I 

117TH CONGRESS 

1ST SESSION H. R. 3180 

To amend the Internal Revenue Code of 1986 to provide an elective payment 

for energy property and electricity produced from certain renewable resources, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 13, 2021 

Mr. BLUMENAUER (for himself, Mr. LEVIN of California, Mr. BEYER, Ms. 

DELBENE, Mr. GOMEZ, Mr. HORSFORD, Mr. LARSON of Connecticut, 

Mr. PANETTA, and Ms. ROSS) introduced the following bill; which was 

referred to the Committee on Ways and Means 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

an elective payment for energy property and electricity 

produced from certain renewable resources, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Renewable Energy In5 vestment Act’’. 


kjohnson on DSK79L0C42PROD with BILLS
2 

•HR 3180 IH

1 SEC. 2. ELECTIVE PAYMENT FOR ENERGY PROPERTY AND 

2 ELECTRICITY PRODUCED FROM CERTAIN RE3 NEWABLE RESOURCES, ETC. 

4 (a) IN GENERAL.—Subchapter B of chapter 65 of the 

5 Internal Revenue Code of 1986 is amended by adding at 

6 the end the following new section: 

7 ‘‘SEC. 6431. ELECTIVE PAYMENT FOR ENERGY PROPERTY 

8 AND ELECTRICITY PRODUCED FROM CER9 TAIN RENEWABLE RESOURCES, ETC. 

10 ‘‘(a) ENERGY PROPERTY.—In the case of a taxpayer 

11 making an election under this subsection (at such time 

12 and in such manner as the Secretary may provide) with 

13 respect to any portion of an applicable credit, such tax14 payer shall be treated as making a payment against the 

15 tax imposed by subtitle A for the taxable year equal to 

16 the amount of such portion. 

17 ‘‘(b) APPLICATION TO PARTNERSHIPS AND S COR18 PORATIONS.— 

19 ‘‘(1) IN GENERAL.—In the case of any applica20 ble credit determined with respect to any qualified 

21 resources, qualified facility, or energy property held 

22 directly by a partnership or S corporation, if such 

23 partnership or S corporation makes an election 

24 under this subsection (in such manner as the Sec25 retary may provide) with respect to any portion of 

26 such credit— 


kjohnson on DSK79L0C42PROD with BILLS
3 

•HR 3180 IH

1 ‘‘(A) the Secretary shall make a payment 

2 to such partnership or S corporation equal to 

3 the amount of such portion, 

4 ‘‘(B) subsection (e)(1) shall be applied 

5 with respect to such credit before determining 

6 any partner’s distributive share, or share7 holder’s pro rata share, of such credit, and 

8 ‘‘(C) any amount excluded from gross in9 come by reason of subsection (e)(2) shall be 

10 treated as tax exempt income for purposes of 

11 sections 705 and 1366. 

12 ‘‘(2) COORDINATION WITH APPLICATION AT

13 PARTNER OR SHAREHOLDER LEVEL.—In the case of 

14 any partnership or S corporation, subsection (a) 

15 shall be applied at the partner or shareholder level 

16 after application of paragraph (1)(B). 

17 ‘‘(3) IRREVOCABLE ELECTION.—Any election 

18 under this subsection shall be made not later than 

19 the due date (including extensions of time) for the 

20 partnership or S corporation return for the taxable 

21 year for which the applicable credit is determined. 

22 Any such election, once made, shall be irrevocable. 

23 ‘‘(c) APPLICATION TO GOVERNMENTAL ENTITIES.— 

24 In the case of an election under this section— 


kjohnson on DSK79L0C42PROD with BILLS
4 

•HR 3180 IH

1 ‘‘(1) any State or local government, or a polit2 ical subdivision thereof, or 

3 ‘‘(2) an Indian tribal government (within the 

4 meaning of section 139E), 

5 shall not fail to be treated as a taxpayer for purposes of 

6 this section and determining any applicable credit. 

7 ‘‘(d) APPLICABLE CREDIT.—For purposes of this sec8 tion, the term ‘applicable credit’ means each of the fol9 lowing credits determined with respect to the taxpayer: 

10 ‘‘(1) The energy credit under section 48. 

11 ‘‘(2) The renewable electricity production credit 

12 under section 45. 

13 ‘‘(e) SPECIAL RULES.— 

14 ‘‘(1) DENIAL OF DOUBLE BENEFIT.—Solely for 

15 purposes of section 38, in the case of a taxpayer 

16 making an election under this section with respect to 

17 any applicable credit, such credit shall be reduced by 

18 the amount of the portion of such credit with respect 

19 to which the taxpayer makes such election. 

20 ‘‘(2) EXCLUSION FROM GROSS INCOME.—Gross 

21 income of the taxpayer shall be determined without 

22 regard to this section. 

23 ‘‘(3) TIMING OF DEEMED PAYMENT.—The pay24 ment described in subsection (a) shall be treated as 

25 made on— 


kjohnson on DSK79L0C42PROD with BILLS
5 

•HR 3180 IH

1 ‘‘(A) in the case of any government, or po2 litical subdivision, to which paragraph (1) ap3 plies and for which no return is required under 

4 section 6011 or 6033(a), the later of the date 

5 that a return would be due under section 

6 6033(a) if such government or subdivision were 

7 described in that section or the date on which 

8 such government or subdivision submits a claim 

9 for credit or refund (at such time and in such 

10 manner as the Secretary shall provide), and 

11 ‘‘(B) in any other case, the later of the due 

12 date of the return of tax for the taxable year 

13 or the date on which such return is filed. 

14 ‘‘(4) WAIVER OF SPECIAL RULES.—In the case 

15 of an election under this section, the determination 

16 of any applicable credit shall be without regard to 

17 paragraphs (3) and (4)(A)(i) of section 50(b). 

18 ‘‘(5) TREATMENT OF PAYMENTS TO PARTNER19 SHIPS AND S CORPORATIONS.—For purposes of sec20 tion 1324 of title 31, United States Code, the pay21 ments under subsection (b)(1)(B) shall be treated in 

22 the same manner as a refund due from a credit pro23 vision referred to in subsection (b)(2) of such sec24 tion. 


kjohnson on DSK79L0C42PROD with BILLS
6 

•HR 3180 IH

1 ‘‘(f) REGULATIONS.—The Secretary shall issue such 

2 regulations or other guidance as may be necessary or ap3 propriate to carry out the purposes of this section, includ4 ing regulations or other guidance providing rules for deter5 mining a partner’s distributive share of the tax exempt 

6 income described in subsection (b)(1)(C).’’. 

7 (b) CLERICAL AMENDMENT.—The table of sections 

8 for subchapter B of chapter 65 of such Code is amended 

9 by adding at the end the following new item: 

‘‘Sec. 6431. Elective payment for energy property and electricity produced from 

certain renewable resources, etc.’’. 

10 (c) EFFECTIVE DATE.—The amendments made by 

11 this section shall apply to property originally placed in 

12 service after the date of the enactment of this Act. 

Æ 


kjohnson on DSK79L0C42PROD with BILLS