I 116TH CONGRESS 2D SESSION H. R. 8743 To amend the Internal Revenue Code of 1986 to make certain energy tax credits fully refundable and to delay the tax credit phase down, and for other purposes. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 12, 2020 Mr. LEVIN of California (for himself, Mr. SCHWEIKERT, Mr. TONKO, and Mr. COOK) 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 make certain energy tax credits fully refundable and to delay the tax credit phase down, 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 ‘‘Solar Jobs Preserva- 4 tion Act of 2020’’. 5 VerDate Sep 11 2014 23:33 Nov 25, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8743.IH H8743 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 8743 IH SEC. 2. ELECTIVE PAYMENT FOR ENERGY PROPERTY, 1 ELECTRICITY PRODUCED FROM CERTAIN RE- 2 NEWABLE RESOURCES. 3 (a) IN GENERAL.—Subchapter B of chapter 65 is 4 amended by adding at the end the following new section: 5 ‘‘SEC. 6431. ELECTIVE PAYMENT FOR ENERGY PROPERTY, 6 ELECTRICITY PRODUCED FROM CERTAIN RE- 7 NEWABLE RESOURCES. 8 ‘‘(a) ENERGY PROPERTY.—In the case of a taxpayer 9 making an election (at such time and in such manner as 10 the Secretary may provide) under this section with respect 11 to any portion of an applicable credit, such taxpayer shall 12 be treated as making a payment against the tax imposed 13 by subtitle A for the taxable year equal to the amount 14 of such portion. 15 ‘‘(b) DEFINITIONS AND SPECIAL RULES.—For pur- 16 poses of this section— 17 ‘‘(1) APPLICABLE CREDIT.—The term ‘applica- 18 ble credit’ means the energy credit under section 48. 19 ‘‘(2) TIMING.—The payment described in sub- 20 section (a) shall be treated as made on the later of 21 the initial due date of the return of tax for the tax- 22 able year or the date on which such return is filed. 23 ‘‘(c) EXCLUSION FROM GROSS INCOME.—Gross in- 24 come of the taxpayer shall be determined without regard 25 to this section. 26 VerDate Sep 11 2014 23:33 Nov 25, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H8743.IH H8743 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 8743 IH ‘‘(d) DENIAL OF DOUBLE BENEFIT.—Solely for pur- 1 poses of section 38, in the case of a taxpayer making an 2 election under this section, the energy credit determined 3 under section 48 shall be reduced by the amount of the 4 portion of such credit with respect to which the taxpayer 5 makes such election. 6 ‘‘(e) APPLICATION.—This section shall apply to prop- 7 erty the construction of which begins before January 1, 8 2022.’’. 9 (b) CLERICAL AMENDMENT.—The table of sections 10 for subchapter B of chapter 65 is amended by adding at 11 the end the following new item: 12 ‘‘Sec. 6431. Elective payment for energy property, electricity produced from certain renewable resources.’’. (c) EFFECTIVE DATE.—The amendments made by 13 this section shall apply to property placed in service after 14 the date of the enactment of this Act. 15 SEC. 3. EXTENSION OF ENERGY CREDIT. 16 (a) IN GENERAL.—Section 48(a)(6) of the Internal 17 Revenue Code of 1986 is amended— 18 (1) in subparagraph (A)— 19 (A) by striking ‘‘which begins before Janu- 20 ary 1, 2022’’ and inserting ‘‘which begins be- 21 fore January 1, 2023’’, 22 (B) in clause (i), by striking ‘‘January 1, 23 2021’’ and inserting ‘‘January 1, 2022’’, and 24 VerDate Sep 11 2014 23:33 Nov 25, 2020 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H8743.IH H8743 pbinns on DSKJLVW7X2PROD with BILLS 4 •HR 8743 IH (C) in clause (ii)— 1 (i) by striking ‘‘December 31, 2020’’ 2 and inserting ‘‘December 31, 2021’’, and 3 (ii) by striking ‘‘January 1, 2022’’ 4 and inserting ‘‘January 1, 2023’’, and 5 (2) in subparagraph (B)— 6 (A) by striking ‘‘January 1, 2022’’ and in- 7 serting ‘‘January 1, 2023’’, and 8 (B) by striking ‘‘January 1, 2024’’ and in- 9 serting ‘‘January 1, 2025’’. 10 (b) EFFECTIVE DATE.—The amendments made by 11 this section shall apply to property placed in service after 12 the date of the enactment of this Act. 13 Æ VerDate Sep 11 2014 23:33 Nov 25, 2020 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H8743.IH H8743 pbinns on DSKJLVW7X2PROD with BILLS