Section 1 Short Title
This Act may be cited as the “Sunshine Forever Act”.
Sunshine Forever Act
A BILL
To amend the Internal Revenue Code of 1986 to extend certain credits related to solar energy.
Sec. 2 Extension of solar energy credit
In general— Section 48(a)(2)(A)(i)(II) of the Internal Revenue Code of 1986 is amended by striking “January 1, 2022” and inserting “January 1, 2032”.
Extension of phaseout— Section 48(a)(6) of such Code is amended—
in subparagraph (A)—
by striking “January 1, 2022” in the matter preceding clause (i) and inserting “January 1, 2032”,
by striking “after December 31, 2019, and before January 1, 2021” in clause (i) and inserting “during 2030”, and
by striking “after December 31, 2020, and before January 1, 2022” in clause (ii) and inserting “during 2031”, and
in subparagraph (B)—
by striking “January 1, 2022” and inserting “January 1, 2032”, and
by striking “January 1, 2024” and inserting “January 1, 2034”.
Effective date— The amendments made by this section shall take effect on the date of the enactment of this Act.
Sec. 3 Extension of credits with respect to qualified solar electric property and qualified solar water heating property
In general— Section 25D(h) of the Internal Revenue Code of 1986 is amended by inserting “(December 31, 2031, in the case of any qualified solar electric property expenditures and qualified solar water heating property expenditures)” before the period at the end.
Applicable percentage— Section 25D(g) of such Code is amended to read as follows:
“(g) Applicable percentage
“(1) In general—Except as provided in paragraph (2), for purposes of subsection (a), the applicable percentage shall be—
“(A) in the case of property placed in service after December 31, 2016, and before January 1, 2020, 30 percent,
“(B) in the case of property placed in service during 2020, 26 percent, and
“(C) in the case of property placed in service during 2021, 22 percent.
“(2) Qualified solar electric property expenditures and qualified solar water heating property expenditures—In the case of any qualified solar electric property expenditures or qualified solar water heating property expenditures, for purposes of paragraphs (1) and (2) of subsection (a), the applicable percentage shall be—
“(A) in the case of property placed in service after December 31, 2016, and before January 1, 2030, 30 percent,
“(B) in the case of property placed in service during 2030, 26 percent, and
“(C) in the case of property placed in service during 2031, 22 percent.”
Effective date— The amendments made by this section shall take effect on the date of the enactment of this Act.