,,ii  #aag? ,,congress  #a/ ,session    
,s4 #ihe  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #be1 #bjba,mr4    
,c>p] 7= himself1 ,mr4 ,:iteh\se1 & ,mr4
 ,he9ri*7 introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide direct 
paym5ts ( ! r5ewable electricity        
production cr$it1 ! en]gy cr$it1 & !    
c>bon oxide seque/ration cr$it4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,save ,am]ica's ,clean ,en]gy ,jobs     
,act4  #b4 ,direct paym5t ( r5ewable    
electricity production cr$it & en]gy    
cr$it  7a7 ,r5ewable electricity        
production cr$it  7#a7 ,9 g5]al ,section
 #de7;e7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#ab7 ,election = direct
 paym5t  7,a7 ,9 g5]al ,9 ! case ( any  
applicable facility1 ! am\nt ( any cr$it
 det]m9$ "u subsection 7a7 ) respect to 
su* facility = any taxable ye> dur+ !   
p]iod describ$ 9 p>agraph 7#b77;,a77ii7 

( su* subsection %all1 at ! election ( !
 taxpay]1 be treat$ z a paym5t equal to 
su* am\nt :i* is made by ! taxpay] aga9/
 ! tax impos$ by *apt] #a = su* taxable 
ye>4  7,b7 ,applicable facility ,=      
purposes ( ?is p>agraph1 ! t]m          
applicable facility means a qualifi$    
facility-- 7i7 ! con/ruction ( :i* began
 be=e ,janu>y #a1 #bjbc1 &  7ii7 :i* is 
orig9ally plac$ 9 s]vice aft] ,m>* #be1 
#bjba4  7,c7 ,=m & effect ( election    
7i7 ,9 g5]al ,an election "u subp>agraph
 7,a7 %all be made 9 su* mann] z !      
,secret>y may prescribe & n lat] ?an !  
due date 7includ+ ext5sions7 = ! return 
( tax = ! taxable ye> 9 :i* ! qualifi$  
facility is orig9ally plac$ 9 s]vice4   
,su* election1 once made1 %all be       
irrevocable ) respect to su* qualifi$   
facility = ! p]iod describ$ 9 subsection
 7a77#b77;,a77ii74  7ii7 ,effect ,any   
election "u subp>agraph 7,a7 %all1 = any
 taxable ye> dur+ ! p]iod describ$ 9    
subsection 7a77#b77;,a77ii71 r$uce !    
am\nt ( ! cr$it :i* w\ld 7b = ?is       

p>agraph7 be all[able "u ?is section )  
respect to su* qualifi$ facility = su*  
taxable ye> to z]o4  7,d7 ,application  
to p>tn]%ips & ,s corporations ,9 ! case
 ( a p>tn]%ip or ,s corporation :i*     
makes an election "u subp>agraph 7,a7-- 
7i7 su* subp>agraph %all apply ) respect
 to su* p>tn]%ip or corporation )\t     
reg>d to ! fact t no tax is impos$ by   
*apt] #a on su* p>tn]%ip or corporation1
 &  7ii7 7,i7 9 ! case ( a p>tn]%ip1 ea*
 p>tn]'s di/ributive %>e ( ! cr$it      
det]m9$ "u subsection 7a7 ) respect to !
 qualifi$ facility %all be deem$ to be  
z]o1 &  7,,ii7 9 ! case ( a ,s          
corporation1 ea* %>ehold]'s pro rata %>e
 ( ! cr$it det]m9$ "u subsection 7a7 )  
respect to ! qualifi$ facility %all be  
deem$ to be z]o4  4  7#b7 ,effective    
date ,! am5dm5t made by ?is subsection  
%all apply to facilities plac$ 9 s]vice 
aft] ,m>* #be1 #bjba4  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  

,election = direct paym5t  7#a7 ,9 g5]al
 ,9 ! case ( any applicable prop]ty     
plac$ 9 s]vice dur+ any taxable ye>1 !  
am\nt ( any cr$it det]m9$ "u subsection 
7a7 ) respect to su* prop]ty = su*      
taxable ye> %all1 at ! election ( !     
taxpay]1 be treat$ z a paym5t equal to  
su* am\nt :i* is made by ! taxpay] aga9/
 ! tax impos$ by *apt] #a = su* taxable 
ye> 7reg>dless ( :e!r su* tax w\ld h be5
 on su* taxpay]74  7#b7 ,applicable     
prop]ty ,= purposes ( ?is subsection1 ! 
t]m applicable prop]ty means any en]gy  
prop]ty 7includ+ any qualifi$ prop]ty   
:i* is treat$ z en]gy prop]ty pursuant  
to subsection 7a77#e77-- 7,a7 !         
con/ruction ( :i* began be=e ,janu>y #a1
 #bjbc1 &  7,b7 :i* is orig9ally plac$ 9
 s]vice aft] ,m>* #be1 #bjba4  ,su* t]m 
%all n include any prop]ty if a cr$it = 
qualifi$ progress exp5ditures has be5   
all[$ ) respect to su* prop]ty be=e !   
date ( any election "u p>agraph 7#a74   
7#c7 ,=m & effect ( election  7,a7 ,9   
g5]al ,an election "u p>agraph 7#a7 %all

