S 2899 ISCommentsClose CommentsPermalink

To amend the American Recovery and Reinvestment Act of 2009 and the Internal Revenue Code of 1986 to provide incentives for the development of solar energy.CommentsClose CommentsPermalink

December 17, 2009CommentsClose CommentsPermalink

Mrs. FEINSTEIN (for herself and Mr. MERKLEY) introduced the following bill; which was read twice and referred to the Committee on FinanceCommentsClose CommentsPermalink

To amend the American Recovery and Reinvestment Act of 2009 and the Internal Revenue Code of 1986 to provide incentives for the development of solar energy.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 ‘Renewable Energy Incentive Act’.CommentsClose CommentsPermalink

SEC. 2. EXTENSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF TAX CREDITS.

(a) In General- Subsection (a) of section 1603 of division B of the American Recovery and Reinvestment Act of 2009 is amended--CommentsClose CommentsPermalink





(1) in paragraph (1), by striking ‘2009 or 2010’ and inserting ‘2009, 2010, 2011, or 2012’, andCommentsClose CommentsPermalink





(2) in paragraph (2)--CommentsClose CommentsPermalink





(A) by striking ‘after 2010’ and inserting ‘after 2012’, andCommentsClose CommentsPermalink





(B) by striking ‘2009 or 2010’ and inserting ‘2009, 2010, 2011, or 2012’.CommentsClose CommentsPermalink





(b) Conforming Amendment- Subsection (j) of section 1603 of division B of such Act is amended by striking ‘2011’ and inserting ‘2013’.CommentsClose CommentsPermalink

SEC. 3. EXPANSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF TAX CREDITS.

(a) Grants Allowed for Certain Governmental Units- Paragraph (1) of section 1603(g) of division B of the American Recovery and Reinvestment Act of 2009 is amended by inserting ‘other than a governmental unit which is a State utility with a service obligation (as such terms are defined in section 217 of the Federal Power Act),’ after ‘thereof),’.CommentsClose CommentsPermalink





(b) Grants Allowed for Public Power- Paragraph (3) section 1603(g) of division B of such Act is amended by striking ‘paragraph (4) of section 54(j)’ and inserting ‘subparagraph (A) or (B) of section 54(j)(4)’.CommentsClose CommentsPermalink





(c) No Grants for Property for Which CREBs Have Been Issued- Section 1603 of division B of such Act, as amended by section 2, is amended by redesignating subsections (h), (i), and (j) as subsections (i), (j), and (k), respectively, and by inserting after subsection (g) the following new subsection:CommentsClose CommentsPermalink





‘(h) Exception for Certain Projects- The Secretary of the Treasury shall not make any grant under this section to any governmental unit with respect to any specified energy property described in subsection (d)(1) if such entity has issued any bond--CommentsClose CommentsPermalink





‘(1) which is designated as a clean renewable energy bond under section 54 of the Internal Revenue Code of 1986 or as a new clean renewable energy bond under section 54C of such Code, andCommentsClose CommentsPermalink





‘(2) the proceeds of which are used for expenditures in connection with the same qualified facility with respect to which such specified energy property is a part.’.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 4. CREDIT FOR QUALIFIED SOLAR MANUFACTURING PROJECT PROPERTY.

(a) In General- Subparagraph (A) of section 48(a)(3) of the Internal Revenue Code of 1986 is amended by striking ‘or’ at the end of clause (vi), by inserting ‘or’ at the end of clause (vii), and by inserting after clause (vii) the following new clause:CommentsClose CommentsPermalink





‘(viii) qualified solar manufacturing project property,’.CommentsClose CommentsPermalink





(b) Credit Percentage- Subclause (II) of section 48(a)(2)(A)(i) of such Code is amended by striking ‘paragraph (3)(A)(i)’ and inserting ‘clause (i) or (viii) of paragraph (3)(A)’.CommentsClose CommentsPermalink





(c) Qualified Solar Manufacturing Property- Section 48(c) of such Code is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(5) QUALIFIED SOLAR MANUFACTURING PROJECT PROPERTY- The term ‘qualified solar manufacturing project property’ means any tangible personal property (not including a building or its structural components) purchased to re-equip, expand, or establish a manufacturing facility for the production of property described in subsection (a)(3)(A)(i), but only if such property is used as an integral part of the production process. Such term shall not include any property if such property has been certified for a credit under section 48C.’.CommentsClose CommentsPermalink





