Title: Solar Jobs Preservation Act of 2020
Policy area: Taxation

Summary:
Solar Jobs Preservation Act of 2020
This bill allows a taxpayer election for payments in lieu of the energy tax credit. It also extends such credit for one year.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8743 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8743

 To amend the Internal Revenue Code of 1986 to make certain energy tax 
 credits fully refundable and to delay the tax credit phase down, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 12, 2020

 Mr. Levin of California (for himself, Mr. Schweikert, Mr. Tonko, and 
  Mr. Cook) 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 make certain energy tax 
 credits fully refundable and to delay the tax credit phase down, 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 ``Solar Jobs Preservation Act of 
2020''.

SEC. 2. ELECTIVE PAYMENT FOR ENERGY PROPERTY, ELECTRICITY PRODUCED FROM 
              CERTAIN RENEWABLE RESOURCES.

    (a) In General.--Subchapter B of chapter 65 is amended by adding at 
the end the following new section:

``SEC. 6431. ELECTIVE PAYMENT FOR ENERGY PROPERTY, ELECTRICITY PRODUCED 
              FROM CERTAIN RENEWABLE RESOURCES.

    ``(a) Energy Property.--In the case of a taxpayer making an 
election (at such time and in such manner as the Secretary may provide) 
under this section with respect to any portion of an applicable credit, 
such taxpayer shall be treated as making a payment against the tax 
imposed by subtitle A for the taxable year equal to the amount of such 
portion.
    ``(b) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Applicable credit.--The term `applicable credit' 
        means the energy credit under section 48.
            ``(2) Timing.--The payment described in subsection (a) 
        shall be treated as made on the later of the initial due date 
        of the return of tax for the taxable year or the date on which 
        such return is filed.
    ``(c) Exclusion From Gross Income.--Gross income of the taxpayer 
shall be determined without regard to this section.
    ``(d) Denial of Double Benefit.--Solely for purposes of section 38, 
in the case of a taxpayer making an election under this section, the 
energy credit determined under section 48 shall be reduced by the 
amount of the portion of such credit with respect to which the taxpayer 
makes such election.
    ``(e) Application.--This section shall apply to property the 
construction of which begins before January 1, 2022.''.
    (b) Clerical Amendment.--The table of sections for subchapter B of 
chapter 65 is amended by adding at the end the following new item:

``Sec. 6431. Elective payment for energy property, electricity produced 
                            from certain renewable resources.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 3. EXTENSION OF ENERGY CREDIT.

    (a) In General.--Section 48(a)(6) of the Internal Revenue Code of 
1986 is amended--
            (1) in subparagraph (A)--
                    (A) by striking ``which begins before January 1, 
                2022'' and inserting ``which begins before January 1, 
                2023'',
                    (B) in clause (i), by striking ``January 1, 2021'' 
                and inserting ``January 1, 2022'', and
                    (C) in clause (ii)--
                            (i) by striking ``December 31, 2020'' and 
                        inserting ``December 31, 2021'', and
                            (ii) by striking ``January 1, 2022'' and 
                        inserting ``January 1, 2023'', and
            (2) in subparagraph (B)--
                    (A) by striking ``January 1, 2022'' and inserting 
                ``January 1, 2023'', and
                    (B) by striking ``January 1, 2024'' and inserting 
                ``January 1, 2025''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
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