How HR 5157 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill introduces a new elective payment option for certain renewable energy tax credits under the Internal Revenue Code.

• Internal Revenue Code of 1986, Subchapter B of chapter 65

  SEC. 6431. ELECTIVE PAYMENT FOR ENERGY PROPERTY AND ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES, ETC. (a) Energy Property.--In the case of a taxpayer making an election (at such time and in such manner as the Secretary may provide) under this section with respect to any portion of an energy credit which would (without regard to this section) be determined under section 48 with respect to such taxpayer or any portion of a renewable electricity production credit which would (without regard to this section) be determined under section 45 with respect to such taxpayer, such taxpayer shall be treated as making a payment against the tax imposed by subtitle A for the taxable year equal to-- (1) in the case of an Indian tribal government (within the meaning of such term for purposes of section 139E), the amount of such portion, and (2) in the case of any other taxpayer, 85 percent of such amount. (b) Timing.--The payment described in subsection (a) shall be treated as made on the later of the due date of the return of tax for such taxable year or the date on which such return is filed. (c) Exclusion From Gross Income.--Gross income of the taxpayer shall be determined without regard to this section. (d) Denial of Double Benefit.--Solely for purposes of section 38, in the case of a taxpayer making an election under this section, the energy credit determined under section 45 or the renewable electricity production credit determined under section 48 shall be reduced by the amount of the portion of such credit with respect to which the taxpayer makes such election.

  This establishes a framework for taxpayers to elect for payments against their tax liabilities based on renewable energy investment credits.

• Internal Revenue Code of 1986, Subchapter B of chapter 65

  ``Sec. 6431. Elective payment for energy property and electricity produced from certain renewable resources, etc.''.

  This adds a new section in the table of sections for subchapter B, creating a point of reference for the newly established elective payment.