Sec. 122. Energy tax credit monetization
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Subchapter B of chapter 65 of the Internal Revenue Code of 1986 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 energy credit which would (without regard to this section) be determined under section 48 with respect to property originally placed in service after December 31, 2019 and before January 1, 2025, any portion of a renewable electricity production credit which would (without regard to this section) be determined under section 45 with respect to property originally placed in service after December 31, 2019 and before January 1, 2025, or any portion of a credit carryforward to the extent attributable to section 48 or section 45 that is allowed under section 38(a)(1) (determined without regard to section 38(c)) for taxable years ending after December 31, 2019 and before January 1, 2025, such taxpayer shall be treated as making a payment against the tax imposed by subtitle A for the taxable year equal to 85 percent of such amount.
The payment described in subsection
(a)shall be treated as made on the later of the due date of the return of tax (determined without extensions) for such taxable year or the date on which such return is filed. 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 48 or the renewable electricity production credit determined under section 45 shall be reduced by the amount of the portion of such credit with respect to which the taxpayer makes such election. In the case of a taxpayer making an election under this section, the credit subject to such an election shall be determined notwithstanding— section 50(b)(3); and section 50(b)(4) for an entity described in 50(b)(4)(A)(i). In the case of a mutual or cooperative electric company described in this paragraph or an organization described in section 1381(a)(2), income received or accrued in connection with the refunding or direct payment of credit under this section shall be treated as an amount collected from members for the sole purpose of meeting losses and expenses. . The table of sections for subchapter B of chapter 65 of such Code 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 taxable years ending after the date of the enactment of this Act.