EXTENSION OF ELECTION TO TREAT QUALIFIED FACILITIES AS ENERGY PROPERTY.

SEC. 302. EXTENSION OF ELECTION TO TREAT QUALIFIED FACILITIES AS ENERGY PROPERTY. (a) [26 U.S.C. 48] In general.—Clause (ii) of section 48(a)(5)(C) of the Internal Revenue Code of 1986 is amended by inserting “(January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d))” before “, and”. (b) Phaseout for Wind Facilities.—Paragraph (5) of section 48(a) of such Code is amended by adding at the end the following new subparagraph: “(E) Phaseout of credit for wind facilities.—In the case of any facility using wind to produce electricity, the amount of the credit determined under this section (determined after the application of paragraphs (1) and (2) and without regard to this subparagraph) shall be reduced by— “(i) in the case of any facility the construction of which begins after December 31, 2016, and before January 1, 2018, 20 percent, “(ii) in the case of any facility the construction of which begins after December 31, 2017, and before January 1, 2019, 40 percent, and “(iii) in the case of any facility the construction of which begins after December 31, 2018, and before January 1, 2020, 60 percent.” . (c) [26 U.S.C. 48 note] Effective Date.—The amendments made by this section shall take effect on January 1, 2015.