PTC Elimination Act

II 117TH CONGRESS 1ST SESSION S. 1387 To amend the Internal Revenue Code of 1986 to repeal the credit for electricity produced from certain renewable resources, and for other purposes. IN THE SENATE OF THE UNITED STATES APRIL 27, 2021 Mr. LANKFORD (for himself, Mrs. CAPITO, Mr. CRAMER, and Mr. HOEVEN) 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 repeal the credit for electricity produced from certain renewable resources, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘PTC Elimination Act’’. 4 SEC. 2. REPEAL OF CREDIT FOR ELECTRICITY PRODUCED 5 FROM CERTAIN RENEWABLE RESOURCES. 6 (a) REPEAL OF CREDIT.— 7 (1) IN GENERAL.—Subpart D of part IV of 8 subchapter A of chapter 1 of the Internal Revenue 9 VerDate Sep 11 2014 03:29 May 22, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1387.IS S1387 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1387 IS Code of 1986 is amended by striking section 45 (and 1 by striking the item relating to such section in the 2 table of sections for such subpart). 3 (2) CONFORMING AMENDMENTS.— 4 (A) Section 38 of such Code is amended— 5 (i) in subsection (b), by striking para- 6 graph (8), and 7 (ii) in subsection (c)(4)(B), by strik- 8 ing clauses (iv) and (v). 9 (B) Section 45J of such Code is amended 10 by adding at the end the following new sub- 11 section: 12 ‘‘(g) REFERENCES TO SECTION 45.—Any reference 13 in this section to any provision of section 45 shall be treat- 14 ed as a reference to such provision as in effect immediately 15 before its repeal.’’. 16 (C) Section 45K(g)(2) of such Code is 17 amended by striking subparagraph (E). 18 (D) Section 48 of such Code is amended 19 by adding at the end the following new sub- 20 section: 21 ‘‘(e) REFERENCES TO SECTION 45.—Any reference 22 in this section to any provision of section 45 shall be treat- 23 ed as a reference to such provision as in effect immediately 24 before its repeal.’’. 25 VerDate Sep 11 2014 03:29 May 22, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1387.IS S1387 kjohnson on DSK79L0C42PROD with BILLS 3 •S 1387 IS (E) Section 55(c)(1) of such Code is 1 amended by striking ‘‘45(e)(11)(C),’’. 2 (F) Section 59A(b)(4) of such Code is 3 amended by inserting ‘‘and’’ at the end of sub- 4 paragraph (A) and by striking subparagraph 5 (B). 6 (3) EFFECTIVE DATE.—The amendments made 7 by this subsection shall apply to electricity produced 8 and sold after December 31, 2035. 9 (b) SENSE OF CONGRESS REGARDING FURTHER EX- 10 TENSION.—It is the sense of the Congress that the credit 11 under section 45 of the Internal Revenue Code of 1986 12 should be allowed to expire and should not be extended 13 beyond the termination dates specified in such section as 14 of the date of the enactment of this Act. 15 Æ VerDate Sep 11 2014 03:29 May 22, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S1387.IS S1387 kjohnson on DSK79L0C42PROD with BILLS