 be made 9 su* mann] z ! ,secret>y may  
prescribe & n lat] ?an ! due date       
7includ+ ext5sions7 = ! return ( tax = !
 taxable ye> 9 :i* ! applicable prop]ty 
is orig9ally plac$ 9 s]vice4 ,su*       
election1 once made1 %all be irrevocable
 ) respect to ! applicable prop]ty4     
7,b7 ,effect ,any election "u p>agraph  
7#a7 %all r$uce ! am\nt ( ! cr$it :i*   
w\ld 7b = ?is subsection7 be all[able "u
 ?is section ) respect to su* applicable
 prop]ty = ! taxable ye> 9 :i* su*      
prop]ty is plac$ 9 s]vice to z]o4 ,!    
r$uction 9 cr$it "u subp>agraph 7,b7    
%all n be tak5 into acc\nt = purposes ( 
apply+ section #ej7;a7 ) respect to su* 
prop]ty4  7#d7 ,application to p>tn]%ips
 & ,s corporations ,rules simil> to !   
rules ( section #de7;e77#ab77;,d7 %all  
apply = purposes ( ?is subsection4  7#e7
 ,regulations & guidance ,! ,secret>y   
%all prescribe su* regulations &        
guidance z may be necess>y to c>ry out  
?is subsection1 includ+ regulations or  
guidance to relat+ to report+ on ! use (

 applicable prop]ty = purposes (        
adm9i/]+ ! recapture "u section #ej7;a7 
( any refund made by reason ( ?is       
section4  4  7#b7 ,effective date ,!    
am5dm5t made by ?is subsection %all     
apply to prop]ty plac$ 9 s]vice aft]    
,m>* #be1 #bjba4  7c7 ,c>bon oxide      
seque/ration cr$it  7#a7 ,9 g5]al       
,section #de,q7f7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#h7 ,election =
 direct paym5t  7,a7 ,9 g5]al ,9 ! case 
( any applicable equipm5t1 ! am\nt ( any
 cr$it det]m9$ "u subsection 7a7 )      
respect to any qualifi$ c>bon oxide     
captur$ by su* equipm5t = any taxable   
ye> dur+ ! applicable p]iod %all1 at !  
election ( ! taxpay]1 be treat$ z a     
paym5t equal to su* am\nt :i* is made by
 ! taxpay] aga9/ ! tax impos$ by *apt]  
#a = su* taxable ye>4  7,b7 ,applicable 
equipm5t ,= purposes ( ?is p>agraph1 !  
t]m applicable equipm5t means c>bon     
capture equipm5t-- 7i7 :i* is orig9ally 
plac$ 9 s]vice aft] ,m>* #be1 #bjba1 at 

a qualifi$ facility ! con/ruction ( :i* 
began be=e ,janu>y #a1 #bjbc1 &  7ii7   
7,i7 ! con/ruction ( :i* began be=e     
,janu>y #a1 #bjbc1 or  7,,ii7 :i* 0     
plac$ 9 s]vice at a qualifi$ facility ! 
orig9al plann+ & design ( :i* includ$   
su* equipm5t4  7,c7 ,applicable p]iod ,=
 purposes ( ?is p>agraph1 ! t]m         
applicable p]iod means ! #ab-ye> p]iod  
beg9n+ on ! date t ! applicable equipm5t
 0 orig9ally plac$ 9 s]vice4  7,d7 ,=m &
 effect ( election  7i7 ,9 g5]al ,an    
election "u subp>agraph 7,a7 %all be    
made 9 su* mann] z ! ,secret>y may      
prescribe & n lat] ?an ! due date       
7includ+ ext5sions7 = ! return ( tax = !
 taxable ye> 9 :i* ! applicable equipm5t
 is orig9ally plac$ 9 s]vice4 ,su*      
election1 once made1 %all be irrevocable
 ) respect to su* applicable equipm5t = 
! applicable p]iod4  7ii7 ,effect ,any  
election "u subp>agraph 7,a7 %all1 = any
 taxable ye> dur+ ! applicable p]iod1   
r$uce ! am\nt ( ! cr$it :i* w\ld 7b =   
?is p>agraph7 be all[able "u ?is section

 ) respect to su* applicable equipm5t = 
su* taxable ye> to z]o4  7,e7           
,application to p>tn]%ips & ,s          
corporations ,9 ! case ( a p>tn]%ip or  
,s corporation :i* makes an election "u 
subp>agraph 7,a7-- 7i7 su* subp>agraph  
%all apply ) respect to su* p>tn]%ip or 
corporation )\t reg>d to ! fact t no tax
 is impos$ by *apt] #a on su* p>tn]%ip  
or corporation1 &  7ii7 7,i7 9 ! case ( 
a p>tn]%ip1 ea* p>tn]'s di/ributive %>e 
( ! cr$it det]m9$ "u subsection 7a7 )   
respect to ! qualifi$ c>bon oxide       
captur$ us+ su* applicable equipm5t %all
 be deem$ to be z]o1 &  7,,ii7 9 ! case 
( a ,s corporation1 ea* %>ehold]'s pro  
rata %>e ( ! cr$it det]m9$ "u subsection
 7a7 ) respect to ! qualifi$ c>bon oxide
 captur$ us+ su* applicable equipm5t    
%all be deem$ to be z]o4  4  7#b7       
,effective date ,! am5dm5t made by ?is  
subsection %all apply to prop]ty plac$ 9
 s]vice aft] ,m>* #be1 #bjba4