Renewable energy property; tax credit for property placed in service.

Establishes, beginning in taxable year 2018, a tax credit for renewable energy property placed in service. The bill defines "renewable energy property" as certain biomass equipment that uses renewable biomass resources, combined heat and power systems using waste heat to produce electricity or thermal or mechanical energy, certain geothermal equipment, hydroelectric generators located at existing dams or in free-flowing waterways, solar energy equipment, and wind equipment that is necessary for capturing and converting wind energy into electricity or mechanical power.