H.R. 6644 — Introduced in House

I 117th CONGRESS 2d Session H. R. 6644 IN THE HOUSE OF REPRESENTATIVES February 8, 2022Mr. Perry 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 repeal the production tax credit and the investment tax credit. 1. Repeal of energy credit and credit for electricity produced from certain renewable resources (a) Repeal of production credit (1) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45 (and by striking the item relating to such section in the table of sections for such subpart). (2) Conforming amendments (A) Section 38 of such Code is amended— (i) in subsection (b), by striking paragraph (8), and (ii) in subsection (c)(4)(B), by striking clauses (iv) and (v). (B) Section 45J of such Code is amended by adding at the end the following new subsection: (g) References to section 45 Any reference in this section to any provision of section 45 shall be treated as a reference to such provision as in effect immediately before its repeal. . (C) Section 45K(g)(2) of such Code is amended by striking subparagraph (E). (D) Section 55(c)(1) of such Code is amended by striking 45(e)(11)(C),. (E) Section 59A(b)(4) of such Code is amended by inserting and at the end of subparagraph (A) and by striking subparagraph (B). (3) Effective date The amendments made by this subsection shall apply to electricity produced and sold after December 31, 2021. (b) Repeal of energy credit (1) In general Subpart D of part IV of subchapter A of such Code is amended by striking section 48 (and by striking the item relating to such section in the table of sections for such subpart). (2) Conforming amendments (A) Section 38(c)(4)(B) of such Code is amended by striking clause (x). (B) Section 25(e)(3) of such Code is amended by adding (as in effect immediately before its repeal) before the period at the end. (C) Section 45K(b)(3) of such Code is amended by striking (within the meaning of section 48(a)(4)(C)) and inserting (within the meaning of section 48(a)(4)(C) as in effect immediately before its repeal). (D) Section 48A(b)(2) of such Code is amended by striking section 48(a)(4) (without regard to subparagraph (D) thereof) and inserting section 48(a)(4), as in effect immediately before its repeal (without regard to subparagraph (D) thereof). (E) Section 48B(b)(2) of such Code is amended by striking section 48(a)(4) (without regard to subparagraph (D) thereof) and inserting section 48(a)(4), as in effect immediately before its repeal (without regard to subparagraph (D) thereof). (F) Section 48C(e) of such Code is amended by striking 48,. (G) Section 50(a)(2)(E) of such Code is amended by striking section 48(b). (H) Section 168(e)(3) of such Code is amended— (i) in clause (v), by adding and at the end, and (ii) by striking clause (vi). (I) Section 409 of such Code is amended— (i) in subsection (g), by striking section 48(n)(1) or and section 48(n)(1) and, and (ii) in subsection (m), by striking , or subparagraph (A) or (B) of section 48(n)(1). (3) Effective date The amendments made by this subsection shall apply to taxable years beginning after December 31, 2021.