To amend the Internal Revenue Code of 1986 to provide for an energy investment credit for energy storage property connected to the grid, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Storage Technology for Renewable and Green Energy Act of 2012'' or the ``STORAGE 2012 Act''.
SEC. 2. ENERGY INVESTMENT CREDIT FOR ENERGY STORAGE PROPERTY CONNECTED TO THE GRID.
(a) Up to 20 Percent Credit Allowed.--Subparagraph (A) of section 48(a)(2) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``and'' at the end of subclause (IV) of clause (i), (2) by striking ``clause (i)'' in clause (ii) and inserting ``clause (i) or (ii)'', (3) by redesignating clause (ii) as clause (iii), and (4) by inserting after clause (i) the following new clause: ``(ii) as provided in subsection (c)(5)(D), up to 20 percent in the case of qualified energy storage property, and''. (b) Qualified Energy Storage Property.--Subsection (c) of section 48 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: ``(5) Qualified energy storage property.-- ``(A) In general.--The term `qualified energy storage property' means property-- ``(i) which is directly connected to the electrical grid, and ``(ii) which is designed to receive electrical energy, to store such energy, and-- ``(I) to convert such energy to electricity and deliver such electricity for sale, or...