text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Incentives for our Nation's Veterans 
  in Energy Sustainability Technologies'' or as the ``INVEST Act''.
  
  SEC. 2. WORK OPPORTUNITY TAX CREDIT FOR VETERANS HIRED IN THE FIELD OF 
                RENEWABLE ENERGY.
  
      (a) In General.--Section 51(d)(14) of the Internal Revenue Code of 
  1986 is amended to read as follows:
              ``(14) Certain veterans hired in the field of renewable 
          energy.--
                      ``(A) In general.--For purposes of this subpart, an 
                  individual shall be treated a member of a targeted 
                  group if such individual is a specified veteran, but 
                  qualified wages with respect to such individual shall 
                  include only wages attributable to services rendered in 
                  a field of renewable energy.
                      ``(B) Specified veteran.--For purposes of this 
                  paragraph, the term `specified veteran' means any 
                  veteran (as defined in paragraph (3)) who is certified 
                  by the designated local agency as--
                              ``(i) having received a credential or 
                          certification from the Department of Defense of 
                          military occupational specialty or skill in a 
                          field of renewable energy or with respect to 
                          advanced manufacturing, machinist or welding, 
                          or engineering,
                              ``(ii) having completed a vocational degree 
                          in a field of renewable energy during the 1-
                          year period ending on the hiring date, or
                              ``(iii) having completed a LEED 
                          certification with the United States Green 
                          Building Council.
                      ``(C) Renewable energy.--For purposes of this 
                  paragraph, renewable energy means resources that rely 
                  on fuel sources that restore themselves over short 
                  periods of time and do not diminish, including the sun, 
                  wind, moving water, organic plant and waste material, 
                  and the earth's heat.''.
      (b) Treatment of Possessions.--
              (1) Payments to possessions.--
                      (A) Mirror code possessions.--The Secretary of the 
                  Treasury shall pay to each possession of the United 
                  States with a mirror code tax system amounts equal to 
                  the loss to that possession by reason of the amendment 
                  made by this section. Such amounts shall be determined 
                  by the Secretary of the Treasury based on information 
                  provided by the government of the respective possession 
                  of the United States.
                      (B) Other possessions.--The Secretary of the 
                  Treasury shall pay to each possession of the United 
                  States which does not have a mirror code tax system the 
                  amount estimated by the Secretary of the Treasury as 
                  being equal to the loss to that possession that would 
                  have occurred by reason of the amendment made by this 
                  section if a mirror code tax system had been in effect 
                  in such possession. The preceding sentence shall not 
                  apply with respect to any possession of the United 
                  States unless such possession establishes to the 
                  satisfaction of the Secretary that the possession has 
                  implemented (or, at the discretion of the Secretary, 
                  will implement) an income tax benefit which is 
                  substantially equivalent to the income tax credit in 
                  effect after the amendments made by this section.
              (2) Coordination with credit allowed against united states 
          income taxes.--The credit allowed against United States income 
          taxes for any taxable year under the amendment made by this 
          section to section 51 of the Internal Revenue Code of 1986 to 
          any person with respect to any qualified veteran shall be 
          reduced by the amount of any credit (or other tax benefit 
          described in paragraph (1)(B)) allowed to such person against 
          income taxes imposed by the possession of the United States by 
          reason of this subsection with respect to such qualified 
          veteran for such taxable year.
              (3) Definitions and special rules.--
                      (A) Possession of the united states.--For purposes 
                  of this subsection, the term ``possession of the United 
                  States'' includes American Samoa, Guam, the 
                  Commonwealth of the Northern Mariana Islands, the 
                  Commonwealth of Puerto Rico, and the United States 
                  Virgin Islands.
                      (B) Mirror code tax system.--For purposes of this 
                  subsection, the term ``mirror code tax system'' means, 
                  with respect to any possession of the United States, 
                  the income tax system of such possession if the income 
                  tax liability of the residents of such possession under 
                  such system is determined by reference to the income 
                  tax laws of the United States as if such possession 
                  were the United States.
                      (C) Treatment of payments.--For purposes of section 
                  1324(b)(2) of title 31, United States Code, the 
                  payments under this subsection shall be treated in the 
                  same manner as a refund due from credit provisions 
                  described in such section.
      (c) Effective Date.--The amendment made by this section shall apply 
  to individuals who begin work for the employer after December 31, 2016.
target: Incentives for our Nation's Veterans in Energy Sustainability Technologies or&nbsp;the INVEST Act   This bill amends the Internal Revenue Code to allow the work opportunity tax credit for the hiring of a specified veteran who works in&nbsp;a field of renewable energy. A "specified veteran" means any veteran who is certified as: (1) having received a credential or certification from the Department of Defense of a military occupational specialty or skill in a field of renewable energy or with respect to advanced manufacturing, machinist or welding, or engineering; (2) having completed a vocational degree in a field of renewable energy; or (3) having completed a LEED (Leadership in Energy &amp; Environmental Design)&nbsp;certification with the United States Green Building Council. The Department of the Treasury shall pay: (1) each U.S. possession (i.e., American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands) with a mirror code tax system amounts equal to the loss to such possession due to this Act; and (2) each U.S. possession without such a tax system an amount estimated to equal the loss to such possession that would have occurred due to this Act if such a tax system had been in effect.
feat_title: Incentives for our Nation’s Veterans in Energy Sustainability Technologies