,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #cjcb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ab1 #bjai,mr4
 ,b5net introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to all[ = transf]s
 ( ! r5ewable electricity production    
cr$it1 ! en]gy cr$it1 & ! cr$it = c>bon 
oxide seque/ration4  #a4 ,%ort title    
,?is ,act may be cit$ 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 section  
%all be made n lat] ?an ! due date = !  
return ( tax = ! elect+ taxpay]'s       
taxable ye> ) respect to :i* ! cr$it 0  
det]m9$4  7ii7 ,no fur!r transf]s ,no   
election may be made "u ?is p>agraph by 
a taxpay] ) respect to any portion ( !  
cr$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 p>agraph
 %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 subsection1 ! 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$4  7,b7 ,no fur!r       
transf]s ,no election may be made "u ?is
 subsection by a taxpay] ) respect to   
any portion ( ! cr$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 relates44  7c7 ,cr$it = c>bon  
oxide seque/ration ,subp>agraph 7,b7 (  
section #de,q7f77#c7 ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  7,b7 ,transf] ( cr$it  7i7 ,9 
g5]al ,if ! p]son describ$ 9 subp>agraph
 7,a7 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 !    
p]son describ$ 9 subp>agraph 7,a77 %all 
be treat$ = purposes ( ?is title )      
respect to su* cr$it 7or su* portion    
!re(7 z ! p]son describ$ 9 clause 7i7 or
 7ii7 ( su* subp>agraph1 z applicable1  
to :i* su* cr$it 7or portion !re(7      
relates4  7ii7 ,d$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 clause 7i74  7iii7 ,eligible 
project p>tn] ,= purposes ( ?is         
subp>agraph1 ! t]m eligible project     
p>tn] means1 ) respect to any qualifi$  
facility1 any p]son :o-- 7,i7 has an    
own]%ip int]e/ 9 su* qualifi$ facility  
or any c>bon capture equipm5t :i* is    
plac$ 9 s]vice at su* qualifi$ facility1
  7,,ii7 provid$ equipm5t = or s]vices 9

 ! con/ruction ( su* qualifi$ facility  
or any c>bon capture equipm5t :i* is    
plac$ 9 s]vice at su* qualifi$ facility1
  7,,iii7 provides fuel or fe$/ock = !  
op]ation ( su* qualifi$ facility1       
7,,iv7 provides transportation1         
transmission1 or di/ribution s]vices =  
su* qualifi$ facility1  7,v7 pur*ases1  
pursuant to a contract1 ! indu/rial     
output ( su* qualifi$ facility or !     
comm]cial products produc$ by           
utilization ( qualifi$ c>bon oxide      
captur$ at su* qualifi$ facility1       
7,,vi7 disposes ( ! qualifi$ c>bon      
oxide1 utilizes ! qualifi$ c>bon oxide1 
or uses ! qualifi$ c>bon oxide z a      
t]ti>y injectant1 or  7,,vii7 provides  
f9anc+ = su* qualifi$ facility or any   
c>bon capture equipm5t :i* is plac$ 9   
s]vice at su* qualifi$ facility4  ,=    
purposes ( subclause 7,,vii71 any am\nt 
paid z consid]ation = a transf] describ$
 9 clause 7i7 %all n be treat$ z f9anc+ 
( a qualifi$ facility4  7iv7 ,taxable   
ye> 9 :i* cr$it tak5 into acc\nt ,9 !   

case ( any cr$it 7or portion !re(7 )    
respect to :i* an election is made "u   
clause 7i71 su* cr$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$4  7v7 ,limitations on 
election  7,i7 ,"t = election ,an       
election "u ?is subp>agraph to transf]  
any portion ( ! cr$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$4  7,,ii7 ,no fur!r     
transf]s ,no election may be made "u ?is
 subp>agraph by a taxpay] ) respect to  
any portion ( ! cr$it all[$ "u ?is      
section :i* has be5 previ\sly transf]r$ 
to su* taxpay] "u ?is subp>agraph4  7vi7
 ,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 subp>agraph %all n be  
tak5 into acc\nt z a private bus9ess    

use4  7vii7 ,additional election        
requirem5ts ,! ,secret>y may prescribe  
su* regulations z may be appropriate to 
c>ry out ! purposes ( ?is subp>agraph1  
includ+--  7,i7 rules = det]m9+ :i*     
p]sons are eligible project p>tn]s )    
respect to any qualifi$ facility1 &     
7,,ii7 requir+ in=mation to be includ$ 9
 an election "u clause 7i7 or impos+    
additional report+ requirem5ts4  7viii7 
,transition rules ,any election made "u 
?is subp>agraph ) respect to a qualifi$ 
facility = any taxable ye>s beg9n+ be=e 
! date ( enactm5t ( ! ,r5ewable ,en]gy  
,transf]ability ,act %all n apply to any
 taxable ye>s beg9n+ aft] ! date (      
enactm5t ( su* ,act1 & ! p]son describ$ 
9 subp>agraph 7,a7 may make a new       
election or elections "u clause 7i7 )   
respect to su* qualifi$ facility4  4    
7d7 ,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     

#de,q7f77#c77;,b71 or #dh7;e77#a74  7e7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4