,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #bgjd  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ad1 #bjai,mr4   
,blum5au] 7= himself & ,mr4 ,la,hood7   
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to all[ = transf]s ( !    
r5ewable electricity production cr$it & 
! en]gy cr$it4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,r5ewable ,en]gy   
,transf]ability ,act4  #b4 ,transf]s (  
cr$its = r5ewable electricity production
 facilities & en]gy prop]ty  7a7        
,r5ewable electricity production cr$it  
,section #de7;e7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#ab7 ,transf] (
 cr$it  7,a7 ,9 g5]al ,if ! taxpay]     
elects to transf] all 7or any portion   
specifi$ 9 ! election7 ( ! cr$it det]m9$
 "u ?is section = any taxable ye> )     
respect to any qualifi$ facility to an  
eligible project p>tn] = a specifi$     
p]iod1 !n1 ! eligible project p>tn]     

specifi$ 9 su* election 7& n ! taxpay]7 
%all be treat$ = purposes ( ?is title ) 
respect to su* cr$it 7or su* portion    
!re(7 z ! p]son produc+ & sell+ !       
electricity to :i* su* cr$it 7or portion
 !re(7 relates4  7,b7 ,d$uction =       
paym5ts 9 connection ) transf] ,!re %all
 be all[$ z a d$uction "u "p ,,vi (     
sub*apt] ,b an am\nt equal to ! am\nt   
paid by a taxpay] z consid]ation = a    
transf] describ$ 9 subp>agraph 7,a74    
7,c7 ,eligible project p>tn] ,= purposes
 ( ?is p>agraph1 ! t]m eligible project 
p>tn] means1 ) respect to any qualifi$  
facility1 any p]son :o-- 7i7 has an     
own]%ip int]e/ 9 su* qualifi$ facility1 
7ii7 provid$ equipm5t = or s]vices 9 !  
con/ruction ( su* qualifi$ facility1    
7iii7 provides electric transmission or 
di/ribution s]vices = su* qualifi$      
facility1  7iv7 pur*ases electricity f  
su* qualifi$ facility pursuant to a     
contract1 or  7v7 provides f9anc+ = su* 
qualifi$ facility4  ,= purposes ( clause
 7v71 any am\nt paid z consid]ation = a 

transf] describ$ 9 subp>agraph 7,a7 %all
 n be treat$ z f9anc+ ( a qualifi$      
facility4  7,d7 ,taxable ye> 9 :i* cr$it
 tak5 into acc\nt ,9 ! case ( any cr$it 
7or portion !re(7 ) respect to :i* an   
election is made "u subp>agraph 7,a71   
su* cr$it %all be tak5 into acc\nt 9 !  
fir/ taxable ye> ( ! eligible project   
p>tn] end+ )1 or aft]1 ! elect+         
taxpay]'s taxable ye> ) respect to :i* !
 cr$it 0 det]m9$4  7,e7 ,limitations on 
election  7i7 ,"t = election ,an        
election "u ?is p>agraph to transf] any 
portion ( ! cr$it all[$ "u ?is p>agraph 
%all be made n lat] ?an ! due date = !  
return ( tax = ! elect+ taxpay]'s       
taxable ye> ) respect to :i* ! cr$it 0  
det]m9$4  7ii7 ,no fur!r transf]s ,no   
election may be made "u ?is p>agraph by 
a taxpay] ) respect to any portion ( !  
cr$it all[$ "u ?is section :i* has be5  
previ\sly transf]r$ to su* taxpay] "u   
?is p>agraph4  7,f7 ,treatm5t ( transf] 
"u private use rules ,= purposes (      
section #ada7;b77#a71 any b5efit d]iv$  

by an eligible project p>tn] 9          
connection ) an election "u ?is         
subsection %all n be tak5 into acc\nt z 
a private bus9ess use4  7,g7 ,additional
 election requirem5ts ,! ,secret>y may  
prescribe su* regulations z may be      
appropriate to c>ry out ! purposes ( ?is
 p>agraph1 includ+--  7i7 rules =       
det]m9+ :i* p]sons are eligible project 
p>tn]s ) respect to any en]gy prop]ty1 &
  7ii7 requir+ in=mation to be includ$ 9
 an election "u subp>agraph 7,a7 or     
impos+ additional report+ requirem5ts4  
4  7b7 ,en]gy cr$it  7#a7 ,9 g5]al      
,section #dh ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by add+ at ! end !     
foll[+ new subsection3  7e7 ,transf] (  
cr$it  7#a7 ,9 g5]al ,if ! taxpay]      
elects to transf] all 7or any portion   
specifi$ 9 ! election7 ( ! cr$it det]m9$
 "u ?is section = any taxable ye> )     
respect to any en]gy prop]ty to an      
eligible project p>tn]1 ! eligible      
project p>tn] specifi$ 9 su* election 7&
 n ! taxpay]7 %all be treat$ z ! taxpay]

