[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1156 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                S. 1156

To amend the Internal Revenue Code of 1986 to extend the credit period 
     for electricity produced from renewable resources at certain 
facilities, to extend the credit for electricity produced from certain 
              renewable resources, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 26, 2005

   Mr. Hatch introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to extend the credit period 
     for electricity produced from renewable resources at certain 
facilities, to extend the credit for electricity produced from certain 
              renewable resources, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION AND MODIFICATION OF CREDIT FOR PRODUCING 
              ELECTRICITY FROM RENEWABLE RESOURCES.

    (a) Extension of Credit Period for Electricity Produced at Certain 
Facilities.--Subparagraph (B) of section 45(b)(4) of the Internal 
Revenue Code of 1986 is amended to read as follows:
                    ``(B) Credit period.--In the case of any facility 
                described in subsection (d)(3)(A)(ii) placed in service 
                before October 22, 2004, the 5-year period beginning on 
                October 22, 2004, shall be substituted for the 10-year 
                period in subsection (a)(2)(A)(ii).''.
    (b) Extension of Credit.--Subsection (d) of section 45 of the 
Internal Revenue Code of 1986 (relating to qualified facilities) is 
amended by striking ``January 1, 2006'' each place it appears and 
inserting ``January 1, 2008''.
    (c) Binding Contracts for Facilities.--Subsection (d) of section 45 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following:
``For purposes of this subsection, a facility shall be treated as 
placed in service before January 1, 2008, if such facility is placed in 
service before January 1, 2011, pursuant to a written binding contract 
in effect on December 31, 2007, and at all times thereafter before such 
facility is placed in service.''.
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to electricity 
        produced and sold after the date of the enactment of this Act, 
        in taxable years ending after such date.
            (2) Subsection (a).--The amendment made by subsection (a) 
        shall apply to electricity produced and sold after December 31, 
        2004, in taxable years ending after such date.
                                 <all>