
    1

    Be it enacted by the Senate and House of Representa-

    2 tives of the United States of America in Congress assembled,


    3

    SECTION 1. SHORT TITLE.

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    This Act may be cited as the Save our Bays Act.


    SEC. 2. PURPOSE.

    The purpose of this Act is to reduce non-point source

    7 pollution of any estuary in the National Estuary Program


    8 by promoting investment in any of the following:

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    1

    (1) Restoring and improving soil functionality,

    including by increasing water infiltration and water

    conservation.

    (2) Increasing storm water retention onsite.

    (3) Reducing impervious cover via usage of per-

    vious materials in patios, walkways, and other sur-

    faces.

    (4) Establishing a 10 to 25 foot wide buffer of

    native plants on private property which abuts any

    10
    11

    water body or wetland.


    SEC. 3. NON-POINT SOURCE POLLUTION.

    12

    (a) IN GENERAL.Subpart B of part IV of sub-

    13 chapter A of chapter 1 of the Internal Revenue Code of


    14 1986 is amended by adding at the end the following new
    15 section:
    16

    SEC. 30E. NON-POINT SOURCE POLLUTION.

    17

    (a) GENERAL RULE.There shall be allowed as a

    18 credit against the tax imposed by this chapter an amount


    19 equal to the sum of
    20
    21

    (1) the non-point source pollution planning


    credit, plus

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    22

    (2) the non-point source pollution plan imple-

    23

    mentation credit.

    24

    (b) NON-POINT SOURCE POLLUTION PLANNING

    25 CREDIT.For purposes of this section, the non-point


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    3
    1 source pollution planning credit is an amount equal to
    2 $500 for developing a plan to address non-point source
    3 pollution carried by surface water runoff from eligible
    4 property that is owned by the taxpayer and certified by
    5 the County Soil Conversation District (in such manner as
    6 the County Soil Conversation District may determine) in
    7 which the real property is located, and
    8
    9

    (c) NON-POINT SOURCE POLLUTION PLAN IMPLEMENTATION

    CREDIT.The non-point source pollution

    10 plan implementation credit is an amount equal to the less11 er of


    12

    (1) the amount paid or incurred for imple-

    13

    menting the plan referred to in subsection (b)(1) to

    14

    mitigate non-point source pollution on eligible prop-

    15

    erty that is owned by the taxpayer and certified by

    16

    the County Soil Conversation District in which the

    17

    real property is located, or

    18
    19

    (2) $2,500.
    (d) ELIGIBLE PROPERTY.For purposes of this

    20 section, the term eligible property means real property


    21 which is located in the United States within the bound22 aries of an estuary of national significance, as designated

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    23 under section 320 of the Federal Water Pollution Control


    24 Act (33 U.S.C. 1330), and from which there is non-point
    25 source pollution.
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    1

    (e) SPECIAL RULES.For purposes of this sec-

    2 tion
    3

    (1) APPLICATION

    CELS.Each

    shall be treated as separate.

    parcel of noncontiguous real property

    (2) DENIAL

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    TO NONCONTIGUOUS PAR-

    OF DOUBLE BENEFIT.

    (A) INCOME

    TAX.No

    deduction or cred-

    it shall be allowed under any other provision of

    this chapter for amounts paid or incurred to de-

    10

    velop or implement a non-point source pollution

    11

    plan to the extent of amounts allowed as a

    12

    credit under this section relating to such plan.

    13

    (B) OTHER.The amount of expenses

    14

    otherwise taken into account under subsection

    15

    (a) with respect to a taxpayer for a taxable year

    16

    shall be reduced (before the application of sub-

    17

    sections (b), (c), and (d)) by the aggregate

    18

    amounts paid received by the taxpayer in any

    19

    calendar year in which the taxable year of the

    20

    taxpayer ends under title XII of the Food Secu-

    21

    rity Act of 1985 (16 U.S.C. 3801 et seq.).

    22

    (3) ELECTION.This section shall not apply

    23

    to a taxpayer for any taxable year if such taxpayer

    24

    elects to have this section not apply for such taxable

    25

    year.

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    5
    1

    (f) APPLICATION WITH OTHER CREDITS.

    (1) BUSINESS

    CREDIT TREATED AS PART OF

    GENERAL BUSINESS CREDIT.So

    which would be allowed under subsection (a) for any

    taxable year (determined without regard to this sub-

    section) that is attributable to property of a char-

    acter subject to an allowance for depreciation shall

    be treated as a credit listed in section 38(b) for such

    taxable year (and not allowed under subsection (a)).

    10

    (2) PERSONAL

    much of the credit

    CREDIT.For

    purposes of this

    11

    title, the credit allowed under subsection (a) for any

    12

    taxable year (determined after application of para-

    13

    graph (1)) shall be treated as a credit allowable

    14

    under subpart A for such taxable year.

    15

    (g) TERMINATION.This section shall not apply to

    16 taxable years beginning after December 31, 2020..


    17

    (b) ALLOWANCE

    AS

    GENERAL BUSINESS CREDIT.

    18 Section 38(b) of such Code is amended by striking plus


    19 at the end of paragraph (35), by striking the period at
    20 the end of paragraph (36) and inserting , plus, and by
    21 adding at the end the following:

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    22

    (37) the portion of the non-point source pollu-

    23

    tion credit to which section 30E(f)(1) applies..

    24

    (c) CLERICAL AMENDMENT.The table of contents

    25 for subpart B of part IV of subchapter A of chapter 1


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    6
    1 of such Code is amended by adding at the end the fol2 lowing new item:
    Sec. 30E. Non-point source pollution..

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    (d) REPORT.

    (1) EVALUATION.Not later than 1 year after

    the date of the enactment of this Act, and every year

    thereafter for as long as section 30E of the Internal

    Revenue Code of 1986 (as added by this section) is

    in effect, the Administrator of the Environmental

    Protection Agency and the Director of the U. S. Ge-

    10

    ological Survey, acting through a joint working

    11

    group which the Administrator and the Director

    12

    shall establish, shall evaluate the effectiveness of the

    13

    credit allowed under such section 30E in achieving

    14

    the purposes specified in section 2 and submit a re-

    15

    port on such study and evaluation, together with

    16

    recommendations relating thereto, to the committees

    17

    of Congress specified in paragraph (2).

    18

    (2) COMMITTEES.The committees specified in

    19

    this paragraph are the Committee on Ways and

    20

    Means and the Committee on Natural Resources of

    21

    the House of Representatives and the Committee on

    22

    Environment and Public Works and the Committee

    23

    on Finance of the Senate.

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    7
    1

    (e) EFFECTIVE DATE.The amendments made by

    2 this section shall apply to taxable years beginning after


    3 December 31, 2015.

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