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H.R. 5440 (114th): To amend the Internal Revenue Code of 1986 to allow certain regulated companies to elect out of the public utility property energy investment tax credit limitation in the case of solar energy property.

The text of the bill below is as of Jun 9, 2016 (Introduced).


I

114th CONGRESS

2d Session

H. R. 5440

IN THE HOUSE OF REPRESENTATIVES

June 9, 2016

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 allow certain regulated companies to elect out of the public utility property energy investment tax credit limitation in the case of solar energy property.

1.

Election out of public utility property limitation with respect to solar energy property

(a)

In general

Section 50(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following: At the election of a taxpayer with respect to public utility property, paragraph (2) shall not apply to energy property (as defined in section 48(a)(3)) which uses solar energy and is placed in service by the taxpayer after December 31, 2015. Such election shall be made on a property-by-property basis on a timely filed return for the taxable year in which such property is placed in service, and once made, may be revoked only with the consent of the Secretary. No such election may be made by the taxpayer if such election is required by a State or political subdivision thereof, by any agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of any State or political subdivision thereof..

(b)

Effective date

The amendment made by this section shall apply to property placed in service after December 31, 2015.