1. Short title This Act may be cited as the Renewable Energy Transferability Act . 2. Transfers of credits for renewable electricity production facilities and energy property (a) Renewable electricity production credit Section 45(e) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (12) Transfer of credit (A) In general If the taxpayer elects to transfer all (or any portion specified in the election) of the credit determined under this section for any taxable year with respect to any qualified facility to an eligible project partner for a specified period, then, the eligible project partner specified in such election (and not the taxpayer) shall be treated for purposes of this title with respect to such credit (or such portion thereof) as the person producing and selling the electricity to which such credit (or portion thereof) relates. (B) Deduction for payments in connection with transfer There shall be allowed as a deduction under part VI of subchapter B an amount equal to the amount paid by a taxpayer as consideration for a transfer described in subparagraph (A). (C) Eligible project partner For purposes of this paragraph, the term eligible project partner means, with respect to any qualified facility, any person who— (i) has an ownership interest in such qualified facility, (ii) provided equipment for or services in the construction of such qualified facility, (iii) provides electric transmission or distribution services for such qualified facility, (iv) purchases electricity from such qualified facility pursuant to a contract, or (v) provides financing for such qualified facility. For purposes of clause (v), any amount paid as consideration for a transfer described in subparagraph (A) shall not be treated as financing of a qualified facility. (D) Taxable year in which credit taken into account In the case of any credit (or portion thereof) with respect to which an election is made under subparagraph (A), such credit shall be taken into account in the first