; and (B) at the end of clause (vii) by inserting or after the comma; and (C) by adding the following: (viii) waste heat to power property, . (2) Definitions and limitations Section 48(c) of the Internal Revenue Code of 1986 is amended by adding the following: (5) Waste heat to power property (A) In general The term waste heat to power property means property— (i) comprising a system which generates electricity through the recovery of a qualified waste heat resource, and (ii) the construction of which begins before January 1, 2022. (B) Qualified waste heat resource The term qualified waste heat resource means— (i) exhaust heat or flared gas from an industrial process that does not have, as its primary purpose, the production of electricity, and (ii) a pressure drop in any gas for an industrial or commercial process. (C) Limitations (i) In general For purposes of subsection (a)(1), the basis of any waste heat to power property taken into account under this section shall not exceed the excess of— (I) the basis of such property, over (II) the fair market value of comparable property which does not have the capacity to capture and convert a qualified waste heat resource to electricity. (ii) Capacity limitation The term waste heat to power property shall not include any property comprising a system if such system has a capacity in excess of 50 megawatts. . (b) Effective date The amendments made by this section shall apply to periods after December 31, 2016, in taxable years ending after such date, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).