Clean energy production credit

(a) Restoration of phase out Section 45Y(d)(3) of the Internal Revenue Code of 1986 is amended by striking calendar year 2032. and inserting means the later of— (A) the calendar year in which the Secretary determines that the annual greenhouse gas emissions from the production of electricity in the United States are equal to or less than 25 percent of the annual greenhouse gas emissions from the production of electricity in the United States for calendar year 2022, or (B) 2032.. (b) Restoration of credit for wind and solar facilities Section 45Y(d) of such code is amended— (1) in paragraph (1), by striking Subject to paragraph (4), the amount and inserting The amount, and (2) by striking paragraph (4). (c) Restoration of credit for wind and solar leasing arrangements Section 45Y of such code is amended by striking subsection (h). (d) Repeal of provision for existing studies Section 45Y(b)(2)(C) of such code is amended by striking clause (iii). (e) Effective dates The amendments made by this section shall take effect as if included in section 70512 of Public Law 119–21.