[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2520 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 2520

   To amend the Internal Revenue Code of 1986 to allow Indian tribal 
   governments to transfer the credit for electricity produced from 
                          renewable resources.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 19, 2007

  Mr. Johnson (for himself, Mr. Smith, and Mr. Dorgan) 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 allow Indian tribal 
   governments to transfer the credit for electricity produced from 
                          renewable resources.

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

SECTION 1. TRANSFER BY INDIAN TRIBAL GOVERNMENTS OF CREDIT FOR 
              ELECTRICITY PRODUCED FROM RENEWABLE RESOURCES.

    (a) In General.--Paragraph (3) of section 45(e) of the Internal 
Revenue Code of 1986 (relating to production attributable to the 
taxpayer) is amended to read as follows:
            ``(3) Production attributable to the taxpayer.--
                    ``(A) In general.--In the case of a facility in 
                which more than 1 person has an ownership interest, 
                except to the extent provided in regulations prescribed 
                by the Secretary, production from the facility shall be 
                allocated among such persons in proportion to their 
                respective ownership interests in the gross sales from 
                such facility.
                    ``(B) Special rule for indian tribal governments.--
                In the case of a facility described in subparagraph (A) 
                in which an Indian tribal government (within the 
                meaning of section 7871) has an ownership interest in 
                the gross sales from such facility, such government may 
                assign to any other person who has such an ownership 
                interest in such facility any portion of the production 
                from the facility that would (but for this 
                subparagraph) be allocated to such government. Any such 
                assignment may be revoked only with the consent of the 
                Secretary and shall be made at such time and in such 
                manner as the Secretary may provide.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to electricity produced and sold after December 31, 2006.
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