1. Short title
This Act may be cited as the “Solar Jobs Preservation Act of 2020”.
Solar Jobs Preservation Act of 2020
A BILL
To amend the Internal Revenue Code of 1986 to make certain energy tax credits fully refundable and to delay the tax credit phase down, and for other purposes.
2. Elective payment for energy property, electricity produced from certain renewable resources
In general— Subchapter B of chapter 65 is amended by adding at the end the following new section:
“6431. Elective payment for energy property, electricity produced from certain renewable resources
“(a) Energy property—In the case of a taxpayer making an election (at such time and in such manner as the Secretary may provide) under this section with respect to any portion of an applicable credit, such taxpayer shall be treated as making a payment against the tax imposed by subtitle A for the taxable year equal to the amount of such portion.
“(b) Definitions and special rules—For purposes of this section—
“(1) Applicable credit—The term “applicable credit” means the energy credit under section 48.
“(2) Timing—The payment described in subsection (a) shall be treated as made on the later of the initial due date of the return of tax for the taxable year or the date on which such return is filed.
“(c) Exclusion from gross income—Gross income of the taxpayer shall be determined without regard to this section.
“(d) Denial of double benefit—Solely for purposes of section 38, in the case of a taxpayer making an election under this section, the energy credit determined under section 48 shall be reduced by the amount of the portion of such credit with respect to which the taxpayer makes such election.
“(e) Application—This section shall apply to property the construction of which begins before January 1, 2022.”
Clerical amendment— The table of sections for subchapter B of chapter 65 is amended by adding at the end the following new item:
Effective date— The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.
3. Extension of energy credit
in subparagraph (A)—
by striking “which begins before January 1, 2022” and inserting “which begins before January 1, 2023”,
in clause (i), by striking “January 1, 2021” and inserting “January 1, 2022”, and
in clause (ii)—
by striking “December 31, 2020” and inserting “December 31, 2021”, and
by striking “January 1, 2022” and inserting “January 1, 2023”, and
in subparagraph (B)—
by striking “January 1, 2022” and inserting “January 1, 2023”, and
by striking “January 1, 2024” and inserting “January 1, 2025”.
Effective date— The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.