EXTENSION AND PHASEOUT OF SOLAR ENERGY CREDIT.

SEC. 303. EXTENSION AND PHASEOUT OF SOLAR ENERGY CREDIT. (a) Extension.—Subclause (II) of section 48(a)(2)(A)(i) of the Internal Revenue Code of 1986 is amended by striking “periods ending before January 1, 2017” and inserting “property the construction of which begins before January 1, 2022”. (b) Phaseout for solar energy property.—Subsection (a) of section 48 of such Code is amended by adding at the end the following new paragraph: “(6) Phaseout for Solar Energy Property.— “(A) In general.—Subject to subparagraph (B), in the case of any energy property described in paragraph (3)(A)(i) the construction of which begins before January 1, 2022, the energy percentage determined under paragraph (2) shall be equal to— “(i) in the case of any property the construction of which begins after December 31, 2019, and before January 1, 2021, 26 percent, and “(ii) in the case of any property the construction of which begins after December 31, 2020, and before January 1, 2022, 22 percent. “(B) Placed in service deadline.—In the case of any property energy property described in paragraph (3)(A)(i) the construction of which begins before January 1, 2022, and which is not placed in service before January 1, 2024, the energy percentage determined under paragraph (2) shall be equal to 10 percent.” . (c) Conforming Amendment.—Subparagraph (A) of section 48(a)(2) of such Code is amended by striking “The energy percentage” and inserting “Except as provided in paragraph (6), the energy percentage”. (d) [26 U.S.C. 48 note] Effective Date.—The amendments made by this section shall take effect on the date of the enactment of this Act.