H.R. 1557 — Introduced in House

I 117th CONGRESS 1st Session H. R. 1557 IN THE HOUSE OF REPRESENTATIVES March 3, 2021Mr. Crist introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend certain credits related to solar energy. 1. Short title This Act may be cited as the Sunshine Forever Act. 2. Extension of solar energy credit (a) In general Section 48(a)(2)(A)(i)(II) of the Internal Revenue Code of 1986 is amended by striking January 1, 2024 and inserting January 1, 2035. (b) Repeal of phaseout Section 48(a) of such Code is amended by striking paragraph (6). (c) Effective date The amendments made by this section shall apply to property the construction of which begins after December 31, 2020. 3. Extension of credits with respect to qualified solar electric property and qualified solar water heating property (a) In general Section 25D(h) of the Internal Revenue Code of 1986 is amended by inserting (December 31, 2034, in the case of any qualified solar electric property expenditures and qualified solar water heating property expenditures) before the period at the end. (b) Phaseout not applicable Section 25D(g) of such Code is amended by inserting in the case of any expenditure other than any qualified solar electric property expenditure or qualified solar water heating property expenditure, after For purposes of subsection (a),. (c) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2020.