Section 1 Short title
This Act may be cited as the “Lowering Electric Bills Act”.
Lowering Electric Bills Act
A BILL
To amend the Internal Revenue Code of 1986 to extend the availability of certain clean energy credits.
Sec. 2 Extension of certain clean energy credits
Residential clean energy credit—
In general— Section 25D(h) of the Internal Revenue Code of 1986, as amended by section 70506(a) of Public Law 119–21, is amended by striking “December 31, 2025” and inserting “December 31, 2034”.
Effective date— The amendment made by this section shall take effect as if included in the enactment of section 70506 of Public Law 119–21.
Clean electricity production credit—
In general— Section 45Y of the Internal Revenue Code of 1986, as amended by section 70512 of Public Law 119–21, is amended—
in subsection (d)—
in paragraph (1), by striking “Subject to paragraph (4), the amount of” and inserting “The amount of”, and
by striking paragraphs (3) and (4) and inserting the following new paragraph:
“(3) Applicable year—For purposes of this subsection, the term applicable year means the later of—
“(A) the calendar year in which the Secretary determines that the annual greenhouse gas emissions from the production of electricity in the United States are equal to or less than 25 percent of the annual greenhouse gas emissions from the production of electricity in the United States for calendar year 2022, or
“(B) 2032.”
by striking subsection (h).
Effective date— The amendments made by this section shall take effect as if included in the enactment of section 70512 of Public Law 119–21.
Clean electricity investment credit—
In general— Section 48E of the Internal Revenue Code of 1986, as amended by section 70513 of Public Law 119–21, is amended—
in subsection (e)—
in paragraph (1), by striking “Subject to paragraph (4), the amount of” and inserting “The amount of”, and
by striking paragraph (4),
by striking subsection (i), and
by redesignating subsection (j) as subsection (i).
Effective date— The amendments made by this section shall take effect as if included in the enactment of section 70513 of Public Law 119–21.