Sec. 322. Extension and modification of energy credit
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Section 48 of the Internal Revenue Code of 1986 is amended— in subsection (a)(3)(A)— in clause (ii), by striking but only with respect to periods ending before January 1, 2017 , and in clause (vii), by striking , but only with respect to periods ending before January 1, 2017 , and in subsection (c)— in paragraph (1), by striking subparagraph (D), in paragraph (2), by striking subparagraph (D), in paragraph (3)(A), by inserting and at the end of clause (ii), by striking , and at the end of clause
(iii)and inserting a period, and by striking clause (iv), and in paragraph (4), by striking subparagraph (C). Section 48(a)(2)(A)(i)(II) of the Internal Revenue Code of 1986 is amended by striking January 1, 2022 and inserting January 1, 2034 . Subparagraph
(A)of section 48(a)(6) of the Internal Revenue Code of 1986 is amended— by striking and at the end of clause (i), by striking January 1, 2022, 22 percent. in clause
(ii)and inserting January 1, 2030, 22 percent , and by adding at the end the following new clauses: in the case of any facility the construction of which begins after December 31, 2030, and before January 1, 2032, 18 percent, and in the case of any facility the construction of which begins after December 31, 2031, and before January 1, 2034, 14 percent. . Clause
(i)of section 48(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking and at the end of subclause
(IV)and by adding at the end the following new subclause: qualified offshore wind energy property, and . Subsection
(c)of section 48 of such Code is amended by adding at the end the following new paragraph: The term qualified offshore wind energy property means property which is part of a qualified offshore wind facility. For purposes of subparagraph (A), the term qualified offshore wind facility means any facility which— uses wind to generate electricity, and is located in— the inland navigable waters of the United States, including the Great Lakes, or the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of the United States, and the outer Continental Shelf of the United States. . Subparagraph
(A)of section 48(a)(3) of such Code is amended by striking or at the end of clause (vi), by inserting or at the end of clause (vii), and by adding at the end the following new clause: qualified offshore wind energy property, . Section 48(a)(5)(C) of such Code is amended by adding at the end the following new sentence: Such term shall not include any facility which is a qualified offshore wind facility (as defined in subsection (c)(5)). . Subparagraph
(A)of section 48(a)(5) of the Internal Revenue Code of 1986 is amended to read as follows: In the case of a qualified investment credit facility described in section 45(d)(1), the credit otherwise determined under the section with respect to qualified property which is part of such facility shall not exceed an amount equal to $200 for each kilowatt hour of capacity of such facility. . Section 48(a)(3)(A) of the Internal Revenue Code of 1986 is amended by adding at the end the following: qualified electrical transmission property. . Section 48(c) of the Internal Revenue Code of 1986, as amended by subsection (c), is amended by adding at the end the following new paragraph: The term qualified electrical transmission property means an interstate electrical transmission system, including technologies listed in section 1223 of the Energy Policy Act of 2005, which is capable of carrying or transmitting at least 69 kilovolts. . The amendments made by this section shall apply to property placed in service in taxable year beginning after the date of the enactment of this Act. The amendments made by this section shall apply to periods after December 31, 2016, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).