PTC Elimination Act

I 116TH CONGRESS 2D SESSION H. R. 8359 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 HOUSE OF REPRESENTATIVES SEPTEMBER 23, 2020 Mr. MARCHANT (for himself and Mr. PERRY) 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 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 Code of 1986 is amended by striking section 45 (and 10 VerDate Sep 11 2014 19:40 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8359.IH H8359 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 8359 IH by striking the item relating to such section in the 1 table of sections for such subpart). 2 (2) CONFORMING AMENDMENTS.— 3 (A) Section 38 of such Code is amended— 4 (i) in subsection (b), by striking para- 5 graph (8), and 6 (ii) in subsection (c)(4)(B), by strik- 7 ing clauses (iv) and (v). 8 (B) Section 45J of such Code is amended 9 by adding at the end the following new sub- 10 section: 11 ‘‘(g) REFERENCES TO SECTION 45.—Any reference 12 in this section to any provision of section 45 shall be treat- 13 ed as a reference to such provision as in effect immediately 14 before its repeal.’’. 15 (C) Section 45K(g)(2) of such Code is 16 amended by striking subparagraph (E). 17 (D) Section 48 of such Code is amended 18 by adding at the end the following new sub- 19 section: 20 ‘‘(e) REFERENCES TO SECTION 45.—Any reference 21 in this section to any provision of section 45 shall be treat- 22 ed as a reference to such provision as in effect immediately 23 before its repeal.’’. 24 VerDate Sep 11 2014 19:40 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H8359.IH H8359 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 8359 IH (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, 2034. 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 19:40 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H8359.IH H8359 pamtmann on DSKBC07HB2PROD with BILLS