Title: PTC Elimination Act
Policy area: Taxation

Summary:
PTC Elimination Act
This bill repeals the tax credit for producing electricity from renewable resources (e.g., wind, biomass, trash, geothermal or solar energy facilities). The bill also expresses the sense of Congress that such credit should be allowed to expire and should not be extended.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4678 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4678

  To amend the Internal Revenue Code of 1986 to repeal the credit for 
 electricity produced from certain renewable resources, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 23, 2020

  Mr. Lankford (for himself, Mr. Cramer, Mr. Hoeven, and Mrs. Capito) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to repeal the credit for 
 electricity produced from certain renewable resources, 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 ``PTC Elimination Act''.

SEC. 2. REPEAL OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN 
              RENEWABLE RESOURCES.

    (a) Repeal of Credit.--
            (1) In general.--Subpart D of part IV of subchapter A of 
        chapter 1 of the Internal Revenue Code of 1986 is amended by 
        striking section 45 (and by striking the item relating to such 
        section in the table of sections for such subpart).
            (2) Conforming amendments.--
                    (A) Section 38 of such Code is amended--
                            (i) in subsection (b), by striking 
                        paragraph (8), and
                            (ii) in subsection (c)(4)(B), by striking 
                        clauses (iv) and (v).
                    (B) Section 45J of such Code is amended by adding 
                at the end the following new subsection:
    ``(g) References to Section 45.--Any reference in this section to 
any provision of section 45 shall be treated as a reference to such 
provision as in effect immediately before its repeal.''.
                    (C) Section 45K(g)(2) of such Code is amended by 
                striking subparagraph (E).
                    (D) Section 48 of such Code is amended by adding at 
                the end the following new subsection:
    ``(e) References to Section 45.--Any reference in this section to 
any provision of section 45 shall be treated as a reference to such 
provision as in effect immediately before its repeal.''.
                    (E) Section 55(c)(1) of such Code is amended by 
                striking ``45(e)(11)(C),''.
                    (F) Section 59A(b)(4) of such Code is amended by 
                inserting ``and'' at the end of subparagraph (A) and by 
                striking subparagraph (B).
            (3) Effective date.--The amendments made by this subsection 
        shall apply to electricity produced and sold after December 31, 
        2034.
    (b) Sense of Congress Regarding Further Extension.--It is the sense 
of the Congress that the credit under section 45 of the Internal 
Revenue Code of 1986 should be allowed to expire and should not be 
extended beyond the termination dates specified in such section as of 
the date of the enactment of this Act.
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