Renewable Electricity Tax Credit Equalization Act This bill amends the Internal Revenue Code, with respect to the tax credits for investments in energy property and for electricity produced from certain renewable resources, to extend both credits for the following facilities placed in service after 2008 with construction that begins before January 1, 2022: closed-loop biomass, open-loop biomass, geothermal, landfill gas, trash facilities, qualified hydropower facilities, and marine and hydrokinetic renewable energy facilities. The bill also includes a phase-out schedule that reduces the amounts of the credits by specified amounts that increase for facilities that are constructed or placed in service later.