[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1992 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1992

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2011

 Mr. Grijalva 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 allow Indian tribes 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. SHORT TITLE.

    This Act may be cited as the ``Fair Allocation of Internal Revenue 
Credit for Renewable Electricity Distribution by Indian Tribes Act of 
2011'' or as the ``FAIR CREDIT Act of 2011''.

SEC. 2. TRANSFER BY INDIAN TRIBES 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 tribes.--
                            ``(i) In general.--In the case of a 
                        facility described in subparagraph (A) in which 
                        an Indian tribe has an ownership interest in 
                        the gross sales from such facility, such Indian 
                        tribe 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 Indian tribe. 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.
                            ``(ii) Indian tribe.--For purposes of 
                        clause (i), the term `Indian tribe' means any 
                        Indian tribe, band, nation, pueblo, or other 
                        organized group or community, including any 
                        Alaska Native village or regional or village 
                        corporation, as defined in, or established 
                        pursuant to, the Alaska Native Claims 
                        Settlement Act (43 U.S.C. 1601 et seq.) which 
                        is recognized as eligible for the special 
                        programs and services provided by the United 
                        States to Indians because of their status as 
                        Indians.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to electricity produced and sold after the date of the enactment of 
this Act.
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