,i #aaith ,,congress #ast ,session ,h4 ,r4 #dehi ,,in ,,the ,,house ,,of ,,representatives ,july #bb1 #bjbe,mr4 ,ezell 7for himself1 ,mr4 ,weber of ,texas1 ,ms4 ,malliotakis1 and ,mrs4 ,kiggans of ,virginia7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to establish tax credits to incentivize the domestic production of port cranes1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,port ,crane ,tax ,credit ,act of #bjbe4 #b4 ,port crane manufacturing facility investment credit 7a7 ,in general ,subpart ,e of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #dh;,e the following new section3 #dh;,f4 ,port crane manufacturing facility investment credit 7a7 ,credit allowed ,for purposes of section #df1 the port crane investment credit for any taxable year is an amount equal #be percent of the qualified investment for such taxable year with respect to any port crane manufacturing facility of an eligible taxpayer4 7b7 ,qualified investment 7#a7 ,in general ,for purposes of subsection 7a71 the qualified investment with respect to any port crane manufacturing facility for any taxable year is the basis of any qualified property placed in service by the taxpayer during such taxable year which is part of a qualified port crane manufacturing facility4 7#b7 ,qualified property 7,a7 ,in general ,for purposes of this subsection1 the term qualified property means property-- 7i7 which is tangible property1 7ii7 with respect to which depreciation 7or amortization in lieu of depreciation7 is allowable1 7iii7 which is-- 7,i7 constructed1 reconstructed1 or erected by the taxpayer1 or 7,,ii7 acquired by the taxpayer if the original use of such property commences with the taxpayer1 and 7iv7 which is integral to the operation of the qualified port crane manufacturing facility4 7,b7 ,buildings and structural components 7i7 ,in general ,the term qualified property includes any building or its structural components which otherwise satisfy the requirements under subparagraph 7,a74 7ii7 ,exception ,clause 7i7 shall not apply with respect to a building or portion of a building used for offices1 administrative services1 or other functions unrelated to manufacturing4 7#c7 ,qualified port crane manufacturing facility ,for purposes of this section1 the term qualified port crane manufacturing facility means a facility-- 7,a7 which is located in the ,united ,states1 including a territory or possession of the ,united ,states1 and 7,b7 the primary purpose of which is-- 7i7 the construction or repair of port cranes1 7ii7 the manufacture of components which are critical1 as determined by the ,secretary1 to the operation of port cranes1 or 7iii7 the manufacture of equipment which is used to produce or repair port cranes4 7#d7 ,definitions ,for purposes of this section-- 7,a7 ,port crane ,the term port crane means-- 7i7 a gantry crane which is-- 7,i7 installed at a port terminal1 and 7,,ii7 designed for the loading and unloading of cargo containers or bulk goods between vessels and shore-side transportation1 7ii7 a mobile harbor crane1 or 7iii7 a ship to shore gantry crane which is-- 7,i7 configured as a steel superstructure1 and 7,,ii7 designed to unload intermodal containers from vessels by using coupling devices4 7,b7 ,component material ,the term component material means any component within or comprising a port crane1 including the steel frame1 cabling1 brakes1 computer equipment1 and modems4 7#e7 ,progress expenditure rules ,rules similar to the rules of subsections 7c77#d7 and 7d7 of section #df 7as in effect on the day before the date of the enactment of the ,revenue ,reconciliation ,act of #aiij7 shall apply for purposes of subsection 7a74 7c7 ,elective payment 7#a7 ,in general ,except as otherwise provided in paragraph 7#b77;,a71 in the case of a taxpayer making an election 7at such time and in such manner as the ,secretary may provide7 under this subsection with respect to the credit determined under subsection 7a71 such taxpayer shall be treated as making a payment against the tax imposed by subtitle ,a 7for the taxable year with respect to which such credit was determined7 equal to the amount of such credit4 7#b7 ,special rules ,rules similar to the rules of section #dh;,d7d77#b7 shall apply with respect to an election under paragraph 7#a74 7d7 ,termination of credit ,the credit allowed under this section shall not apply to property