PTC Elimination Act
This bill amends the Internal Revenue Code to phase out and eventually eliminate the tax credit for production of electricity from renewable resources. The bill repeals the inflation adjustment for current recipients of the tax credit and modifies the "beginning of construction" requirement to require that construction of an eligible project is continuous and makes significant progress. The credit is repealed in its entirety after December 31, 2025.
The bill expresses the sense of Congress that the credit should be allowed to expire and should not be extended beyond its expiration date.
The bill also reduces the corporate income tax by an applicable percentage based on increases in revenues resulting from this bill.