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Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023

USA118th CongressS-2994| Senate 
| Updated: 9/28/2023
Maria Cantwell

Maria Cantwell

Democratic Senator

Washington

Cosponsors (12)
Jeanne Shaheen (Democratic)Bill Cassidy (Republican)Dan Sullivan (Republican)Thomas Tillis (Republican)Kirsten E. Gillibrand (Democratic)Angus S. King (Independent)Debbie Stabenow (Democratic)Deb Fischer (Republican)Patty Murray (Democratic)Susan M. Collins (Republican)Gary C. Peters (Democratic)Lisa Murkowski (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023 This bill establishes a new investment tax credit in the amount of 30% of the basis of any hydropower improvement property. The bill defines hydropower improvement property as property that adds or improves fish passage at a qualified dam; maintains or improves the quality of the water retained or released by a qualified dam; promotes downstream sediment transport and habitat maintenance; upgrades, repairs, or reconstructs a qualified dam to meet safety and security standards; improves public uses of, and access to, public waterways impacted by a qualified dam; removes an obsolete river obstruction; or places into service an approved remote dam. Further, written approval for hydropower improvement property must be obtained from the Federal Energy Regulatory Commission or state or local officials prior to January 1, 2032. The bill also allows an election to claim the investment tax credit for qualified progress expenses for some types of hydropower improvement property in advance of such property being placed into service. Any investment tax credit amount claimed for qualified progress expenses reduces the amount of the investment tax credit that may be claimed once the hydropower improvement property is placed into service. The bill authorizes certain entities, including tax-exempt and governmental entities, to treat the investment tax credit for hydropower improvement property as a payment of tax and receive a refund of any overpayment (also known as elective pay). Finally, the investment tax credit for hydropower improvement property may be transferred (i.e., sold).
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Timeline

Bill from Previous Congress

S 117-5222
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2022

Bill from Previous Congress

S 117-2306
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2021
Sep 28, 2023
Introduced in Senate
Sep 28, 2023
Read twice and referred to the Committee on Finance.
Dec 7, 2023

Latest Companion Bill Action

HR 118-6653
Introduced in House
  • Bill from Previous Congress

    S 117-5222
    Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2022


  • Bill from Previous Congress

    S 117-2306
    Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2021


  • September 28, 2023
    Introduced in Senate


  • September 28, 2023
    Read twice and referred to the Committee on Finance.


  • December 7, 2023

    Latest Companion Bill Action

    HR 118-6653
    Introduced in House

Taxation

Related Bills

  • HR 118-6653: Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023

Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023

USA118th CongressS-2994| Senate 
| Updated: 9/28/2023
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023 This bill establishes a new investment tax credit in the amount of 30% of the basis of any hydropower improvement property. The bill defines hydropower improvement property as property that adds or improves fish passage at a qualified dam; maintains or improves the quality of the water retained or released by a qualified dam; promotes downstream sediment transport and habitat maintenance; upgrades, repairs, or reconstructs a qualified dam to meet safety and security standards; improves public uses of, and access to, public waterways impacted by a qualified dam; removes an obsolete river obstruction; or places into service an approved remote dam. Further, written approval for hydropower improvement property must be obtained from the Federal Energy Regulatory Commission or state or local officials prior to January 1, 2032. The bill also allows an election to claim the investment tax credit for qualified progress expenses for some types of hydropower improvement property in advance of such property being placed into service. Any investment tax credit amount claimed for qualified progress expenses reduces the amount of the investment tax credit that may be claimed once the hydropower improvement property is placed into service. The bill authorizes certain entities, including tax-exempt and governmental entities, to treat the investment tax credit for hydropower improvement property as a payment of tax and receive a refund of any overpayment (also known as elective pay). Finally, the investment tax credit for hydropower improvement property may be transferred (i.e., sold).
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 117-5222
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2022

Bill from Previous Congress

S 117-2306
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2021
Sep 28, 2023
Introduced in Senate
Sep 28, 2023
Read twice and referred to the Committee on Finance.
Dec 7, 2023

Latest Companion Bill Action

HR 118-6653
Introduced in House
  • Bill from Previous Congress

    S 117-5222
    Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2022


  • Bill from Previous Congress

    S 117-2306
    Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2021


  • September 28, 2023
    Introduced in Senate


  • September 28, 2023
    Read twice and referred to the Committee on Finance.


  • December 7, 2023

    Latest Companion Bill Action

    HR 118-6653
    Introduced in House
Maria Cantwell

Maria Cantwell

Democratic Senator

Washington

Cosponsors (12)
Jeanne Shaheen (Democratic)Bill Cassidy (Republican)Dan Sullivan (Republican)Thomas Tillis (Republican)Kirsten E. Gillibrand (Democratic)Angus S. King (Independent)Debbie Stabenow (Democratic)Deb Fischer (Republican)Patty Murray (Democratic)Susan M. Collins (Republican)Gary C. Peters (Democratic)Lisa Murkowski (Republican)

Finance Committee

Taxation

Related Bills

  • HR 118-6653: Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted