Renewable Electricity Tax Credit Equalization Act

Bill: 115-hr-4137
Sponsor: full_name: Rep. Stefanik, Elise M. [R-NY-21]
Introduced: 2017-10-25
Policy area: Taxation
Subjects: Alternative and renewable resources

Business investment and capital

Electric power generation and transmission

Income tax credits

Marine and coastal resources, fisheries

Solid waste and recycling
Latest action: action_date: 2017-10-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-10-25
action_desc: Introduced in House
text: <p><b>Renewable Electricity Tax Credit Equalization Act </b></p> <p>This bill amends the Internal Revenue Code, with respect to the tax credits for investments in energy property and for electricity produced from certain renewable resources, to extend both credits for the following facilities placed in service after 2008 with construction that begins before January 1, 2022: </p> <ul> <li> closed-loop biomass, </li> <li> open-loop biomass, </li> <li> geothermal, </li> <li> landfill gas, </li> <li> trash facilities, </li> <li> qualified hydropower facilities, and </li> <li> marine and hydrokinetic renewable energy facilities. </li> </ul> <p>The bill also includes a phase-out schedule that reduces the amounts of the credits by specified amounts that increase for facilities that are constructed or placed in service later. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 4137 IN THE HOUSE OF REPRESENTATIVES October 25, 2017 Ms. Stefanik 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 modify the credit for electricity produced from certain renewable resources and the investment credit for certain qualified investment credit facilities.

1. Short title This Act may be cited as the Renewable Electricity Tax Credit Equalization Act . 2. Qualified investment credit facilities (a) In general Clause (ii) of section 48(a)(5)(C) of the Internal Revenue Code of 1986 is amended to read as follows: (ii) which is placed in service after 2008 and the construction of which begins before— (I) January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d)), and (II) January 1, 2022, in the case of any facility which is described in paragraph (2), (3), (4), (6), (7), (9) or (11) of section 45(d), and . (b) Phaseout (1) In general Subparagraph (A) of section 48(a)(6) of such Code is amended by inserting or in the case of any facility which is described in paragraph (2), (3), (4), (6), (7), (9) or (11) of section 45(d) which makes the irrevocable election described in paragraph (5)(C)(iii)(II), after January 1, 2022, . (2) Placed in service deadline Subparagraph (B) of section 48(a)(6) of such Code is amended— (A) by inserting or in the case of any facility which is described in paragraphs (2), (3), (4), (6), (7), (9) or (11) of section 45(d) which makes the irrevocable election described in paragraph (5)(C)(iii)(II), after January 1, 2022, , and (B) by striking determined under paragraph (2) . (3) Clerical amendment The heading for section 48(a)(6) of such Code is amended by inserting and certain other facilities described in section 45(d) after Phaseout for Solar Energy Property . (c) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act. 3. Extension and phaseout of production credits for certain other facilities (a) In general (1) Extension Paragraphs (2), (3), (4), (6), (7), (9), and (11) of section 45(d) of the Internal Revenue Code of 1986 are each amended by striking January 1, 2017 and inserting January 1, 2022 . (2) Phaseout Subsection (b) of section 45 of such Code is amended by adding at the end the following new paragraph: (6) Phaseout of credit for certain other facilities In the case of any facility described in paragraph (2), (3), (4), (6), (7), (9), or (11) of subsection (d), the amount of the credit determined under subsection (a) (determined after the application of paragraphs (1), (2), and (3) and without regard to this paragraph) shall be reduced by— (A) in the case of any facility the construction of which begins after the enactment of the Renewable Electricity Tax Credit Equalization Act and before January 1, 2018, 20 percent, (B) in the case of any facility the construction of which begins after December 31, 2017, and before January 1, 2019, 40 percent, and (C) in the case of any facility the construction of which begins after December 31, 2018, and before January 1, 2022, 60 percent. . (b) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act.