This bill repeals the tax credit for the production of electricity from renewable resources and the energy tax credit.
To amend the Internal Revenue Code of 1986 to repeal the production tax 
                 credit and the investment tax credit.

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

SECTION 1. REPEAL OF ENERGY CREDIT AND CREDIT FOR ELECTRICITY PRODUCED 
              FROM CERTAIN RENEWABLE RESOURCES.

    (a) Repeal of Production Credit.--
            (1) In general.--Subpart D of part IV of subchapter A of 
        chapter 1 of the Internal Revenue Code of 1986 is amended by 
        striking section 45 (and by striking the item relating to such 
        section in the table of sections for such subpart).
            (2) Conforming amendments.--
                    (A) Section 38 of such Code is amended--
                            (i) in subsection (b), by striking 
                        paragraph (8), and
                            (ii) in subsection (c)(4)(B), by striking 
                        clauses (iv) and (v).
                    (B) Section 45J of such Code is amended by adding 
                at the end the following new subsection:
    ``(g) References to Section 45.--Any reference in this section to 
any provision of section 45 shall be treated as a reference to such 
provision as in effect immediately before its repeal.''.
                    (C) Section 45K(g)(2) of such Code is amended by 
                striking subparagraph (E).
                    (D) Section 55(c)(1) of such Code is amended by 
                striking ``45(e)(11)(C),''.
                    (E) Section 59A(b)(4) of such Code is amended by 
                inserting ``and'' at the end of subparagraph (A) and by 
                striking subparagraph (B).
            (3) Effective date.--The amendments made by this subsection 
        shall apply to electricity produced and sold after December 31, 
        2021.
    (b) Repeal of Energy Credit.--
            (1) In general.--Subpart D of part IV of subchapter A of 
        such Code is amended by striking section 48 (and by striking 
        the item relating to such section in the table of sections for 
        such subpart).
            (2) Conforming amendments.--
                    (A) Section 38(c)(4)(B) of such Code is amended by 
                striking clause (x).
                    (B) Section 25(e)(3) of such Code is amended by 
                adding ``(as in effect immediately before its repeal)'' 
                before the period at the end.
                    (C) Section 45K(b)(3) of such Code is amended by 
                striking ``(within the meaning of section 
                48(a)(4)(C))'' and inserting ``(within the meaning of 
                section 48(a)(4)(C) as in effect immediately before its 
                repeal)''.
                    (D) Section 48A(b)(2) of such Code is amended by 
                striking ``section 48(a)(4) (without regard to 
                subparagraph (D) thereof)'' and inserting ``section 
                48(a)(4), as in effect immediately before its repeal 
                (without regard to subparagraph (D) thereof)''.
                    (E) Section 48B(b)(2) of such Code is amended by 
                striking ``section 48(a)(4) (without regard to 
                subparagraph (D) thereof)'' and inserting ``section 
                48(a)(4), as in effect immediately before its repeal 
                (without regard to subparagraph (D) thereof)''.
                    (F) Section 48C(e) of such Code is amended by 
                striking ``48,''.
                    (G) Section 50(a)(2)(E) of such Code is amended by 
                striking ``section 48(b)''.
                    (H) Section 168(e)(3) of such Code is amended--
                            (i) in clause (v), by adding ``and'' at the 
                        end, and
                            (ii) by striking clause (vi).
                    (I) Section 409 of such Code is amended--
                            (i) in subsection (g), by striking 
                        ``section 48(n)(1) or'' and ``section 48(n)(1) 
                        and'', and
                            (ii) in subsection (m), by striking ``, or 
                        subparagraph (A) or (B) of section 48(n)(1)''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to taxable years beginning after December 31, 2021.
                                 <all>
To amend the Internal Revenue Code of 1986 to repeal the production tax credit and the investment tax credit.
To amend the Internal Revenue Code of 1986 to repeal the production tax credit and the investment tax credit.
Official Titles - House of Representatives
Official Title as Introduced
To amend the Internal Revenue Code of 1986 to repeal the production tax credit and the investment tax credit.
Rep. Perry, Scott