[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5440 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5440

 To amend the Internal Revenue Code of 1986 to allow certain regulated 
companies to elect out of the public utility property energy investment 
      tax credit limitation in the case of solar energy property.


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                    IN THE HOUSE OF REPRESENTATIVES

                              June 9, 2016

  Mr. Rice of South Carolina introduced the following bill; which was 
              referred to the Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow certain regulated 
companies to elect out of the public utility property energy investment 
      tax credit limitation in the case of solar energy property.

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

SECTION 1. ELECTION OUT OF PUBLIC UTILITY PROPERTY LIMITATION WITH 
              RESPECT TO SOLAR ENERGY PROPERTY.

    (a) In General.--Section 50(d) of the Internal Revenue Code of 1986 
is amended by adding at the end the following: ``At the election of a 
taxpayer with respect to public utility property, paragraph (2) shall 
not apply to energy property (as defined in section 48(a)(3)) which 
uses solar energy and is placed in service by the taxpayer after 
December 31, 2015. Such election shall be made on a property-by-
property basis on a timely filed return for the taxable year in which 
such property is placed in service, and once made, may be revoked only 
with the consent of the Secretary. No such election may be made by the 
taxpayer if such election is required by a State or political 
subdivision thereof, by any agency or instrumentality of the United 
States, or by a public service or public utility commission or other 
similar body of any State or political subdivision thereof.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2015.
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