[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1749 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1749

   To amend the Internal Revenue Code of 1986 to allow allocation of 
 certain renewable energy tax credits to Indian tribes, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 13, 2015

 Mr. Heinrich 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 allocation of 
 certain renewable energy tax credits to Indian tribes, 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. SHORT TITLE.

    This Act may be cited as the ``Tribal Tax Incentive for Renewable 
Energy Act of 2015''.

SEC. 2. ALLOCATION OF RENEWABLE ENERGY TAX CREDITS TO INDIAN TRIBES.

    (a) In General.--Subsection (a) of section 48 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(6) Allocation of credit to indian tribes.--
                    ``(A) Election to allocate.--
                            ``(i) In general.--In the case of an Indian 
                        tribe, any portion of the credit determined 
                        under this subsection for the taxable year may, 
                        at the election of such tribe, be transferred 
                        to another taxpayer.
                            ``(ii) Form and effect of election.--An 
                        election under clause (i) for any taxable year 
                        shall--
                                    ``(I) specify the TIN of each 
                                taxpayer to whom credit is allocated,
                                    ``(II) specify the percentage of 
                                the credit determined under this 
                                subsection to be allocated to each such 
                                taxpayer, and
                                    ``(III) not take effect unless the 
                                Indian tribe designates the transfer as 
                                such in a written notice sent to such 
                                taxpayer.
                        Such election for any taxable year shall be 
                        made on a timely filed return for such year, 
                        and, once made, shall be irrevocable for such 
                        taxable year.
                    ``(B) Allocation to other taxpayers.--The amount of 
                credit transferred to any taxpayer under subparagraph 
                (A)--
                            ``(i) shall not be included in the amount 
                        determined under this subsection with respect 
                        to the Indian tribe for the taxable year, and
                            ``(ii) shall be included in the amount 
                        determined under this subsection for the 
                        taxable year of such taxpayer ending on or 
                        after the date on which the taxpayer receives 
                        the written designation under subparagraph 
                        (A)(ii)(III).
                    ``(C) Definition of indian tribe.--For purposes of 
                this paragraph, the term `Indian tribe' has the meaning 
                given such term by section 45A(c)(6).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to facilities placed in service on or after the date of enactment of 
this Act.
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