Section 1 Short title
This Act may be cited as the “Fair Allocation of Internal Revenue Credit for Renewable Electricity Distribution by Indian Tribes Act of 2013” or as the “FAIR CREDIT Act of 2013”.
Fair Allocation of Internal Revenue Credit for Renewable Electricity Distribution by Indian Tribes Act of 2013
A BILL
To amend the Internal Revenue Code of 1986 to allow Indian tribes to transfer the credit for electricity produced from renewable resources.
Sec. 2 Transfer by Indian tribes of credit for electricity produced from renewable resources
In general— Paragraph (3) of section 45(e) of the Internal Revenue Code of 1986 (relating to production attributable to the taxpayer) is amended to read as follows:
“(3) Production attributable to the taxpayer
“(A) In general—In the case of a facility in which more than 1 person has an ownership interest, except to the extent provided in regulations prescribed by the Secretary, production from the facility shall be allocated among such persons in proportion to their respective ownership interests in the gross sales from such facility.
“(B) Special rule for Indian tribes
“(i) In general—In the case of a facility described in subparagraph (A) in which an Indian tribe has an ownership interest in the gross sales from such facility, such Indian tribe may assign to any other person who has such an ownership interest in such facility any portion of the production from the facility that would (but for this subparagraph) be allocated to such Indian tribe. Any such assignment may be revoked only with the consent of the Secretary and shall be made at such time and in such manner as the Secretary may provide.
“(ii) Indian tribe—For purposes of clause (i), the term Indian tribe means any Indian tribe, band, nation, pueblo, or other organized group or community, including any Alaska Native village or regional or village corporation, as defined in, or established pursuant to, the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.) which is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians.”
Effective date— The amendment made by this section shall apply to electricity produced and sold after the date of the enactment of this Act.