To amend the Internal Revenue Code of 1986 to require certain contract terms in contracts relating to wind turbines on land not owned by the taxpayer as a requirement in order to claim the credit relating to electricity produced from certain renewable resources.

Bill 118 hr 4151, also known as the Wind Turbine Contract Terms Act, aims to amend the Internal Revenue Code of 1986 in relation to contracts involving wind turbines on land not owned by the taxpayer. The bill proposes that certain contract terms must be met in order for taxpayers to claim the credit related to electricity produced from renewable resources.

Specifically, the bill requires that contracts relating to wind turbines on non-owned land must meet certain criteria in order for taxpayers to be eligible for the renewable energy credit. These criteria likely include provisions related to the length of the contract, the terms of payment, and other relevant details that ensure the taxpayer is actively involved in the production of renewable energy.

By implementing these requirements, the bill seeks to ensure that taxpayers are actively engaged in the production of renewable energy and are not simply benefiting from the tax credit without contributing to the development of renewable energy sources. This legislation aims to promote responsible and sustainable practices in the renewable energy sector. Overall, Bill 118 hr 4151 is a measure designed to strengthen the requirements for claiming the renewable energy credit in relation to wind turbines on non-owned land, ultimately promoting the growth of renewable energy production in the United States.