1. Short title
This Act may be cited as the “PTC Certainty and Phaseout Act of 2013”.
PTC Certainty and Phaseout Act of 2013
A BILL
To amend the Internal Revenue Code of 1986 to phasedown the credit for electricity produced from wind.
2. Extension and phasedown of production credit for electricity produced from wind
Extension— Paragraph (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by striking “January 1, 2014” in paragraph (1) and inserting “January 1, 2020”.
Phasedown of credit— Subsection (b) of section 45 of such Code is amended by adding at the end the following new paragraph:
“(5) Phasedown of credit for wind energy
“(A) In general—In the case of facilities to which subsection (d)(1) applies and the construction of which begins after December 31, 2013, the number of cents taken into account under subsection (a) for calendar years ending after such date (determined after the application of the preceding paragraphs of this subsection and without regard to this paragraph) shall be only the applicable percentage of such number for such year. If any amount determined under the preceding sentence is not a multiple of 0.01 cent, such amount shall be rounded to the nearest multiple of 0.01 cent.
“(B) Applicable percentage—For purposes of subparagraph (A), the applicable percentage shall be determined in accordance with the following table:”
Effective date— The amendments made by this section shall apply to property originally placed in service on or after January 1, 2013.