A bill to support basic energy research and eliminate the wind production tax credit.

Bill: 114-s-3169
Sponsor: full_name: Sen. Alexander, Lamar [R-TN]
Introduced: 2016-07-12
Policy area: Energy
Subjects: Alternative and renewable resources

Department of Energy

Energy research

Executive agency funding and structure

Income tax credits

Research administration and funding
Latest action: action_date: 2016-07-12
text: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5004-5006)

Summaries:
action_date: 2016-07-12
action_desc: Introduced in Senate
text: <p>This bill amends the Energy Policy Act of 2005 to reauthorize through FY2019 the Department of Energy's Office of Science. The bill also amends the Internal Revenue Code to terminate on January 1, 2017, the tax credit for electricity produced from wind.</p>

tv_txt: II 114th CONGRESS 2d Session S. 3169 IN THE SENATE OF THE UNITED STATES July 12, 2016 Mr. Alexander introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To support basic energy research and eliminate the wind production tax credit.

1. Findings Congress finds that— (1) wind energy is a mature technology; (2) the wind production tax credit has been in effect for 24 years and has been extended 10 times; (3) wind subsidies can distort the electricity market and make other sources of electric power less cost competitive; (4) between 2008 and 2014, the wind production tax credit cost taxpayers $7,300,000,000; (5) for wind turbine construction started in 2017, 2018, and 2019, the wind production tax credit would cost taxpayers $8,100,000,000 over 10 years; and (6) doubling the amount of funds available for basic energy research activities would— (A) increase innovation in energy technologies; and (B) produce clean, reliable, and affordable energy. 2. Increased funding authorization for the Office of Science of the Department of Energy Section 971(b) of the Energy Policy Act of 2005 ( 42 U.S.C. 16311(b) ) is amended— (1) in paragraph (6), by striking and at the end; (2) in paragraph (7), by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: (8) $8,524,000,000 for fiscal year 2017; (9) $8,936,000,000 for fiscal year 2018; and (10) $9,377,000,000 for fiscal year 2019. . 3. Termination of credit for electricity produced from wind (a) In general Paragraph (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by striking 2020 and inserting 2017 . (b) Conforming amendments (1) Subsection (b) of section 45 of the Internal Revenue Code of 1986 is amended by striking paragraph (5). (2) Clause (ii) of section 48(a)(5)(C) of such Code is amended by striking (January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d)) . (3) Paragraph (5) of section 48(a) of such Code is amended by striking subparagraph (E). (c) Effective date (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply to electricity produced and sold in taxable years beginning after the date of the enactment of this Act. (2) Treatment as energy property The amendments made by paragraphs (2) and (3) of subsection (b) shall apply to property placed in service in taxable years beginning after the date of the enactment of this Act.