S 222 ISCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to increase the national limitation on qualified energy conservation bonds and to clarify that certain programs constitute a qualified conservation purpose, and for other purposes.CommentsClose CommentsPermalink

January 13, 2009CommentsClose CommentsPermalink

Mr. FEINGOLD introduced the following bill; which was read twice and referred to the Committee on FinanceCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to increase the national limitation on qualified energy conservation bonds and to clarify that certain programs constitute a qualified conservation purpose, and for other purposes.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. SHORT TITLE.

This Act may be cited as the ‘Community Revitalization Energy Conservation Act’.CommentsClose CommentsPermalink

SEC. 2. FINDINGS.

Congress makes the following findings:CommentsClose CommentsPermalink





(1) Although conservation measures and energy efficiency technologies have shown significant gains in usage over the past three decades, there remains the need and opportunity for widespread adoption of energy conservation measures and utilization of new energy efficiency technologies.CommentsClose CommentsPermalink





(2) Energy efficiency is in the national interest for our long-term economic well being, for the health and safety of our citizens and the world as we mitigate the effects of climate change, and for our independence and security.CommentsClose CommentsPermalink





(3) Energy inefficiencies account for at least 50 percent of all United States energy use.CommentsClose CommentsPermalink





(4) United States electricity use could be reduced by 70 percent through efficiency gains alone.CommentsClose CommentsPermalink





(5) Estimates indicate that although the average United States household’s energy costs are equal to seven percent of household income, low-income households spend 17 percent of household earnings on energy.CommentsClose CommentsPermalink





(6) The rehabilitation, retrofitting, and construction of residential, commercial, and public facilities will create jobs that benefit community residents, facility owners, facilities, and the environment.CommentsClose CommentsPermalink





(7) The energy saving benefit of such programs, if they can be implemented on a national basis, would contribute significantly to our energy independence and security. Buildings account for 40 percent of total United States energy consumption; 70 percent of United States electricity consumption; and 43 percent of United States carbon emissions, a larger share than either transportation or industry.CommentsClose CommentsPermalink





(8) Research, development, and deployment of renewable energy, advanced battery technologies, technologies to reduce fossil fuel consumption, and technologies to reduce energy consumption in buildings are vital to the rebuilding of the economy of the United States.CommentsClose CommentsPermalink

SEC. 3. INCREASE IN NATIONAL LIMITATION FOR QUALIFIED ENERGY CONSERVATION BONDS.

(a) In General- Section 54D(d) of the Internal Revenue Code of 1986 is amended by striking ‘$800,000,000’ and inserting ‘$3,600,000,000’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 4. CLARIFICATION OF QUALIFIED CONSERVATION PURPOSES WITH RESPECT TO QUALIFIED ENERGY CONSERVATION BONDS.

(a) In General- For purposes of section 54D(f)(A)(ii) of the Internal Revenue Code of 1986, capital expenditures for green community programs include programs that--CommentsClose CommentsPermalink





(1) reduce energy consumption in privately owned buildings, such as programs described in subsection (b); andCommentsClose CommentsPermalink





(2) cover recruiting and training local workers for the jobs created by activities described in subsection (b) or by other green community programs.CommentsClose CommentsPermalink





(b) Program Described-CommentsClose CommentsPermalink





(1) IN GENERAL- A program described in this subsection is a program which is implemented by a State or local government, or a designee, and in which the costs of identifying and making building improvements and related efficiency services are repayable by property owners or renters over time through a periodic fee.CommentsClose CommentsPermalink





(2) IMPROVEMENTS- Improvements described in paragraph (1) may include heating, cooling, lighting, water-saving, or stormwater-reducing measures or other measures that result in reduced energy use.CommentsClose CommentsPermalink





(3) PERIODIC FEE- The periodic fee described in paragraph (1) is a fee which--CommentsClose CommentsPermalink





(A) is equal to or approximates the savings in energy costs associated with the building improvements and achieved during the fee period; andCommentsClose CommentsPermalink





(B) is assessed on a government bill, such as a bill issued for municipal services or for property taxes, or on a private utility bill, such as a bill issued for electricity, water, or natural gas service.CommentsClose CommentsPermalink

SEC. 5. REPORTING REQUIREMENT.

The Secretary of the Treasury shall submit to Congress and publish in the Federal Register an annual report on projects for which qualified energy conservation bonds (as defined in section 54D of the Internal Revenue Code of 1986) are issued. Such report shall include--CommentsClose CommentsPermalink





(1) the name and address of the issuer,CommentsClose CommentsPermalink





(2) the date of the issue, the amount of net proceeds of the issue, the stated interest rate, term, and the face amount of each bond which is part of such issue, the amount of issuance costs of the issue, and the amount of reserves of the issue,CommentsClose CommentsPermalink





(3) the name and address of--CommentsClose CommentsPermalink





(A) each initial principal user of any facility provided with the proceeds of the issue, andCommentsClose CommentsPermalink





(B) the common parent of any affiliated group of corporations (within the meaning of section 1504(a) of such Code) of which such initial principal user is a member, andCommentsClose CommentsPermalink





(4) a description of any property to be finance from the proceeds of the issue.CommentsClose CommentsPermalink

SEC. 6. OFFSET.

(a) Prohibition- Except as provided in subsection (b), no amounts appropriated or otherwise made available for fiscal year 2009 (or for a fiscal year before fiscal year 2009 that remain available for obligation) may be obligated or expended, and no obligated amounts that remain available for expenditure may be expended, for the F-22A Raptor Fighter Aircraft.CommentsClose CommentsPermalink





(b) Exception for Windup of Program- Amounts covered by the prohibition under subsection (a) may be utilized solely for purposes in connection with the winding up of the program described in that subsection.CommentsClose CommentsPermalink





(c) Repeal of Multiyear Procurement Authority for F-22A Raptor Fighter Aircraft- Effective as of October 17, 2006, section 134 of the John Warner National Defense Authorization Act for Fiscal Year 2007 (Public Law 109-364), relating to multiyear procurement authority for F-22A Raptor fighter aircraft, is repealed.CommentsClose CommentsPermalink