A bill to amend the Internal Revenue Code of 1986 to extend and modify the credit for electricity produced from renewable resources.

Amends the Internal Revenue Code to revise and extend the placed-in-service rules applicable to the credit for electricity produced from renewable sources. Provides, under the new rules, that: (1) a qualified wind facility is one originally placed in service after December 31, 1993, and before July 1, 2004; and (2) a qualified biomass facility (currently, limited to qualified closed-loop biomass facilities), with respect to any month, is one originally placed in service before July 1, 2004, if for such month biomass comprises not less than 75 percent (on a Btu basis) of the average monthly fuel input of the facility for the taxable year which includes such month, or in the case of a facility principally using coal to produce electricity, biomass comprises not more than 25 percent (on a Btu basis) of the average monthly fuel input of the facility for the taxable year which includes such month. Sets forth additional special rules for biomass facilities.

Prohibits, subject to exception, the credit from applying to electricity produced at a qualified facility placed in service after June 30, 1999, and sold to a utility pursuant to a contract originally entered into before January 1, 1987.