Sec. 90404. Elective payment for energy property and electricity produced from certain renewable resources, etc
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/bill/116/hr/2/eh/section-90404A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subchapter B of chapter 65 is amended by adding at the end the following new section: In the case of a taxpayer making an election (at such time and in such manner as the Secretary may provide) under this section with respect to any portion of an applicable credit, such taxpayer shall be treated as making a payment against the tax imposed by subtitle A for the taxable year equal to— in the case of an Indian tribal government, the amount of such portion, and in the case of any other taxpayer, 85 percent of such amount.
For purposes of this section— In the case of an election under this section— any State or local government, or a political subdivision thereof, or an Indian tribal government, shall be treated as a taxpayer for purposes of this section and determining any applicable credit. The term applicable credit means each of the following credits that would (without regard to this section) be determined with respect to the taxpayer: A energy credit under section 48. A renewable electricity production credit under section 45.
A carbon oxide sequestration credit under section 45Q. The term Indian tribal government shall have the meaning given such term by section 139E. The payment described in subparagraph
(A)shall be treated as made on— in the case of any government, or political subdivision, to which paragraph
(1)applies and for which no return is required under section 6011 or 6033(a), the later of the date that a return would be due under section 6033(a) if such government or subdivision were described in that section or the date on which such government or subdivision submits a claim for credit or refund (at such time and in such manner as the Secretary shall provide), and in any other case, the later of the due date of the return of tax for the taxable year or the date on which such return is filed. In the case of an election under this section, the determination of any applicable credit shall be without regard to paragraphs
(3)and (4)(A)(i) of section 50(b). Gross income of the taxpayer shall be determined without regard to this section. Solely for purposes of section 38, in the case of a taxpayer making an election under this section, the energy credit determined under section 45 or the renewable electricity production credit determined under section 48 shall be reduced by the amount of the portion of such credit with respect to which the taxpayer makes such election. . The table of sections for subchapter B of chapter 65 is amended by adding at the end the following new item: Sec. 6431. Elective payment for energy property and electricity produced from certain renewable resources, etc. . The amendments made by this section shall apply to property originally placed in service after the date of the enactment of this Act.