< Back to H.R. 5252 (111th Congress, 2009–2010)

Text of the Renewable Energy Tax Incentives Extension Act

This bill was introduced on May 6, 2010, in a previous session of Congress, but was not enacted. The text of the bill below is as of May 6, 2010 (Introduced).

Source: GPO

I

111th CONGRESS

2d Session

H. R. 5252

IN THE HOUSE OF REPRESENTATIVES

May 6, 2010

introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

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.

1.

Short title

This Act may be cited as the Renewable Energy Tax Incentives Extension Act.

2.

Extension of grants for specified energy property in lieu of tax credits

(a)

In general

Subsection (a) of section 1603 of the American Recovery and Reinvestment Tax Act of 2009 is amended—

(1)

in paragraph (1), by striking 2009 or 2010 and inserting 2009, 2010, 2011, or 2012, and

(2)

in paragraph (2)—

(A)

by striking after 2010 and inserting after 2012, and

(B)

by striking 2009 or 2010 and inserting 2009, 2010, 2011, or 2012.

(b)

Conforming amendment

Subsection (j) of section 1603 of such Act is amended by striking 2011 and inserting 2013.

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 the American Recovery and Reinvestment Tax Act of 2009 is amended by inserting other than a State utility with a service obligation (as such terms are defined in section 217 of the Federal Power Act), after thereof),.

(b)

Grants allowed for public power

Paragraph (3) of section 1603(g) of such Act is amended by striking paragraph (4) of section 54(j) and inserting subparagraph (A) or (B) of section 54(j)(4).

(c)

No grants for property for which crebs have been issued

Section 1603 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:

(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—

(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, and

(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.

.

(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.