Representative Tom Rice (R-SC) introduced a bill (H.R. 5440) to amend Internal Revenue Code Section 50(d) in order 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.
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. Once the opt-out election is made, it may be revoked only with the consent of the Secretary of the Treasury.
The bill was referred to the Committee on Ways and Means and would apply to property placed in service after December 31, 2015.
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