Renewable Energy Investment Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 5157 To amend the Internal Revenue Code of 1986 to provide for elective payments for energy property and electricity produced from certain renewable resources. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 19, 2019 Mr. BLUMENAUER (for himself, Mr. SUOZZI, Ms. SA´NCHEZ, Mr. DANNY K. DAVIS of Illinois, Ms. MOORE, Mr. HORSFORD, Mr. BEYER, Mr. PA- NETTA, Ms. DELBENE, and Mr. GOMEZ) 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 for elective payments for energy property and electricity produced from certain renewable resources. 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 ‘‘Renewable Energy In- 4 vestment Act of 2019’’. 5 VerDate Sep 11 2014 03:29 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5157.IH H5157 kjohnson on DSK79L0C42 with BILLS 2 •HR 5157 IH SEC. 2. ELECTIVE PAYMENT FOR ENERGY PROPERTY AND 1 ELECTRICITY PRODUCED FROM CERTAIN RE- 2 NEWABLE RESOURCES, ETC. 3 (a) IN GENERAL.—Subchapter B of chapter 65 of the 4 Internal Revenue Code of 1986 is amended by adding at 5 the end the following new section: 6 ‘‘SEC. 6431. ELECTIVE PAYMENT FOR ENERGY PROPERTY 7 AND ELECTRICITY PRODUCED FROM CER- 8 TAIN RENEWABLE RESOURCES, ETC. 9 ‘‘(a) ENERGY PROPERTY.—In the case of a taxpayer 10 making an election (at such time and in such manner as 11 the Secretary may provide) under this section with respect 12 to any portion of an energy credit which would (without 13 regard to this section) be determined under section 48 14 with respect to such taxpayer or any portion of a renew- 15 able electricity production credit which would (without re- 16 gard to this section) be determined under section 45 with 17 respect to such taxpayer, such taxpayer shall be treated 18 as making a payment against the tax imposed by subtitle 19 A for the taxable year equal to— 20 ‘‘(1) in the case of an Indian tribal government 21 (within the meaning of such term for purposes of 22 section 139E), the amount of such portion, and 23 ‘‘(2) in the case of any other taxpayer, 85 per- 24 cent of such amount. 25 VerDate Sep 11 2014 03:29 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5157.IH H5157 kjohnson on DSK79L0C42 with BILLS 3 •HR 5157 IH ‘‘(b) TIMING.—The payment described in subsection 1 (a) shall be treated as made on the later of the due date 2 of the return of tax for such taxable year or the date on 3 which such return is filed. 4 ‘‘(c) EXCLUSION FROM GROSS INCOME.—Gross in- 5 come of the taxpayer shall be determined without regard 6 to this section. 7 ‘‘(d) DENIAL OF DOUBLE BENEFIT.—Solely for pur- 8 poses of section 38, in the case of a taxpayer making an 9 election under this section, the energy credit determined 10 under section 45 or the renewable electricity production 11 credit determined under section 48 shall be reduced by 12 the amount of the portion of such credit with respect to 13 which the taxpayer makes such election.’’. 14 (b) CLERICAL AMENDMENT.—The table of sections 15 for subchapter B of chapter 65 of such Code is amended 16 by adding at the end the following new item: 17 ‘‘Sec. 6431. Elective payment for energy property and electricity produced from certain renewable resources, etc.’’. (c) EFFECTIVE DATE.—The amendments made by 18 this section shall apply to property originally placed in 19 service after the date of the enactment of this Act. 20 Æ VerDate Sep 11 2014 03:29 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H5157.IH H5157 kjohnson on DSK79L0C42 with BILLS