Bill Summary
The Renewable Electricity Tax Credit Equalization Act is a bill that proposes amendments to the Internal Revenue Code of 1986. The purpose of this bill is to modify the tax credit for electricity generated from certain renewable resources and to extend the investment credit for certain qualified investment credit facilities. These amendments would allow for the credit to be extended until 2025 and would also allow for the full credit to be received for facilities that began construction before the date of the enactment of the act. This bill would take effect for facilities that begin construction after December 31, 2017.
Possible Impacts
1. The bill may incentivize people to invest in renewable energy sources, such as solar or wind power, by offering tax credits for qualified investment credit facilities. This could lead to increased use of clean energy and a reduction in carbon emissions.
2. People who own or plan to construct facilities that qualify for the production credits may have to adjust their timelines in order to take advantage of the extended deadline. This could result in delays or changes in investment plans.
3. The bill may lead to debates and disagreements among lawmakers, as some may argue that extending tax credits for renewable energy sources could unfairly benefit certain industries or regions. This could create tension and potentially delay the passing of the bill.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4186 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 4186
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.
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IN THE HOUSE OF REPRESENTATIVES
August 13, 2019
Ms. Stefanik (for herself and Mr. Peters) introduced the following
bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Renewable Electricity Tax Credit
Equalization Act''.
SEC. 2. EXTENSION OF CREDIT FOR QUALIFIED INVESTMENT CREDIT FACILITIES.
(a) 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''.
(b) 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.
(a) 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''.
(b) 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)''.
(c) Effective Dates.--
(1) Extension.--The amendments made by subsection (a) shall
apply to facilities the construction of which begins after
December 31, 2017.
(2) 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.
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