PTC Certainty and Phaseout Act of 2013

Bill: 113-hr-2987
Sponsor: full_name: Rep. Fitzpatrick, Michael G. [R-PA-8]
Introduced: 2013-08-02
Policy area: Taxation
Subjects: Alternative and renewable resources

Electric power generation and transmission

Income tax credits
Latest action: action_date: 2013-08-02
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-08-02
action_desc: Introduced in House
text: <p>PTC Certainty and Phaseout Act of 2013 - Amends the Internal Revenue Code, with respect to the tax credit for production of electricity from wind facilities, to: (1) extend until December 31, 2019, the date by which construction of wind facilities eligible for such credit must begin, and (2) provide for a annual reduction in the percentage rate of such credit between 2015 and 2019. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2987 IN THE HOUSE OF REPRESENTATIVES August 2, 2013 Mr. Fitzpatrick 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 phasedown the credit for electricity produced from wind.

1. Short title This Act may be cited as the PTC Certainty and Phaseout Act of 2013 . 2. Extension and phasedown of production credit for electricity produced from wind (a) Extension Paragraph (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by striking January 1, 2014 in paragraph (1) and inserting January 1, 2020 . (b) Phasedown of credit Subsection (b) of section 45 of such Code is amended by adding at the end the following new paragraph: (5) Phasedown of credit for wind energy (A) In general In the case of facilities to which subsection (d)(1) applies and the construction of which begins after December 31, 2013, the number of cents taken into account under subsection (a) for calendar years ending after such date (determined after the application of the preceding paragraphs of this subsection and without regard to this paragraph) shall be only the applicable percentage of such number for such year. If any amount determined under the preceding sentence is not a multiple of 0.01 cent, such amount shall be rounded to the nearest multiple of 0.01 cent. (B) Applicable percentage For purposes of subparagraph (A), the applicable percentage shall be determined in accordance with the following table: Year construction The applicable  begins: percentage is: 2014 100 2015 90 2016 80 2017 70 2018 60 2019 60. . (c) Effective date The amendments made by this section shall apply to property originally placed in service on or after January 1, 2013.