 = purposes ( ?is title ) respect to su*
 cr$it 7or portion !re(74  7#b7         
,d$uction = paym5ts 9 connection )      
transf] ,!re %all be all[$ z a d$uction 
"u "p ,,vi ( sub*apt] ,b an am\nt equal 
to ! am\nt paid by a taxpay] z          
consid]ation = a transf] describ$ 9     
p>agraph 7#a74  7#c7 ,eligible project  
p>tn] ,= purposes ( ?is subp>agraph1 !  
t]m eligible project p>tn] means1 )     
respect to any en]gy prop]ty1 any p]son 
:o-- 7,a7 has an own]%ip int]e/ 9 su*   
en]gy prop]ty1  7,b7 provid$ equipm5t = 
or s]vices 9 ! con/ruction ( su* en]gy  
prop]ty1  7,c7 provides electric        
transmission or di/ribution s]vices =   
su* en]gy prop]ty1  7,d7 pur*ases       
electricity f su* qualifi$ facility     
pursuant to a contract1 or  7,e7        
provides f9anc+ = su* en]gy prop]ty4  ,=
 purposes ( subp>agraph 7,e71 any am\nt 
paid z consid]ation = a transf] describ$
 9 p>agraph 7#a7 %all n be treat$ z     
f9anc+ ( a qualifi$ facility4  7#d7     
,taxable ye> 9 :i* cr$it tak5 into      

acc\nt ,9 ! case ( any cr$it 7or portion
 !re(7 ) respect to :i* an election is  
made "u p>agraph 7#a71 su* cr$it %all be
 tak5 into acc\nt 9 ! fir/ taxable ye> (
 ! eligible project p>tn] end+ )1 or    
aft]1 ! elect+ taxpay]'s taxable ye> )  
respect to :i* ! cr$it 0 det]m9$4  7#e7 
,limitations on election  7,a7 ,"t =    
election ,an election "u ?is subsection 
to transf] any portion ( ! cr$it all[$  
"u ?is section %all be made n lat] ?an !
 due date = ! return ( tax = ! elect+   
taxpay]'s taxable ye> ) respect to :i* !
 cr$it 0 det]m9$4  7,b7 ,no fur!r       
transf]s ,no election may be made "u ?is
 p>agraph by a taxpay] ) respect to any 
portion ( ! cr$it all[$ "u ?is section  
:i* has be5 previ\sly transf]r$ to su*  
taxpay] "u ?is subsection4  7#f7        
,treatm5t ( transf] "u private use rules
 ,= purposes ( section #ada7;b77#a71 any
 b5efit d]iv$ by an eligible project    
p>tn] 9 connection ) an election "u ?is 
subsection %all n be tak5 into acc\nt z 
a private bus9ess use4  7#g7 ,additional

 election requirem5ts ,! ,secret>y may  
prescribe su* regulations z may be      
appropriate to c>ry out ! purposes ( ?is
 subsection1 includ+--  7,a7 rules =    
det]m9+ :i* p]sons are eligible project 
p>tn]s ) respect to any en]gy prop]ty1 &
  7,b7 requir+ in=mation to be includ$ 9
 an election "u p>agraph 7#a7 or impos+ 
additional report+ requirem5ts4  4  7#b7
 ,normalization rules ,section #ej7;d7 (
 su* ,code is am5d$ by add+ at ! end !  
foll[+3 ,9 ! case ( any en]gy prop]ty ) 
respect to :i* an election is made "u   
section #dh7;e77#a71 ! rules ( ! section
 #df7;f7 ref]r$ to 9 p>agraph 7#b7 %all 
apply only to ! ext5t ( am\nts paid 9   
consid]ation ( ! transf] to :i* su*     
election relates4  7c7 ,special rule =  
proce$s ( transf]s = mutual or          
coop]ative electric companies ,section  
#eja7;c77#ab77;,i7 ( su* ,code is am5d$ 
by /rik+ #de;,j7e77#a7 & ins]t+         
#de7;e77#ab71 #de;,j7e77#a71 or         
#dh7;e77#a74  7d7 ,effective date ,!    
am5dm5ts made by ?is section %all apply 

to taxable ye>s beg9n+ aft] ! date ( !  
enactm5t ( ?is ,act4