Tribal Tax Incentive for Renewable Energy Act of 2015

Bill: 114-s-1749
Sponsor: full_name: Sen. Heinrich, Martin [D-NM]
Introduced: 2015-07-13
Policy area: Taxation
Subjects: Alternative and renewable resources

Income tax credits

Indian lands and resources rights
Latest action: action_date: 2015-07-13
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-07-13
action_desc: Introduced in Senate
text: <p><strong>Tribal Tax Incentive for Renewable Energy Act of 2015</strong></p> <p>This bill amends the Internal Revenue Code to&nbsp;allow Indian tribes an election to transfer a portion of the energy tax credit to another taxpayer. </p>

tv_txt: II 114th CONGRESS 1st Session S. 1749 IN THE SENATE OF THE UNITED STATES July 13, 2015 Mr. Heinrich 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 allow allocation of certain renewable energy tax credits to Indian tribes, and for other purposes.

1. Short title This Act may be cited as the Tribal Tax Incentive for Renewable Energy Act of 2015 . 2. Allocation of renewable energy tax credits to Indian tribes (a) In general Subsection (a) of section 48 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Allocation of credit to Indian tribes (A) Election to allocate (i) In general In the case of an Indian tribe, any portion of the credit determined under this subsection for the taxable year may, at the election of such tribe, be transferred to another taxpayer. (ii) Form and effect of election An election under clause (i) for any taxable year shall— (I) specify the TIN of each taxpayer to whom credit is allocated, (II) specify the percentage of the credit determined under this subsection to be allocated to each such taxpayer, and (III) not take effect unless the Indian tribe designates the transfer as such in a written notice sent to such taxpayer. Such election for any taxable year shall be made on a timely filed return for such year, and, once made, shall be irrevocable for such taxable year. (B) Allocation to other taxpayers The amount of credit transferred to any taxpayer under subparagraph (A)— (i) shall not be included in the amount determined under this subsection with respect to the Indian tribe for the taxable year, and (ii) shall be included in the amount determined under this subsection for the taxable year of such taxpayer ending on or after the date on which the taxpayer receives the written designation under subparagraph (A)(ii)(III). (C) Definition of Indian tribe For purposes of this paragraph, the term Indian tribe has the meaning given such term by section 45A(c)(6). . (b) Effective date The amendment made by this section shall apply to facilities placed in service on or after the date of enactment of this Act.