Section 1 Short title
This Act may be cited as the “Renewable Electricity Tax Credit Equalization Act”.
Renewable Electricity Tax Credit Equalization Act
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.
Sec. 2 Extension of credit for qualified investment credit facilities
In general— Section 48(a)(5)(C)(ii) 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 January 1, 2018 (January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d) or January 1, 2025, in the case of any facility which is described in paragraph (2), (3), (4), (6), (7), (9) or (11) of section 45(d)), and”
Effective date— The amendments made by this section shall apply to facilities the construction of which begins after December 31, 2017.
Sec. 3 Extension and modification of production credits for certain facilities
Extension of credit— 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, 2018” and inserting “January 1, 2025”.
Full credit allowed for certain facilities— Section 45(b)(4)(A) of such Code is amended by inserting “and the construction of which began before the date of the enactment of the Renewable Electricity Tax Credit Equalization Act” after “subsection (d)”.
Effective dates—
Extension— The amendments made by subsection (a) shall apply to facilities the construction of which begins after December 31, 2017.
Allowance of full credit— The amendment made by subsection (b) shall apply to facilities the construction of which begins on or after the date of the enactment of this Act.