[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3180 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 3180
To amend the Internal Revenue Code of 1986 to provide an elective
payment for energy property and electricity produced from certain
renewable resources, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 13, 2021
Mr. Blumenauer (for himself, Mr. Levin of California, Mr. Beyer, Ms.
DelBene, Mr. Gomez, Mr. Horsford, Mr. Larson of Connecticut, Mr.
Panetta, and Ms. Ross) 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 provide an elective
payment for energy property and electricity produced from certain
renewable resources, 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 ``Renewable Energy Investment Act''.
SEC. 2. ELECTIVE PAYMENT FOR ENERGY PROPERTY AND ELECTRICITY PRODUCED
FROM CERTAIN RENEWABLE RESOURCES, ETC.
(a) In General.--Subchapter B of chapter 65 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:
``SEC. 6431. ELECTIVE PAYMENT FOR ENERGY PROPERTY AND ELECTRICITY
PRODUCED FROM CERTAIN RENEWABLE RESOURCES, ETC.
``(a) Energy Property.--In the case of a taxpayer making an
election under this subsection (at such time and in such manner as the
Secretary may provide) 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) Application to Partnerships and S Corporations.--
``(1) In general.--In the case of any applicable credit
determined with respect to any qualified resources, qualified
facility, or energy property held directly by a partnership or
S corporation, if such partnership or S corporation makes an
election under this subsection (in such manner as the Secretary
may provide) with respect to any portion of such credit--
``(A) the Secretary shall make a payment to such
partnership or S corporation equal to the amount of
such portion,
``(B) subsection (e)(1) shall be applied with
respect to such credit before determining any partner's
distributive share, or shareholder's pro rata share, of
such credit, and
``(C) any amount excluded from gross income by
reason of subsection (e)(2) shall be treated as tax
exempt income for purposes of sections 705 and 1366.
``(2) Coordination with application at partner or
shareholder level.--In the case of any partnership or S
corporation, subsection (a) shall be applied at the partner or
shareholder level after application of paragraph (1)(B).
``(3) Irrevocable election.--Any election under this
subsection shall be made not later than the due date (including
extensions of time) for the partnership or S corporation return
for the taxable year for which the applicable credit is
determined. Any such election, once made, shall be irrevocable.
``(c) Application to Governmental Entities.--In the case of an
election under this section--
``(1) any State or local government, or a political
subdivision thereof, or
``(2) an Indian tribal government (within the meaning of
section 139E),
shall not fail to be treated as a taxpayer for purposes of this section
and determining any applicable credit.
``(d) Applicable Credit.--For purposes of this section, the term
`applicable credit' means each of the following credits determined with
respect to the taxpayer:
``(1) The energy credit under section 48.
``(2) The renewable electricity production credit under
section 45.
``(e) Special Rules.--
``(1) Denial of double benefit.--Solely for purposes of
section 38, in the case of a taxpayer making an election under
this section with respect to any applicable credit, such credit
shall be reduced by the amount of the portion of such credit
with respect to which the taxpayer makes such election.
``(2) Exclusion from gross income.--Gross income of the
taxpayer shall be determined without regard to this section.
``(3) Timing of deemed payment.--The payment described in
subsection (a) shall be treated as made on--
``(A) in the case of any government, or political
subdivision, to which paragraph (1) applies and for
which no return is required under section 6011 or
6033(a), the later of the date that a return would be
due under section 6033(a) if such government or
subdivision were described in that section or the date
on which such government or subdivision submits a claim
for credit or refund (at such time and in such manner
as the Secretary shall provide), and
``(B) in any other case, the later of the due date
of the return of tax for the taxable year or the date
on which such return is filed.
``(4) Waiver of special rules.--In the case of an election
under this section, the determination of any applicable credit
shall be without regard to paragraphs (3) and (4)(A)(i) of
section 50(b).
``(5) Treatment of payments to partnerships and s
corporations.--For purposes of section 1324 of title 31, United
States Code, the payments under subsection (b)(1)(B) shall be
treated in the same manner as a refund due from a credit
provision referred to in subsection (b)(2) of such section.
``(f) Regulations.--The Secretary shall issue such regulations or
other guidance as may be necessary or appropriate to carry out the
purposes of this section, including regulations or other guidance
providing rules for determining a partner's distributive share of the
tax exempt income described in subsection (b)(1)(C).''.
(b) Clerical Amendment.--The table of sections for subchapter B of
chapter 65 of such Code is amended by adding at the end the following
new item:
``Sec. 6431. Elective payment for energy property and electricity
produced from certain renewable resources,
etc.''.
(c) Effective Date.--The amendments made by this section shall
apply to property originally placed in service after the date of the
enactment of this Act.
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