II
109th CONGRESS
1st Session
S. 1156
IN THE SENATE OF THE UNITED STATES
May 26, 2005
Mr. Hatch introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to extend the credit period for electricity produced from renewable resources at certain facilities, to extend the credit for electricity produced from certain renewable resources, and for other purposes.
Extension and modification of credit for producing electricity from renewable resources
Extension of credit period for electricity produced at certain facilities
Subparagraph (B) of section 45(b)(4) of the Internal Revenue Code of 1986 is amended to read as follows:
Credit period
In the case of any facility described in subsection (d)(3)(A)(ii) placed in service before October 22, 2004, the 5-year period beginning on October 22, 2004, shall be substituted for the 10-year period in subsection (a)(2)(A)(ii).
.
Extension of credit
Subsection (d) of
section 45 of the Internal Revenue Code of 1986 (relating to qualified
facilities) is amended by striking January 1, 2006
each place it
appears and inserting January 1, 2008
.
Binding contracts for facilities
Subsection (d) of section 45 of the Internal Revenue Code of 1986 is amended by adding at the end the following:
For purposes of this subsection, a facility shall be treated as placed in service before January 1, 2008, if such facility is placed in service before January 1, 2011, pursuant to a written binding contract in effect on December 31, 2007, and at all times thereafter before such facility is placed in service.
.
Effective date
In general
Except as provided in paragraph (2), the amendments made by this section shall apply to electricity produced and sold after the date of the enactment of this Act, in taxable years ending after such date.
Subsection (a)
The amendment made by subsection (a) shall apply to electricity produced and sold after December 31, 2004, in taxable years ending after such date.