(d) Property Eligible for Grant- Subsection (d) of section 1603 of division B of the American Recovery and Reinvestment Act of 2009 is amended by inserting after paragraph (8) the following new paragraph:CommentsClose CommentsPermalink





‘(9) QUALIFIED SOLAR MANUFACTURING PROJECT PROPERTY- Any qualified solar manufacturing project property (as defined in section 48(c)(5) of such Code).’.CommentsClose CommentsPermalink





(e) Effective Date-CommentsClose CommentsPermalink





(1) IN GENERAL- The amendments made by subsections (a), (b), and (c) shall apply to periods after the date of the enactment of this Act, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).CommentsClose CommentsPermalink





(2) GRANTS- The amendment made by subsection (d) shall apply to property placed in service after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 5. CREDIT FOR HIGH SOLARITY DISTURBED PRIVATE LAND CONSOLIDATION.

(a) In General- Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:CommentsClose CommentsPermalink

‘SEC. 45R. HIGH SOLARITY DISTURBED PRIVATE LAND CONSOLIDATION CREDIT.

‘(a) In General- For purposes of section 38, the high solarity disturbed private land consolidation credit for any taxable year is an amount equal to 30 percent of any amounts paid during the taxable year to purchase more than 2 sections of contiguous high solarity disturbed private land for the purpose of consolidating the lands into a contiguous block suitable for the production of solar energy for use in a trade or business.CommentsClose CommentsPermalink





‘(b) High Solarity Disturbed Private Land- The term ‘high solarity disturbed private land’ means real property which--CommentsClose CommentsPermalink





‘(1) is located in the United States,CommentsClose CommentsPermalink





‘(2) was acquired in units that averaged less than 100 contiguous acres from any private person,CommentsClose CommentsPermalink





‘(3) is in a location identified on the July 2007 Concentrating Solar Power Resources Maps published by the National Renewable Energy Laboratory as--CommentsClose CommentsPermalink





‘(A) having a solar resource of 7 kwh per square meter per year or higher, at 3 percent or less grade, andCommentsClose CommentsPermalink





‘(B) outside of a sensitive environmental or urban area,CommentsClose CommentsPermalink





‘(4) was previously disturbed either by residential or retail development, agriculture, industrial use, mining, or other mechanical disturbance, andCommentsClose CommentsPermalink





‘(5) will be primarily used for generating solar electricity from property which is described in section 48(a)(3)(A)(i) within 5 years of the date of purchase.CommentsClose CommentsPermalink





‘(c) Reduction in Basis- If a credit is determined under this section with respect to any property by reason of expenditures described in subsection (a), the basis of such property shall be reduced by the amount of the credit so determined.CommentsClose CommentsPermalink





‘(d) Property Used by Tax-Exempt Persons- For purposes of this section, rules similar to the rules of paragraphs (3) and (4) of section 50(b) shall apply.CommentsClose CommentsPermalink





‘(e) Recapture in Case of Disposition- The Secretary shall provide for the recapture of the amount of any credit allowed under this section if the property is not used for the production of solar energy in a trade or business within 5 years of the date of purchase.’.CommentsClose CommentsPermalink





(b) Credit Allowed as Business Credit- Section 38(b) of such Code is amended by striking ‘plus’ at the end of paragraph (34), by striking the period at the end of paragraph (35) and inserting ‘, plus’, and by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(36) the high solarity disturbed private land consolidation credit determined under section 45R(a).’.CommentsClose CommentsPermalink





(c) Basis Adjustment- Section 1016(a) of such Code is amended by striking ‘and’ at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting ‘, and’, and by adding at the end the following:CommentsClose CommentsPermalink





‘(38) in the case of a facility with respect to which a credit was allowed under section 45R, to the extent provided in section 45R(c).’.CommentsClose CommentsPermalink





(d) Clerical Amendment- The table of sections for subpart F of part IV subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 51 the following new item:CommentsClose CommentsPermalink





‘Sec. 45R. High solarity disturbed private land consolidation credit.’.CommentsClose CommentsPermalink





(e) Effective Date- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 6. ENERGY CREDIT ALLOWED FOR WATER HEATERS IN POOLS LOCATED ON COMMERCIAL PROPERTY.

(a) In General- Section 48(a)(3)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting ‘located at a single family residence’ after ‘swimming pool’.CommentsClose CommentsPermalink





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