Bill > HR2987

This bill, titled the PTC Certainty and Phaseout Act of 2013, amends the Internal Revenue Code of 1986 to adjust the tax credit for electricity produced from wind energy. Specifically, it extends the production tax credit for wind energy facilities, which is a tax incentive designed to encourage the development of renewable energy sources, until January 1, 2020. More importantly, for wind energy facilities whose construction begins after December 31, 2013, the bill introduces a phasedown of this credit. This means that the amount of the tax credit will gradually decrease over time, starting with 100% in 2014 and reducing to 60% for facilities beginning construction in 2018 and 2019. The amendments are effective for property placed in service on or after January 1, 2013.