To amend the Internal Revenue Code of 1986 to allow certain regulated companies to elect out of the public utility property energy investment tax credit limitation in the case of solar energy property.

Bill: 114-hr-5440
Sponsor: full_name: Rep. Rice, Tom [R-SC-7]
Introduced: 2016-06-09
Policy area: Taxation
Subjects: Alternative and renewable resources

Business investment and capital

Electric power generation and transmission

Income tax credits

Public utilities and utility rates
Latest action: action_date: 2016-06-09
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-06-09
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code to permit certain regulated companies to elect out of the limitation on the tax credit for investments in energy property with respect to public utility property that uses solar energy and is placed in service after December 31, 2015. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5440 IN THE HOUSE OF REPRESENTATIVES June 9, 2016 Mr. Rice of South Carolina 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 allow certain regulated companies to elect out of the public utility property energy investment tax credit limitation in the case of solar energy property.

1. Election out of public utility property limitation with respect to solar energy property (a) In general Section 50(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following: At the election of a taxpayer with respect to public utility property, paragraph (2) shall not apply to energy property (as defined in section 48(a)(3)) which uses solar energy and is placed in service by the taxpayer after December 31, 2015. Such election shall be made on a property-by-property basis on a timely filed return for the taxable year in which such property is placed in service, and once made, may be revoked only with the consent of the Secretary. No such election may be made by the taxpayer if such election is required by a State or political subdivision thereof, by any agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of any State or political subdivision thereof. . (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2015.