Title: Prioritizing Energy-Efficient Renewables Act of 2017
Policy area: Taxation

Summary:
Prioritizing Energy-Efficient Renewables Act of 2017
This bill amends the Internal Revenue Code to: (1) make permanent the tax credits for producing electricity from wind, geothermal 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.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4636 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4636

To amend the Internal Revenue Code of 1986 to extend certain provisions 
        of the renewable energy credit, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 13, 2017

 Ms. Schakowsky (for herself, Ms. Norton, Mr. Quigley, Mr. Cartwright, 
Ms. Lee, Ms. McCollum, Mr. Nadler, Mr. Pocan, Ms. Speier, Mr. Loebsack, 
Mr. Gutierrez, Mr. Grijalva, Mr. Huffman, Ms. Lofgren, Mr. Takano, Mr. 
   Khanna, Mr. Polis, Mr. Kennedy, Ms. Velazquez, and Mr. McNerney) 
 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 extend certain provisions 
        of the renewable energy credit, and for other purposes.

    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 ``Prioritizing Energy-Efficient 
Renewables Act of 2017''.

SEC. 2. CERTAIN PROVISIONS OF RENEWABLE ENERGY CREDIT MADE PERMANENT.

    (a) Wind.--Section 45(d)(1) of the Internal Revenue Code of 1986 is 
amended by striking ``, and the construction of which begins before 
January 1, 2020''.
    (b) Geothermal.--Section 45(d)(4)(B) of such Code is amended by 
striking ``the construction of which begins before January 1, 2017'' 
and inserting ``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, 2017'' both places it appears in 
clauses (i) and (ii).
    (d) Marine.--Section 45(d)(11)(B) of such Code is amended by 
striking ``and the construction of which begins before January 1, 
2017''.
    (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, 2016.

SEC. 3. REPEAL OF DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT 
              COSTS IN THE CASE OF OIL AND GAS WELLS.

    (a) In General.--Section 263(c) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new sentence: ``This 
subsection shall not apply to amounts paid or incurred in any taxable 
year beginning after December 31, 2017, 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, 2017.

SEC. 4. REPEAL OF DEDUCTION FOR OIL AND GAS INCOME ATTRIBUTABLE TO 
              DOMESTIC PRODUCTION ACTIVITIES.

    (a) In General.--Section 199(c)(4)(B) of the Internal Revenue Code 
of 1986 is amended by striking ``or'' at the end of clause (ii), by 
striking the period at the end of clause (iii) and inserting ``, or'', 
and by inserting after clause (iii) the following:
                            ``(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, 2017.

SEC. 5. REPEAL OF PERCENTAGE DEPLETION FOR OIL AND GAS.

    (a) In General.--Section 611(a) of the Internal Revenue Code of 
1986 is amended by striking ``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, 2017.''.
            (2) Part I of subchapter I of chapter 1 of the Internal 
        Revenue Code of 1986 is amended by striking section 613A (and 
        by striking the item relating to such section in the table of 
        sections for such part).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2017.
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