Innovative Energy Manufacturing Act of 2021
This bill provides for additional annual allocations, in 2022 through 2026, of the qualifying advanced energy project tax credit. A qualifying advanced energy project is a project that reequips, expands, or establishes a manufacturing facility for the production of energy from alternative sources, including solar, wind, or other renewable resources.
The Department of the Treasury must report to Congress by the end of 2027 on domestic job creation attributable to the credit allocations made by this bill.
To amend the Internal Revenue Code of 1986 to extend the advanced 
                         energy project credit.

    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 ``Innovative Energy Manufacturing Act 
of 2021''.

SEC. 2. EXTENSION OF THE ADVANCED ENERGY PROJECT CREDIT.

    (a) In General.--Section 48C of the Internal Revenue Code of 1986 
is amended by redesignating subsection (e) as subsection (f) and by 
inserting after subsection (d) the following new subsection:
    ``(e) Additional Allocations.--
            ``(1) In general.--Not later than 180 days after the date 
        of enactment of this paragraph, the Secretary, after 
        consultation with the Secretary of Energy, shall establish a 
        program to designate amounts of qualifying advanced project 
        credit limitation to qualifying advanced energy projects.
            ``(2) Annual limitation.--
                    ``(A) In general.--The amount of qualifying 
                advanced project credit limitation that may be 
                designated under this subsection during any calendar 
                year shall not exceed the annual credit limitation with 
                respect to such year.
                    ``(B) Annual credit limitation.--For purposes of 
                this subsection, the term `annual credit limitation' 
                means $2,500,000,000 for each of calendar years 2022, 
                2023, 2024, 2025, and 2026, and zero thereafter.
                    ``(C) Carryover of unused limitation.--If the 
                annual credit limitation for any calendar year exceeds 
                the aggregate amount designated for such year under 
                this subsection, such limitation for the succeeding 
                calendar year shall be increased by the amount of such 
                excess. No amount may be carried under the preceding 
                sentence to any calendar year after 2026.
            ``(3) Placed in service deadline.--No credit shall be 
        determined under subsection (a) with respect to any property 
        which is placed in service after the date that is 4 years after 
        the date of the designation under this subsection relating to 
        such property.
            ``(4) Selection criteria.--Selection criteria similar to 
        those in subsection (d)(3) shall apply, except that in 
        determining designations under this subsection, the Secretary, 
        after consultation with the Secretary of Energy, shall--
                    ``(A) require that applicants provide written 
                assurances to the Secretary that all laborers and 
                mechanics employed by contractors and subcontractors in 
                the performance of construction, alteration or repair 
                work on a qualifying advanced energy project shall be 
                paid wages at rates not less than those prevailing on 
                projects of a similar character in the locality as 
                determined by the Secretary of Labor in accordance with 
                subchapter IV of chapter 31 of title 40, United States 
                Code, and
                    ``(B) give the highest priority to projects which--
                            ``(i) manufacture (other than primarily 
                        assembly of components) property described in a 
                        subclause of subsection (c)(1)(A)(i) (or 
                        components thereof), and
                            ``(ii) have the greatest potential for 
                        commercial deployment of new applications.
            ``(5) Disclosure of designations.--Rules similar to the 
        rules of subsection (d)(5) shall apply for purposes of this 
        subsection.''.
    (b) Clarification With Respect to Electrochromatic Glass.--Section 
48C(c)(1)(A)(i)(V) of such Code is amended--
            (1) by striking ``and smart grid'' and inserting ``, smart 
        grid,'' and
            (2) by inserting ``, and electrochromatic glass'' before 
        the comma at the end.
    (c) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.
    (d) Progress Report.--During the 30-day period ending on December 
31, 2027, the Secretary of the Treasury (or the Secretary's delegate), 
after consultation with the Secretary of Labor, shall submit a report 
to Congress on any domestic job creation, and wages associated with 
such jobs, and the amount of such wages paid, attributable to the 
amendment made by this section.
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Innovative Energy Manufacturing Act of 2021
To amend the Internal Revenue Code of 1986 to extend the advanced energy project credit.
Innovative Energy Manufacturing Act of 2021
Rep. Boyle, Brendan F.