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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2158 Introduced in Senate (IS)]

<DOC>

114th CONGRESS
  1st Session
                                S. 2158

  To amend the Internal Revenue Code of 1986 to repeal the credit for 
         electricity produced from certain renewable resources.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            October 7, 2015

 Mr. Lankford introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL

 
  To amend the Internal Revenue Code of 1986 to repeal the credit for 
         electricity produced from certain renewable resources.

    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 ``PTC Elimination Act''.

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

    (a) Repeal of Credit.--
            (1) In general.--Subpart D of part IV of subchapter A of 
        chapter 1 of the Internal Revenue Code of 1986 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 of such Code is amended--
                            (i) in subsection (b), by striking 
                        paragraph (8), and
                            (ii) in subsection (c)(4)(B), by striking 
                        clause (iii).
                    (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, 2026.
    (b) 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.
                                 <all>
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