PTC Elimination Act

Bill: 114-s-2158
Sponsor: full_name: Sen. Lankford, James [R-OK]
Introduced: 2015-10-07
Policy area: Taxation
Subjects: Alternative and renewable resources

Electric power generation and transmission

Income tax credits
Latest action: action_date: 2015-10-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-10-07
action_desc: Introduced in Senate
text: <p><strong>PTC Elimination Act </strong></p> <p>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. </p>

tv_txt: II 114th CONGRESS 1st Session S. 2158 IN THE SENATE OF THE UNITED STATES October 7, 2015 Mr. Lankford 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.

1. Short title This Act may be cited as the PTC Elimination Act . 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 clause (iii). (B) Section 45J of such Code is amended by adding at the end the following new subsection: (f) 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 54(d)(2)(A) of such Code is amended by inserting (as in effect immediately before its repeal) after section 45(d) . (F) Section 54C(d)(1) of such Code is amended by inserting (as in effect immediately before its repeal) after section 45(d) . (G) Section 54D(f)(1)(A)(iv) of such Code is amended by inserting (as in effect immediately before its repeal) after section 45(d) . (H) Section 55(c)(1) of such Code is amended by striking 45(e)(11)(C), . (3) Effective date The amendments made by this subsection shall apply to electricity, and refined coal, produced and sold after December 31, 2026. (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 expiration dates specified in such section as of the date of the enactment of this Act.