PTC Elimination Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PTC Elimination Act''.

SEC. 2. PHASEOUT AND REPEAL OF CREDIT FOR ELECTRICITY PRODUCED FROM 
              CERTAIN RENEWABLE RESOURCES.

    (a) Reduction of Credit and Phaseout Amounts.--
            (1) In general.--Section 45(b) of the Internal Revenue Code 
        of 1986 is amended by striking paragraph (2).
            (2) Conforming amendments.--Section 45(e)(2) of such Code 
        is amended--
                    (A) by striking ``the inflation adjustment factor 
                and'' in subparagraph (A), and
                    (B) by striking subparagraph (B) and redesignating 
                subparagraph (C) as subparagraph (B).
            (3) Effective date.--The amendments made by this subsection 
        shall apply to electricity, and refined coal, produced and sold 
        after December 31, 2015.
    (b) Special Rule for Determining Beginning of Construction.--
            (1) In general.--Section 45(e) of such Code is amended by 
        adding at the end the following new paragraph:
            ``(12) Special rule for determining beginning of 
        construction.--For purposes of subsection (d) and section 
        48(a)(5), the construction of any facility, modification, 
        improvement, addition, or other property shall not be treated 
        as beginning before any date unless there is a continuous 
        program of construction which begins, and makes significant 
        progress, before such date and ends on the date that such 
        property is placed in service.''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to taxable years beginning before, on, or after the 
        date of the enactment of this Act.
    (c) Repeal of Credit.--
            (1) In general.--Subpart D of part IV of subchapter A of 
        chapter 1 of such Code is amended by striking section 45 (and 
        by striking the item relating to such section in the table of 
        sections for such subpart).
            (2) Conforming amendments.--
                    (A) Section 38(b) of such Code is amended by 
                striking paragraph (8).
                    (B) Section 45J of such Code is amended by adding 
                at the end the following new subsection:
    ``(f) References to Section 45.--Any reference in this section to 
any provision of section 45 shall be treated as a reference to such 
provision as in effect immediately before its repeal.''.
                    (C) Section 45K(g)(2) of such Code is amended by 
                striking subparagraph (E).
                    (D) Section 48 of such Code is amended by adding at 
                the end the following new subsection:
    ``(e) References to Section 45.--Any reference in this section to 
any provision of section 45 shall be treated as a reference to such 
provision as in effect immediately before its repeal.''.
                    (E) Section 54(d)(2)(A) of such Code is amended by 
                inserting ``(as in effect immediately before its 
                repeal)'' after ``section 45(d)''.
                    (F) Section 54C(d)(1) of such Code is amended by 
                inserting ``(as in effect immediately before its 
                repeal)'' after ``section 45(d)''.
                    (G) Section 54D(f)(1)(A)(iv) of such Code is 
                amended by inserting ``(as in effect immediately before 
                its repeal)'' after ``section 45(d)''.
                    (H) Section 55(c)(1) of such Code is amended by 
                striking ``45(e)(11)(C),''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to electricity, and refined coal, produced and sold 
        after December 31, 2025.
    (d) Sense of Congress Regarding Further Extension.--It is the sense 
of the Congress that the credit under section 45 of the Internal 
Revenue Code of 1986 should be allowed to expire and should not be 
extended beyond the expiration dates specified in such section as of 
the date of the enactment of this Act.

SEC. 3. REDUCTION OF CORPORATE INCOME TAX.

    (a) In General.--Section 11 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(e) Reduction.--
            ``(1) In general.--In the case of any taxable year 
        beginning more than 1 year after the date of the enactment of 
        this subsection, the amount of tax otherwise imposed under this 
        section with respect to any taxpayer for such taxable year 
        shall be reduced by the applicable percentage of such amount.
            ``(2) Applicable percentage.--For purposes of this 
        subsection--
                    ``(A) In general.--The term `applicable percentage' 
                means the percentage which the Secretary estimates will 
                result in--
                            ``(i) a decrease in revenues to the 
                        Treasury for the fiscal year which includes the 
                        date of the enactment of this subsection and 
                        the 10 subsequent fiscal years, which is equal 
                        to
                            ``(ii) the increase in such revenues for 
                        such taxable years by reason of the amendments 
                        made by section 2 of the PTC Elimination Act.
                    ``(B) Single percentage.--The percentage under 
                subparagraph (A) shall be determined by the Secretary 
                not later than the date which is 1 year after the date 
                of the enactment of this subsection and shall apply for 
                all taxable years to which paragraph (1) applies.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning more than 1 year after the date of the 
enactment of this Act.

Summary: PTC Elimination Act This bill amends the Internal Revenue Code to phase out and eventually eliminate the tax credit for production of electricity from renewable resources. The bill repeals the inflation adjustment for current recipients of the tax credit and modifies the quot, beginning of constructionquot. Requirement to require that construction of an eligible project is continuous and makes significant progress. The credit is repealed in its entirety after December 31, 2025. The bill expresses the sense of Congress that the credit should be allowed to expire and should not be extended beyond its expiration date. The bill also reduces the corporate income tax by an applicable percentage based on increases in revenues resulting from this bill.