Title: Renewable Energy Investment Act of 2019
Policy area: Taxation

Summary:
Renewable Energy Investment Act of 2019
This bill allows Indian tribal governments and other taxpayers to elect to receive tax excludable payments in lieu of credit amounts attributable to the tax credits for energy property and for electricity produced from certain renewable resources. The payments to such other taxpayers are limited to 85% of the credit amounts.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5157 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 5157

  To amend the Internal Revenue Code of 1986 to provide for elective 
  payments for energy property and electricity produced from certain 
                          renewable resources.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2019

  Mr. Blumenauer (for himself, Mr. Suozzi, Ms. Sanchez, Mr. Danny K. 
Davis of Illinois, Ms. Moore, Mr. Horsford, Mr. Beyer, Mr. Panetta, Ms. 
   DelBene, and Mr. Gomez) 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 provide for elective 
  payments for energy property and electricity produced from certain 
                          renewable resources.

    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 Energy Investment Act of 
2019''.

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

    (a) In General.--Subchapter B of chapter 65 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

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

    ``(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 energy credit 
which would (without regard to this section) be determined under 
section 48 with respect to such taxpayer or any portion of a renewable 
electricity production credit which would (without regard to this 
section) be determined under section 45 with respect to such taxpayer, 
such taxpayer shall be treated as making a payment against the tax 
imposed by subtitle A for the taxable year equal to--
            ``(1) in the case of an Indian tribal government (within 
        the meaning of such term for purposes of section 139E), the 
        amount of such portion, and
            ``(2) in the case of any other taxpayer, 85 percent of such 
        amount.
    ``(b) Timing.--The payment described in subsection (a) shall be 
treated as made on the later of the due date of the return of tax for 
such 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 45 or the renewable electricity 
production 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.''.
    (b) Clerical Amendment.--The table of sections for subchapter B of 
chapter 65 of such Code is amended by adding at the end the following 
new item:

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