,i #aadth ,,congress #ast ,session ,h4 ,r4 #aija ,,in ,,the ,,house ,,of ,,representatives ,april #ba1 #bjae ,mr4 ,marchant 7for himself1 ,mr4 ,pompeo1 ,mr4 ,sam ,johnson of ,texas1 ,mr4 ,perry1 ,mr4 ,flores1 ,mr4 ,shuster1 and ,mr4 ,scalise7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to phaseout and repeal the credit for electricity produced from certain renewable resources1 to reduce the corporate income tax1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,ptc ,elimination ,act4 #b4 ,phaseout and repeal of credit for electricity produced from certain renewable resources 7a7 ,reduction of credit and phaseout amounts 7#a7 ,in general ,section #de7;b7 of the ,internal ,revenue ,code of #aihf is amended by striking paragraph 7#b74 7#b7 ,conforming amendments ,section #de7;e77#b7 of such ,code is amended-- 7,a7 by striking the inflation adjustment factor and in subparagraph 7,a71 and 7,b7 by striking subparagraph 7,b7 and redesignating subparagraph 7,c7 as subparagraph 7,b74 7#c7 ,effective date ,the amendments made by this subsection shall apply to electricity1 and refined coal1 produced and sold after ,december #ca1 #bjae4 7b7 ,special rule for determining beginning of construction 7#a7 ,in general ,section #de7;e7 of such ,code is amended by adding at the end the following new paragraph3 7#ab7 ,special rule for determining beginning of construction ,for purposes of subsection 7d7 and section #dh7;a77#e71 the construction of any facility1 modification1 improvement1 addition1 or other property shall not be treated as beginning before any date unless there is a continuous program of construction which begins1 and makes significant progress1 before such date and ends on the date that such property is placed in service4 4 7#b7 ,effective date ,the amendment made by this subsection shall apply to taxable years beginning before1 on1 or after the date of the enactment of this ,act4 7c7 ,repeal of credit 7#a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by striking section #de 7and by striking the item relating to such section in the table of sections for such subpart74 7#b7 ,conforming amendments 7,a7 ,section #ch7;b7 of such ,code is amended by striking paragraph 7#h74 7,b7 ,section #de;,j of such ,code is amended by adding at the end the following new subsection3 7f7 ,references to section #de ,any reference in this section to any provision of section #de shall be treated as a reference to such provision as in effect immediately before its repeal4 4 7,c7 ,section #de,k7g77#b7 of such ,code is amended by striking subparagraph 7,e74 7,d7 ,section #dh of such ,code is amended by adding at the end the following new subsection3 7e7 ,references to section #de ,any reference in this section to any provision of section #de shall be treated as a reference to such provision as in effect immediately before its repeal4 4 7,e7 ,section #ed7;d77#b77;,a7 of such ,code is amended by inserting 7as in effect immediately before its repeal7 after section #de7;d74 7,f7 ,section #ed;,c7d77#a7 of such ,code is amended by inserting 7as in effect immediately before its repeal7 after section #de7;d74 7,g7 ,section #ed;,d7f77#a77;,a77iv7 of such ,code is amended by inserting 7as in effect immediately before its repeal7 after section #de7;d74 7,h7 ,section #ee7;c77#a7 of such ,code is amended by striking #de7;e77#aa77;,c714 7#c7 ,effective date ,the amendments made by this subsection shall apply to electricity1 and refined coal1 produced and sold after ,december #ca1 #bjbe4 7d7 ,sense of ,congress regarding further extension ,it is the sense of the ,congress that the credit under section #de of the ,internal ,revenue ,code of #aihf should be allowed to expire and should not be extended beyond the expiration dates specified in such section as of the date of the enactment of this ,act4 #c4 ,reduction of corporate income tax 7a7 ,in general ,section #aa of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7e7 ,reduction 7#a7 ,in general ,in the case of any taxable year beginning more than #a year after the date of the enactment of this subsection1 the amount of tax otherwise imposed under this section with respect to any taxpayer for such taxable year shall be reduced by the applicable percentage of such amount4 7#b7 ,applicable percentage ,for purposes of this subsection-- 7,a7 ,in general ,the term applicable percentage means the percentage which the ,secretary estimates will result in-- 7i7 a decrease in revenues to the ,treasury for the fiscal year which includes the date of the enactment of this subsection and the #aj subsequent fiscal years1 which is equal to 7ii7 the increase in such revenues for such taxable years by reason of the amendments made by section #b of the ,,ptc ,elimination ,act4 7,b7 ,single percentage ,the percentage under subparagraph 7,a7 shall be determined by the ,secretary not later than the date which is #a year after the date of the enactment of this subsection and shall apply for all taxable years to which paragraph 7#a7 applies4 4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning more than #a year after the date of the enactment of this ,act4