American
Recovery and Reinvestment Act of 2009 -
Energy Incentives
| Energy Incentives -------------------------------------------------------------------------------- PART I—RENEWABLE ENERGY INCENTIVES SEC. 1101. EXTENSION OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES. (a) IN GENERAL.—Subsection (d) of section 45 is amended— (1) by striking ‘‘2010’’ in paragraph (1) and inserting ‘‘2013’’, (2) by striking ‘‘2011’’ each place it appears in paragraphs (2), (3), (4), (6), (7) and (9) and inserting ‘‘2014’’, and (3) by striking ‘‘2012’’ in paragraph (11)(B) and inserting ‘‘2014’’. (b) TECHNICAL AMENDMENT.—Paragraph (5) of section 45(d) is amended by striking ‘‘and before’’ and all that follows and inserting ‘‘ and before October 3, 2008.’’. |
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EFFECTIVE DATE.— (1) IN GENERAL.—The amendments made by subsection
(a)
shall apply to property placed in service after the date of the enactment of this Act.
(2)
TECHNICAL AMENDMENT.—The amendment made by subsection (b) shall take effect as if included in section 102 of the Energy Improvement and Extension Act of 2008.
SEC. 1102. ELECTION OF INVESTMENT CREDIT IN LIEU OF PRODUCTION CREDIT.
(a) IN GENERAL.—Subsection (a) of section 48 is amended by adding at the end the following new paragraph: ‘‘(5) ELECTION TO TREAT QUALIFIED FACILITIES AS ENERGY PROPERTY.—
‘‘(A) IN GENERAL.—In the case of any qualified property which is part of a qualified investment credit facility—
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‘‘(i) such property shall be treated as energy property for purposes of this section, and
‘‘(ii) the energy percentage with respect to such property shall be 30 percent. ‘‘(B) DENIAL OF PRODUCTION CREDIT.—No credit shall
be allowed under section 45 for any taxable year with respect to any qualified investment credit facility.
‘‘(C) QUALIFIED INVESTMENT CREDIT FACILITY.—For purposes of this paragraph, the term ‘qualified investment credit facility’ means any of the following facilities if no credit has been allowed under section 45 with respect to such facility and the taxpayer makes an irrevocable election to have this paragraph apply to such facility:
‘‘(i) WIND FACILITIES.—Any qualified facility (within the meaning of section 45) described in paragraph (1) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, or 2012.
‘‘(ii) OTHER FACILITIES.—Any qualified facility (within the meaning of section 45) described in paragraph (2), (3), (4), (6), (7), (9), or (11) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, 2012, or 2013. ‘‘(D) QUALIFIED PROPERTY.—For purposes of this paragraph, the term ‘qualified property’ means property—
‘‘(i) which is— ‘‘(I) tangible personal property, or ‘‘(II) other tangible property (not including a
building or its structural components), but only if such property is used as an integral part of the qualified investment credit facility, and ‘‘(ii) with respect to which depreciation (or
amortization in lieu of depreciation) is allowable.’’.
(b) EFFECTIVE DATE.—The amendments made by this section shall apply to facilities placed in service after December 31, 2008.
SEC. 1103. REPEAL OF CERTAIN LIMITATIONS ON CREDIT FOR RENEWABLE ENERGY PROPERTY.
(a)
REPEAL OF LIMITATION ON CREDIT FOR QUALIFIED SMALL WIND ENERGY PROPERTY.—Paragraph (4) of section 48(c) is amended by striking subparagraph (B) and by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C).
(b)
REPEAL OF LIMITATION ON PROPERTY FINANCED BY SUBSIDIZED ENERGY FINANCING.—
(1) IN GENERAL.—Section 48(a)(4) is amended by adding at the end the following new subparagraph:
‘‘(D) TERMINATION.—This paragraph shall not apply to periods after December 31, 2008, under rules similar to the rules of section 48(m) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).’’.
(2)
CONFORMING AMENDMENTS.—
(A)
Section 25C(e)(1) is amended by striking ‘‘(8), and (9)’’ and inserting ‘‘and (8)’’.
