; and (B) section 50(b)(4) for an entity described in 50(b)(4)(A)(i). (2) In the case of a mutual or cooperative electric company described in this paragraph or an organization described in section 1381(a)(2), income received or accrued in connection with the refunding or direct payment of credit under this section shall be treated as an amount collected from members for the sole purpose of meeting losses and expenses. . (b) Clerical amendment The table of sections for subchapter B of chapter 65 of such Code is amended by adding at the end the following new item: Sec. 6431. Elective payment for energy property and electricity produced from certain renewable resources, etc. . (c) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. 123. Innovation in energy storage through research, development, and demonstration (a) In general The United States Energy Storage Competitiveness Act of 2007 ( 42 U.S.C. 17231 ) is amended— (1) by redesignating subsections (l) through (p) as subsections (m) through (q), respectively; and (2) by inserting after subsection (k) the following: (l) Grid-Scale energy storage system research, development, and demonstration program (1) Definitions In this subsection: (A) Energy storage system The term energy storage system means a system, equipment, facility, or technology that— (i) is capable of absorbing energy, storing that energy for a period of time, and dispatching the stored energy; and (ii) (I) uses a mechanical, electrical, chemical, electrochemical, or thermal process to store energy that— (aa) was generated at an earlier time for use at a later time; or (bb) was generated from a mechanical process, and would otherwise be wasted, for delivery at a later time