[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3229 Introduced in Senate (IS)]
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116th CONGRESS
2d Session
S. 3229
To amend the Internal Revenue Code of 1986 to provide for an extension
of the energy credit, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 28, 2020
Ms. Cortez Masto (for herself and Ms. Rosen) introduced the following
bill; which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for an extension
of the energy credit, and for other purposes.
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 ``Solar and Geothermal Tax Credit
Expansion Act''.
SEC. 2. EXTENSION AND PHASEOUT OF ENERGY CREDIT.
(a) Extensions.--Section 48 of the Internal Revenue Code of 1986 is
amended--
(1) in subsection (a)--
(A) in paragraph (2)(A)(i)(II), by striking
``January 1, 2022'' and inserting ``January 1, 2027'';
and
(B) in paragraph (3)(A)--
(i) in clause (ii), by striking ``January
1, 2022'' and inserting ``January 1, 2027'';
and
(ii) in clause (vii), by striking ``January
1, 2022'' and inserting ``January 1, 2027'';
and
(2) in subsection (c)--
(A) in paragraph (1)(D), by striking ``January 1,
2022'' and inserting ``January 1, 2027'';
(B) in paragraph (2)(D), by striking ``January 1,
2022'' and inserting ``January 1, 2027'';
(C) in paragraph (3)(A)(iv), by striking ``January
1, 2022'' and inserting ``January 1, 2027''; and
(D) in paragraph (4)(C), by striking ``January 1,
2022'' and inserting ``January 1, 2027''.
(b) Phaseouts.--
(1) Solar energy property.--Section 48(a)(6) of the
Internal Revenue Code of 1986 is amended--
(A) in subparagraph (A)--
(i) by striking ``January 1, 2022, the
energy percentage'' and inserting ``January 1,
2027, the energy percentage'';
(ii) in clause (i), by striking ``after
December 31, 2019, and before January 1, 2021''
and inserting ``after December 31, 2024, and
before January 1, 2026''; and
(iii) in clause (ii), by striking ``after
December 31, 2020, and before January 1, 2022''
and inserting ``after December 31, 2025, and
before January 1, 2027''; and
(B) in subparagraph (B), by striking ``begins
before January 1, 2022, and which is not placed in
service before January 1, 2024'' and inserting ``begins
before January 1, 2027, and which is not placed in
service before January 1, 2029''.
(2) Fiber-optic solar, qualified fuel cell, and qualified
small wind energy property.--Section 48(a)(7) of such Code is
amended--
(A) in subparagraph (A)--
(i) in clause (i), by striking ``after
December 31, 2019, and before January 1, 2021''
and inserting ``after December 31, 2024, and
before January 1, 2026''; and
(ii) in clause (ii), by striking ``after
December 31, 2020, and before January 1, 2022''
and inserting ``after December 31, 2025, and
before January 1, 2027''; and
(B) in subparagraph (B), by striking ``January 1,
2024'' and inserting ``January 1, 2029''.
(c) Effective Date.--The amendments made by this section shall
apply to periods after December 31, 2019.
SEC. 3. ENHANCING THE ENERGY CREDIT FOR MICROTURBINES, COMBINED HEAT
AND POWER SYSTEMS, GEOTHERMAL HEAT PUMPS, AND GEOTHERMAL
ENERGY.
(a) In General.--Section 48(a)(2)(A)(i) of the Internal Revenue
Code of 1986 is amended--
(1) by striking subclause (I);
(2) by redesignating subclause (II), as amended by section
2 of this Act, as subclause (I);
(3) by inserting after subclause (I), as redesignated by
paragraph (2), the following:
``(II) energy property described in
paragraph (3)(A)(iii) but only with
respect to property the construction of
which begins before January 1, 2027,
and'';
(4) by amending subclause (III) to read as follows:
``(III) energy property described
in clause (ii), (iv), (v), (vi), or
(vii) of paragraph (3)(A), and''; and
(5) by striking subclause (IV).
(b) Effective Date.--The amendments made by this section shall
apply to periods after December 31, 2019, in taxable years ending after
such date, under rules similar to the rules of section 48(m) of the
Internal Revenue Code of 1986 (as in effect on the day before the date
of the enactment of the Revenue Reconciliation Act of 1990).
SEC. 4. EXTENSION AND PHASEOUT OF CREDIT FOR RESIDENTIAL ENERGY
EFFICIENT PROPERTY.
(a) Applicable Percentage.--Subsection (g) of section 25D of the
Internal Revenue Code of 1986 is amended--
(1) in paragraph (1), by striking ``January 1, 2020'' and
inserting ``January 1, 2025'';
(2) in paragraph (2), by striking ``after December 31,
2019, and before January 1, 2021'' and inserting ``after
December 31, 2024, and before January 1, 2026''; and
(3) in paragraph (3), by striking ``after December 31,
2020, and before January 1, 2022'' and inserting ``after
December 31, 2025, and before January 1, 2027''.
(b) Termination.--Subsection (h) of section 25D of such Code is
amended by striking ``December 31, 2021'' and inserting ``December 31,
2026''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2019.
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