Amends the Internal Revenue Code to allow a tax credit for 50% of the cost of qualified advanced mine safety equipment property (in lieu of the existing taxpayer election to expense 50% of such property in the current taxable year). Defines such property to include: (1) an emergency communication technology or device for constant communication with individuals outside the mine; (2) an electronic identification and location device; (3) an emergency oxygen-generating device; (4) pre-positioned oxygen supplies; and (5) a comprehensive atmospheric monitoring system to monitor levels of carbon monoxide and other gases present in a mine.
Revises the tax credit for mine rescue team training expenses to: (1) increase the amount of such credit; (2) allow such credit as an offset against the alternative minimum tax; and (3) make such credit permanent.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.