S 1516 POWER Act Power Efficiency and Resiliency Act

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About S.1516

POWER Act Power Efficiency and Resiliency Act Amends the Internal Revenue Code to:

• (1) allow a 30% energy tax credit for combined heat and power system property and increase the capacity limitations for such property,
• (2) extend until December 31, 2018, the placed-in-service deadline for such property, and
• (3) allow a 30% energy tax credit for waste heat to power property (property comprising a system generating electricity through the recovery of a qualified waste heat resource) placed in service before January 1, 2019

Includes within the definition of "qualified waste heat resource":

• (1) exhaust heat or flared gas from any industrial process;
• (2) waste gas or industrial tail gas that would otherwise be flared, incinerated, or vented; and
• (3) a pressure drop in any gas for an industrial or commercial process

Excludes from such definition any heat resource from a process the primary purpose of which is the generation of electricity utilizing a fossil fuel or nuclear energy.