Title: Renewable Electricity Tax Credit Equalization Act
Policy area: Taxation

Summary:
Renewable Electricity Tax Credit Equalization Act
This bill amends the Internal Revenue Code, with respect to the tax credits for investments in energy property and for electricity produced from certain renewable resources, to extend both credits for the following facilities placed in service after 2008 with construction that begins before January 1, 2022:
The bill also includes a phase-out schedule that reduces the amounts of the credits by specified amounts that increase for facilities that are constructed or placed in service later.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4137 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4137

  To amend the Internal Revenue Code of 1986 to modify the credit for 
     electricity produced from certain renewable resources and the 
 investment credit for certain qualified investment credit facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 25, 2017

 Ms. Stefanik 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 modify the credit for 
     electricity produced from certain renewable resources and the 
 investment credit for certain qualified investment credit facilities.

    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 ``Renewable Electricity Tax Credit 
Equalization Act''.

SEC. 2. QUALIFIED INVESTMENT CREDIT FACILITIES.

    (a) In General.--Clause (ii) of section 48(a)(5)(C) of the Internal 
Revenue Code of 1986 is amended to read as follows:
                            ``(ii) which is placed in service after 
                        2008 and the construction of which begins 
                        before--
                                    ``(I) January 1, 2020, in the case 
                                of any facility which is described in 
                                paragraph (1) of section 45(d)), and
                                    ``(II) January 1, 2022, in the case 
                                of any facility which is described in 
                                paragraph (2), (3), (4), (6), (7), (9) 
                                or (11) of section 45(d), and''.
    (b) Phaseout.--
            (1) In general.--Subparagraph (A) of section 48(a)(6) of 
        such Code is amended by inserting ``or in the case of any 
        facility which is described in paragraph (2), (3), (4), (6), 
        (7), (9) or (11) of section 45(d) which makes the irrevocable 
        election described in paragraph (5)(C)(iii)(II),'' after 
        ``January 1, 2022,''.
            (2) Placed in service deadline.--Subparagraph (B) of 
        section 48(a)(6) of such Code is amended--
                    (A) by inserting ``or in the case of any facility 
                which is described in paragraphs (2), (3), (4), (6), 
                (7), (9) or (11) of section 45(d) which makes the 
                irrevocable election described in paragraph 
                (5)(C)(iii)(II),'' after ``January 1, 2022,'', and
                    (B) by striking ``determined under paragraph (2)''.
            (3) Clerical amendment.--The heading for section 48(a)(6) 
        of such Code is amended by inserting ``and Certain Other 
        Facilities Described in Section 45(d)'' after ``Phaseout for 
        Solar Energy Property''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 3. EXTENSION AND PHASEOUT OF PRODUCTION CREDITS FOR CERTAIN OTHER 
              FACILITIES.

    (a) In General.--
            (1) Extension.--Paragraphs (2), (3), (4), (6), (7), (9), 
        and (11) of section 45(d) of the Internal Revenue Code of 1986 
        are each amended by striking ``January 1, 2017'' and inserting 
        ``January 1, 2022''.
            (2) Phaseout.--Subsection (b) of section 45 of such Code is 
        amended by adding at the end the following new paragraph:
            ``(6) Phaseout of credit for certain other facilities.--In 
        the case of any facility described in paragraph (2), (3), (4), 
        (6), (7), (9), or (11) of subsection (d), the amount of the 
        credit determined under subsection (a) (determined after the 
        application of paragraphs (1), (2), and (3) and without regard 
        to this paragraph) shall be reduced by--
                    ``(A) in the case of any facility the construction 
                of which begins after the enactment of the `Renewable 
                Electricity Tax Credit Equalization Act' and before 
                January 1, 2018, 20 percent,
                    ``(B) in the case of any facility the construction 
                of which begins after December 31, 2017, and before 
                January 1, 2019, 40 percent, and
                    ``(C) in the case of any facility the construction 
                of which begins after December 31, 2018, and before 
                January 1, 2022, 60 percent.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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