,,ii #aagth ,,congress #ast ,session ,s4 #ihe ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #be1 #bjba,mr4 ,carper 7for himself1 ,mr4 ,whitehouse1 and ,mr4 ,heinrich7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide direct payments of the renewable electricity production credit1 the energy credit1 and the carbon oxide sequestration credit4 #a4 ,short title ,this ,act may be cited as the ,save ,america's ,clean ,energy ,jobs ,act4 #b4 ,direct payment of renewable electricity production credit and energy credit 7a7 ,renewable electricity production credit 7#a7 ,in general ,section #de7;e7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#ab7 ,election for direct payment 7,a7 ,in general ,in the case of any applicable facility1 the amount of any credit determined under subsection 7a7 with respect to such facility for any taxable year during the period described in paragraph 7#b77;,a77ii7 of such subsection shall1 at the election of the taxpayer1 be treated as a payment equal to such amount which is made by the taxpayer against the tax imposed by chapter #a for such taxable year4 7,b7 ,applicable facility ,for purposes of this paragraph1 the term applicable facility means a qualified facility-- 7i7 the construction of which began before ,january #a1 #bjbc1 and 7ii7 which is originally placed in service after ,march #be1 #bjba4 7,c7 ,form and effect of election 7i7 ,in general ,an election under subparagraph 7,a7 shall be made in such manner as the ,secretary may prescribe and not later than the due date 7including extensions7 for the return of tax for the taxable year in which the qualified facility is originally placed in service4 ,such election1 once made1 shall be irrevocable with respect to such qualified facility for the period described in subsection 7a77#b77;,a77ii74 7ii7 ,effect ,any election under subparagraph 7,a7 shall1 for any taxable year during the period described in subsection 7a77#b77;,a77ii71 reduce the amount of the credit which would 7but for this paragraph7 be allowable under this section with respect to such qualified facility for such taxable year to zero4 7,d7 ,application to partnerships and ,s corporations ,in the case of a partnership or ,s corporation which makes an election under subparagraph 7,a7-- 7i7 such subparagraph shall apply with respect to such partnership or corporation without regard to the fact that no tax is imposed by chapter #a on such partnership or corporation1 and 7ii7 7,i7 in the case of a partnership1 each partner's distributive share of the credit determined under subsection 7a7 with respect to the qualified facility shall be deemed to be zero1 and 7,,ii7 in the case of a ,s corporation1 each shareholder's pro rata share of the credit determined under subsection 7a7 with respect to the qualified facility shall be deemed to be zero4 4 7#b7 ,effective date ,the amendment made by this subsection shall apply to facilities placed in service after ,march #be1 #bjba4 7b7 ,energy credit 7#a7 ,in general ,section #dh of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7e7 ,election for direct payment 7#a7 ,in general ,in the case of any applicable property placed in service during any taxable year1 the amount of any credit determined under subsection 7a7 with respect to such property for such taxable year shall1 at the election of the taxpayer1 be treated as a payment equal to such amount which is made by the taxpayer against the tax imposed by chapter #a for such taxable year 7regardless of whether such tax would have been on such taxpayer74 7#b7 ,applicable property ,for purposes of this subsection1 the term applicable property means any energy property 7including any qualified property which is treated as energy property pursuant to subsection 7a77#e77-- 7,a7 the construction of which began before ,january #a1 #bjbc1 and 7,b7 which is originally placed in service after ,march #be1 #bjba4 ,such term shall not include any property if a credit for qualified progress expenditures has been allowed with respect to such property before the date of any election under paragraph 7#a74 7#c7 ,form and effect of election 7,a7 ,in general ,an election under paragraph 7#a7 shall be made in such manner as the ,secretary may prescribe and not later than the due date 7including extensions7 for the return of tax for the taxable year in which the applicable property is originally placed in service4 ,such election1 once made1 shall be irrevocable with respect to the applicable property4 7,b7 ,effect ,any election under paragraph 7#a7 shall reduce the amount of the credit which would 7but for this subsection7 be allowable under this section with respect to such applicable property for the taxable year in which such property is placed in service to zero4 ,the reduction in credit under subparagraph 7,b7 shall not be taken into account for purposes of applying section #ej7;a7 with respect to such property4 7#d7 ,application to partnerships and ,s corporations ,rules similar to the rules of section #de7;e77#ab77;,d7 shall apply for purposes of this subsection4 7#e7 ,regulations and guidance ,the ,secretary shall prescribe such regulations and guidance as may be necessary to carry out this subsection1 including regulations or guidance to relating to reporting on the use of applicable property for purposes of administering the recapture under section #ej7;a7 of any refund made by reason of this section4 4 7#b7 ,effective date ,the amendment made by this subsection shall apply to property placed in service after ,march #be1 #bjba4 7c7 ,carbon oxide sequestration credit 7#a7 ,in general ,section #de,q7f7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#h7 ,election for direct payment 7,a7 ,in general ,in the case of any applicable equipment1 the amount of any credit determined under subsection 7a7 with respect to any qualified carbon oxide captured by such equipment for any taxable year during the applicable period shall1 at the election of the taxpayer1 be treated as a payment equal to such amount which is made by the taxpayer against the tax imposed by chapter #a for such taxable year4 7,b7 ,applicable equipment ,for purposes of this paragraph1 the term applicable equipment means carbon capture equipment-- 7i7 which is originally placed in service after ,march #be1 #bjba1 at a qualified facility the construction of which began before ,january #a1 #bjbc1 and 7ii7 7,i7 the construction of which began before ,january #a1 #bjbc1 or 7,,ii7 which was placed in service at a qualified facility the original planning and design of which included such equipment4 7,c7 ,applicable period ,for purposes of this paragraph1 the term applicable period means the #ab-year period beginning on the date that the applicable equipment was originally placed in service4 7,d7 ,form and effect of election 7i7 ,in general ,an election under subparagraph 7,a7 shall be made in such manner as the ,secretary may prescribe and not later than the due date 7including extensions7 for the return of tax for the taxable year in which the applicable equipment is originally placed in service4 ,such election1 once made1 shall be irrevocable with respect to such applicable equipment for the applicable period4 7ii7 ,effect ,any election under subparagraph 7,a7 shall1 for any taxable year during the applicable period1 reduce the amount of the credit which would 7but for this paragraph7 be allowable under this section with respect to such applicable equipment for such taxable year to zero4 7,e7 ,application to partnerships and ,s corporations ,in the case of a partnership or ,s corporation which makes an election under subparagraph 7,a7-- 7i7 such subparagraph shall apply with respect to such partnership or corporation without regard to the fact that no tax is imposed by chapter #a on such partnership or corporation1 and 7ii7 7,i7 in the case of a partnership1 each partner's distributive share of the credit determined under subsection 7a7 with respect to the qualified carbon oxide captured using such applicable equipment shall be deemed to be zero1 and 7,,ii7 in the case of a ,s corporation1 each shareholder's pro rata share of the credit determined under subsection 7a7 with respect to the qualified carbon oxide captured using such applicable equipment shall be deemed to be zero4 4 7#b7 ,effective date ,the amendment made by this subsection shall apply to property placed in service after ,march #be1 #bjba4