EXTENSION AND PHASEOUT OF CREDITS FOR WIND FACILITIES.

SEC. 301. EXTENSION AND PHASEOUT OF CREDITS FOR WIND FACILITIES. (a) In general.— (1) [26 U.S.C. 45] Extension.—Paragraph (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by striking “January 1, 2015” and inserting “January 1, 2020”. (2) Phaseout.—Subsection (b) of section 45 of such Code is amended by adding at the end the following new paragraph: “(5) Phaseout of credit for wind facilities.—In the case of any facility using wind to produce electricity, the amount of the credit determined under subsection (a) (determined after the application of paragraphs (1), (2), and (3) and without regard to this paragraph) shall be reduced by— “(A) in the case of any facility the construction of which begins after December 31, 2016, and before January 1, 2018, 20 percent, “(B) in the case of any facility the construction of which begins after December 31, 2017, and before January 1, 2019, 40 percent, and “(C) in the case of any facility the construction of which begins after December 31, 2018, and before January 1, 2020, 60 percent.” . (b) [26 U.S.C. 45 note] Effective Date.—The amendments made by this section shall take effect on January 1, 2015.