(B)
Section 25D(e) is amended by striking paragraph (9). H. R. 1—207
(C)
Section 48A(b)(2) is amended by inserting ‘‘(without regard to subparagraph (D) thereof)’’ after ‘‘section 48(a)(4)’’.
(D)
Section 48B(b)(2) is amended by inserting ‘‘(without regard to subparagraph (D) thereof)’’ after ‘‘section 48(a)(4)’’.
(c)
EFFECTIVE DATE.—
(1)
IN GENERAL.—Except as provided in paragraph (2), the amendment made by this section shall apply to periods after December 31, 2008, 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).
(2)
CONFORMING AMENDMENTS.—The amendments made by subparagraphs (A) and (B) of subsection (b)(2) shall apply to taxable years beginning after December 31, 2008.
SEC. 1104. COORDINATION WITH RENEWABLE ENERGY GRANTS.
Section 48 is amended by adding at the end the following
new subsection: ‘‘(d) COORDINATION WITH DEPARTMENT OF TREASURY GRANTS.—
In the case of any property with respect to which the Secretary
makes a grant under section 1603 of the American Recovery and
Reinvestment Tax Act of 2009— ‘‘(1) DENIAL OF PRODUCTION AND INVESTMENT CREDITS.— No credit shall be determined under this section or section 45 with respect to such property for the taxable year in which such grant is made or any subsequent taxable year. ‘‘(2) RECAPTURE OF CREDITS FOR PROGRESS EXPENDITURES MADE BEFORE GRANT.—If a credit was determined under this section with respect to such property for any taxable year ending before such grant is made— ‘‘(A) the tax imposed under subtitle A on the taxpayer for the taxable year in which such grant is made shall be increased by so much of such credit as was allowed under section 38, ‘‘(B) the general business carry-forwards under section 39 shall be adjusted so as to recapture the portion of such credit which was not so allowed, and ‘‘(C) the amount of such grant shall be determined without regard to any reduction in the basis of such property by reason of such credit. ‘‘(3) TREATMENT OF GRANTS.—Any such grant shall— ‘‘(A) not be includible in the gross income of the taxpayer, but ‘‘(B) shall be taken into account in determining the basis of the property to which such grant relates, except that the basis of such property shall be reduced under section 50(c) in the same manner as a credit allowed under subsection (a).’’.
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PART II—INCREASED ALLOCATIONS OF NEW CLEAN RENEWABLE ENERGY BONDS AND QUALIFIED ENERGY CONSERVATION BONDS
SEC. 1111. INCREASED LIMITATION ON ISSUANCE OF NEW CLEAN RENEWABLE ENERGY BONDS.
Subsection (c) of section 54C is amended by adding at the end the following new paragraph:
‘‘(4) ADDITIONAL LIMITATION.—The national new clean renewable energy bond limitation shall be increased by $1,600,000,000. Such increase shall be allocated by the Secretary consistent with the rules of paragraphs (2) and (3).��’.
SEC. 1112. INCREASED LIMITATION ON ISSUANCE OF QUALIFIED ENERGY CONSERVATION BONDS.
(a)
IN GENERAL.�����Section 54D(d) is amended by striking ‘‘$800,000,000’’ and inserting ‘‘$3,200,000,000’’.
(b)
CLARIFICATION WITH RESPECT TO GREEN COMMUNITY PROGRAMS.—
(1)
IN GENERAL.—Clause (ii) of section 54D(f)(1)(A) is amended by inserting ‘‘(including the use of loans, grants, or other repayment mechanisms to implement such programs)’’ after ‘���green community programs’’.
(2)
SPECIAL RULES FOR BONDS FOR IMPLEMENTING GREEN COMMUNITY PROGRAMS.—Subsection (e) of section 54D is amended by adding at the end the following new paragraph:
‘‘(4) SPECIAL RULES FOR BONDS TO IMPLEMENT GREEN COMMUNITY PROGRAMS.—In the case of any bond issued for the purpose of providing loans, grants, or other repayment mechanisms for capital expenditures to implement green community programs, such bond shall not be treated as a private activity bond for purposes of paragraph (3).’’.