placed in service after ,december #ca1 #bjce4 4 7b7 ,credit eligible for elective payment ,section #fdag7;b7 of such ,code is amended by adding at the end the following new paragraph3 7#ac7 ,the port crane investment credit determined under section #dh;,f4 4 7c7 ,credit transferable ,section #fdah7;f77#a77;,a7 of such ,code is amended by adding at the end the following new clause3 7xii7 ,the port crane investment credit determined under section #dh;,f4 4 7d7 ,conforming amendments 7#a7 ,section #df of such ,code is amended by striking and at the end of paragraph 7#f71 by striking the period at the end of paragraph 7#g7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#h7 ,the port crane investment credit4 4 7#b7 ,section #di7;a77#a77;,c7 of such ,code is amended by striking and at the end of clause 7vii71 by striking the period at the end of clause 7viii7 and inserting 1 and1 and by adding at the end the following new clause3 7ix7 the basis of any property which is part of a port crane manufacturing facility under section #dh;,f4 4 7#c7 ,section #ej7;a77#b77;,e7 is amended by striking or #dh;,e7e7 and inserting #dh;,e7e71 or #dh;,f7c77#e74 7#d7 ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by inserting after the item relating to section #dh;,e the following new item3 ,sec4 #dh;,f4 ,port crane investment credit4 4 7e7 ,effective date ,the amendments made by this section shall apply to property placed in service in taxable years beginning after the date of the enactment of this ,act4 #c4 ,port crane production credit 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #de;,,aa the following new section3 #de;,,bb4 ,port crane production credit 7a7 ,in general 7#a7 ,allowance of credit ,for purposes of section #ch1 the port crane production credit for any taxable year is an amount equal to the sum of the credit amounts determined under paragraph 7#b7 with respect to each port crane which is-- 7,a7 produced by the taxpayer in the ,united ,states1 and 7,b7 during the taxable year1 sold by such taxpayer to an unrelated person4 7#b7 ,credit amount ,the amount determined under this paragraph is-- 7,a7 #dj percent of the sale price of a port crane that is not described in subparagraph 7,b71 and 7,b7 #fj percent of the sale price of a port crane with respect to which #ij percent of the component materials are produced in the ,united ,states4 7b7 ,credit phase-,out 7#a7 ,in general ,the amount of the credit under subsection 7a7 for any port crane produced during a calendar year described in paragraph 7#b7 shall be equal to the product of-- 7,a7 the amount of the credit determined under subsection 7a7 without regard to this subsection1 multiplied by 7,b7 the phase out percentage under paragraph 7#b74 7#b7 ,phase-out percentage ,the phase-out percentage under this paragraph is equal to-- 7,a7 in the case of any port crane produced in calendar year #bjce1 #be percent1 7,b7 in the case of any port crane produced in calendar year #bjcf1 #ae percent1 and 7,c7 in the case of any port crane produced after calendar year #bjcf1 #j percent4 7c7 ,port crane1 component materials ,the terms port crane and component materials have the respective meanings given such terms in section #de;,f7b77#d74 4 7b7 ,credit allowed as part of general business credit ,section #ch7;b7 of such ,code is amended by striking plus at the end of paragraph 7#dj71 by striking the period at the end of paragraph 7#da7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#db7 the port crane production credit determined under section #de;,,bb4 4 7c7 ,credit eligible for elective payment ,section #fdag7;b7 of such ,code1 as amended by the preceding provisions of this ,act1 is amended by adding at the end the following new paragraph3 7#ad7 ,the port crane production credit determined under section #de;,,bb4 4 7d7 ,credit transferable ,section #fdah7;f77#a77;,a7 of such ,code1 as amended by the preceding provisions of this ,act1 is amended by adding at the end the following new clause3 7xiii7 ,the port crane production credit determined under section #de;,,bb4 4 7e7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by adding at the end the following new item3 ,sec4 #de;,,bb4 ,port crane production credit4 4 7f7 ,effective date ,the amendments made by this section shall apply to property produced in taxable years beginning after the date of the enactment of this ,act4