(1)

in paragraph (1), by striking Subject to paragraph (4), the amount and inserting The amount,

(2)

by striking paragraph (3) and inserting the following new paragraph:

(3) Applicable year

(A) In general

For purposes of this subsection, the term applicable year means the later of—

(i)

the calendar year that is 6 years subsequent to any price or demand increase year (as determined under subparagraph (B)), or

(ii)

2032.

(B) Price or demand increase year

(i) In general

For purposes of this paragraph, the term price or demand increase year means a calendar year in which, as reported in the Electric Power Annual (or any similar report) published by the Energy Information Administration—

(I)

the national average price of electricity provided by the total electric industry to ultimate customers in all sectors is more than 2 percent higher than in the most recent previous calendar year for which such data is available, or

(II)

the total annual sales of electricity provided by the total electric industry to ultimate customers in all sectors (measured in megawatt-hours) is greater than in the most recent previous year for which such data is available.

(ii) Determination

For purposes of determining whether any year qualifies as a price or demand increase year, the Secretary shall make such determination—

(I)

with respect to calendar year 2025, before January 1, 2027, and

(II)

with respect to any subsequent calendar year, before January 1 of the first calendar year beginning after the date on which the Electric Power Annual (or any similar report) is published with respect to such year.

(iii) Application after initial phase-out of credit

In the case of a determination by the Secretary that a year qualifies as a price or demand increase year, if such determination is made during a year in which the phase-out percentage is applicable under paragraph (2)—

(I)

the applicable year shall be deemed to be the calendar year that is 6 years subsequent to such price or demand increase year, and

(II)

during the 6-year period subsequent to such price or demand increase year, the phase-out percentage shall be deemed to be 100 percent., and

(3)

by striking paragraph (4).

(1)

in paragraph (1), by striking Subject to paragraph (4), the amount and inserting The amount, and

(2)

by striking paragraph (4).

(1)

by striking This section and inserting the following:

(1) In general

Subject to paragraph (2), this section, and

(2)

by adding at the end the following new paragraph:

(2) Renewed application of credit following price or demand increase years

In the case of any calendar year that, pursuant to section 45Y(d)(3), is determined by the Secretary to qualify as a price or demand increase year (as defined under such section), paragraph (1) shall not apply with respect to property placed in service during the period of the first 2 calendar years beginning after the date that such determination was made by the Secretary.

(1)

by striking The credit and inserting the following:

(1) In general

Subject to paragraph (2), the credit, and

(2)

by adding at the end the following new paragraph:

(2) Renewed application of credit following price or demand increase years

In the case of any calendar year that, pursuant to section 45Y(d)(3), is determined by the Secretary to qualify as a price or demand increase year (as defined under such section), paragraph (1) shall not apply with respect to expenditures made during the period of the first 2 calendar years beginning after the date that such determination was made by the Secretary.