Lowering Electric Bills Act in plain language
1: Short title
This section says the short title of the Act is the Lowering Electric Bills Act.
2: Extension of certain clean energy credits
This section would extend and loosen restrictions on three clean energy tax credits in the Internal Revenue Code of 1986 that had been changed by Public Law 119-21. For the residential clean energy credit in section 25D, the bill would change the date the credit stops being available from December 31, 2025, to December 31, 2034, so people could keep claiming the credit for qualifying home clean energy property for nine more years. This change is retroactive: it would be treated as if it had already been part of section 70506 of Public Law 119-21 when that provision took effect, not just starting when this bill becomes law. For the clean electricity production credit in section 45Y, the bill would remove the part of the law that made the credit amount subject to a limit in paragraph (4) of subsection (d). It would also strike the current paragraphs (3) and (4) of that subsection and put in their place a new paragraph (3) that defines applicable year to mean whichever comes later: the calendar year in which the Secretary of the Treasury determines that the annual greenhouse gas emissions from producing electricity in the United States have dropped to 25 percent or less of what they were in 2022, or the year 2032. The bill would also eliminate subsection (h) of section 45Y, removing whatever additional requirement that subsection had imposed. These changes are retroactive: they would be treated as if already part of section 70512 of Public Law 119-21 when that provision took effect. For the clean electricity investment credit in section 48E, the bill would make similar changes: it would remove the part of the law that made the credit amount subject to a limit in paragraph (4) of subsection (e), and it would delete that paragraph (4) limit entirely. It would also eliminate subsection (i) of section 48E, removing whatever requirement that subsection had imposed, and it would renumber what is currently subsection (j) as subsection (i). These changes are retroactive: they would be treated as if already part of section 70513 of Public Law 119-21 when that provision took effect.