H.R. 2987: PTC Certainty and Phaseout Act of 2013

113th Congress, 2013–2015. Text as of Aug 02, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

I

113th CONGRESS

1st Session

H. R. 2987

IN THE HOUSE OF REPRESENTATIVES

August 2, 2013

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 phasedown the credit for electricity produced from wind.

1.

Short title

This Act may be cited as the PTC Certainty and Phaseout Act of 2013 .

2.

Extension and phasedown of production credit for electricity produced from wind

(a)

Extension

Paragraph (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by striking January 1, 2014 in paragraph (1) and inserting January 1, 2020.

(b)

Phasedown of credit

Subsection (b) of section 45 of such Code is amended by adding at the end the following new paragraph:

(5)

Phasedown of credit for wind energy

(A)

In general

In the case of facilities to which subsection (d)(1) applies and the construction of which begins after December 31, 2013, the number of cents taken into account under subsection (a) for calendar years ending after such date (determined after the application of the preceding paragraphs of this subsection and without regard to this paragraph) shall be only the applicable percentage of such number for such year. If any amount determined under the preceding sentence is not a multiple of 0.01 cent, such amount shall be rounded to the nearest multiple of 0.01 cent.

(B)

Applicable percentage

For purposes of subparagraph (A), the applicable percentage shall be determined in accordance with the following table:

Year construction The applicable
 begins: percentage is:
2014 100
2015 90
2016 80
2017 70
2018 60
2019 60.

.

(c)

Effective date

The amendments made by this section shall apply to property originally placed in service on or after January 1, 2013.