Bill > HR5183

This bill, the Low-Income Housing Renewable Energy Credit Act, proposes to amend the Internal Revenue Code to provide an increased energy tax credit for solar facilities placed in service in connection with low-income communities. The key provisions include: 1. Increasing the energy percentage credit by 10-20 percentage points for qualified solar facilities located in low-income communities or as part of qualified low-income residential or economic benefit projects. 2. Establishing a program for the Secretary of the Treasury to allocate an "environmental justice solar capacity limitation" to eligible projects, with an annual capacity limitation of 1.8 gigawatts from 2022-2031. 3. Defining qualified solar facilities as those that generate electricity solely from solar property, have a nameplate capacity of 5 megawatts or less, and are located in low-income communities or are part of qualified low-income projects. 4. Allowing certain interconnection property expenses to be included as eligible property for the increased credit. 5. Providing rules for the recapture of the increased credit if the property ceases to be eligible, while allowing a 12-month restoration period.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/5183/all-info