Prioritizing Energy-Efficient Renewables Act of 2015

To amend the Internal Revenue Code of 1986 to extend certain provisions of the renewable energy credit, and for other purposes. 1. Short title This Act may be cited as the Prioritizing Energy-Efficient Renewables Act of 2015 2. Certain provisions of renewable energy credit made permanent (a) Wind Section 45(d)(1) , and the construction of which begins before January 1, 2015 (b) Geothermal Section 45(d)(4)(B) of such Code is amended by striking the construction of which begins before January 1, 2015 is originally placed in service after October 22, 2004 (c) Hydropower Section 45(d)(9)(A) of such Code is amended by striking and before January 1, 2015 (d) Marine Section 45(d)(11)(B) of such Code is amended by striking and the construction of which begins before January 1, 2015 (e) Conforming amendment Section 45(d)(9) of such Code is amended by striking subparagraph (C). (f) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2013. 3. Repeal of deduction for intangible drilling and development costs in the case of oil and gas wells (a) In general Section 263(c) This subsection shall not apply to amounts paid or incurred in any taxable year beginning after December 31, 2015, by a taxpayer in the case of oil and gas wells. (b) Effective date The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2015. 4. Repeal of deduction for oil and gas income attributable to domestic production activities (a) In general Section 199(c)(4)(B) or , or (iv) the production, refining, transportation, or distribution of oil, natural gas, or any primary product (within the meaning of section 927(a)(2)(C), as in effect before its repeal). . (b) Conforming amendment Section 199(d) of such Code is amended by striking paragraph (9) and by redesignating paragraph (10) as paragraph (9). (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2015. 5. Repeal of percentage depletion for oil and gas (a) In general Section 611(a) oil and gas wells (b) Conforming amendments (1) Section 613 of such Code is amended by adding at the end the following: (f) Termination relating to oil and gas This section shall not apply with respect to any oil or gas well in taxable years beginning after December 31, 2015. . (2) Part I of subchapter I of chapter 1 (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2015.

Summary: Prioritizing Energy-Efficient Renewables Act of 2015 This bill amends the Internal Revenue Code to: (1) make permanent the tax credit for producing electricity from wind, geothermal and solar energy, hydropower, and marine and hydrokinetic renewable energy facilities; (2) repeal the tax deduction for intangible drilling and development costs for oil and gas wells; (3) repeal the tax deduction for income attributable to the production, refining, transportation, or distribution of oil, natural gas, or any primary product thereof; and (4) repeal the percentage depletion allowance for oil and gas wells.