HR 1965 IHCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to modify the credit to holders of clean renewable energy bonds.CommentsClose CommentsPermalink

April 19, 2007

Mr. POMEROY (for himself and Mr. LEWIS of Kentucky) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to modify the credit to holders of clean renewable energy bonds.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. MODIFICATIONS TO CREDIT FOR CLEAN RENEWABLE ENERGY BONDS.

(a) Additional Period for Reimbursement of Costs Paid by Borrower- Subparagraph (C) of section 54(d)(2) of the Internal Revenue Code of 1986 is amended by striking clause (iii) and inserting the following:CommentsClose CommentsPermalink





`(iii) the reimbursement is made not later than 18 months after the date the original expenditure is paid or, if later, the date that the project is placed in service or abandoned.CommentsClose CommentsPermalink





In no event may the reimbursement under clause (iii) be made more than 3 years after the date the original expenditure is paid.'.CommentsClose CommentsPermalink





(b) Clarification of Ratable Principal Amortization Requirement- Paragraph (5) of section 54(l) of such Code is amended to read as follows:CommentsClose CommentsPermalink





`(5) RATABLE PRINCIPAL AMORTIZATION REQUIRED- A bond shall not be treated as a clean renewable energy bond unless it is part of an issue which provides for an equal amount of principal to be paid by the qualified issuer during each 12-month period that the issue is outstanding (other than the first 12-month period).'.CommentsClose CommentsPermalink





(c) Maximum Term of Issue- The second sentence of section 54(e)(2) of such Code is amended by inserting `the greater of 15 years or' after `Such maximum term shall be'.CommentsClose CommentsPermalink





(d) Increase in Amount of Bonds Designated; Extension Through 2009-CommentsClose CommentsPermalink





(1) IN GENERAL- Subsection (f) of section 54 of such Code is amended to read as follows:CommentsClose CommentsPermalink





`(f) Limitation on Amount of Bonds Designated-CommentsClose CommentsPermalink





`(1) NATIONAL LIMITATION- There is a national clean renewable energy bond limitation for each calendar year. Such limitation is $1,000,000,000 for 2008 and 2009 and zero thereafter.CommentsClose CommentsPermalink





`(2) ALLOCATION BY SECRETARY- The national clean renewable energy bond limitation for a calendar year shall be allocated by the Secretary among qualified projects in such manner as the Secretary determines appropriate, except that the Secretary may not allocate more than $625,000,000 of such limitation for each calendar year to finance qualified projects of qualified borrowers which are governmental bodies.'.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENT- Section 54 of such Code is amended by striking subsection (m).CommentsClose CommentsPermalink





(e) Effective Date-CommentsClose CommentsPermalink





(1) IN GENERAL- Except as provided in paragraph (2), the amendments made by this section shall apply to obligations issued after December 31, 2006.CommentsClose CommentsPermalink





(2) ANNUAL BOND LIMITATION- The amendments made by subsection (d) shall apply to obligations issued after December 31, 2007.CommentsClose CommentsPermalink