S. 4678Senate116th Congress (2019-2021)In Committee

PTC Elimination Act

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Updated April 14, 2026 at 3:05 PM UTC

The PTC Elimination Act would remove the federal production tax credit for electricity generated from certain renewable resources. It amends the Internal Revenue Code to delete section 45, which currently provides that credit, and updates other tax provisions that refer to it. The repeal would apply to electricity produced and sold after December 31, 2034, and the bill also states that Congress does not intend to extend the credit beyond its existing termination dates.

Key Provisions

Repeals section 45 of the Internal Revenue Code, eliminating the production tax credit for renewable electricity.
Makes a series of conforming changes to other tax code sections (38, 45J, 45K, 48, 55, 59A) so they correctly reference the repealed credit.
Sets the repeal’s effective date to apply only to electricity produced and sold after December 31, 2034.
Includes a congressional sense statement that the credit should not be extended beyond its current termination dates.

Legislative Activity

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1 earlier action

SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

Finance Committee

September 23, 2020

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SenateIntro Referral

Introduced in Senate

September 23, 2020

SenateIntro Referral

Read twice and referred to the Committee on Finance.

Finance Committee

September 23, 2020

Bill Text

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Introduced in SenateIssued September 23, 2020

116th CONGRESS

2d Session

S. 4678

IN THE SENATE OF THE UNITED STATES

September 23, 2020

Mr. Lankford (for himself, Mr. Cramer, Mr. Hoeven, and Mrs. Capito) 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 repeal the credit for electricity produced from certain renewable resources, and for other purposes.

Short title

This Act may be cited as the PTC Elimination Act.

Repeal of credit for electricity produced from certain renewable resources

(a)

Repeal of credit

(1)

In general

Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45 (and by striking the item relating to such section in the table of sections for such subpart).

(2)

Conforming amendments

(A)

Section 38 of such Code is amended—

(i)

in subsection (b), by striking paragraph (8), and

(ii)

in subsection (c)(4)(B), by striking clauses (iv) and (v).

(B)

Section 45J of such Code is amended by adding at the end the following new subsection:

(g)

References to section 45

Any reference in this section to any provision of section 45 shall be treated as a reference to such provision as in effect immediately before its repeal.

(C)

Section 45K(g)(2) of such Code is amended by striking subparagraph (E).

(D)

Section 48 of such Code is amended by adding at the end the following new subsection:

(e)

References to section 45

Any reference in this section to any provision of section 45 shall be treated as a reference to such provision as in effect immediately before its repeal.

(E)

Section 55(c)(1) of such Code is amended by striking 45(e)(11)(C),.

(F)

Section 59A(b)(4) of such Code is amended by inserting and at the end of subparagraph (A) and by striking subparagraph (B).

(3)

Effective date

The amendments made by this subsection shall apply to electricity produced and sold after December 31, 2034.

(b)

Sense of Congress regarding further extension

It is the sense of the Congress that the credit under section 45 of the Internal Revenue Code of 1986 should be allowed to expire and should not be extended beyond the termination dates specified in such section as of the date of the enactment of this Act.