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Thursday, October 2, 2008, 3:00 AM H.R. 1424: Bailout Bill, Part 5
18 including the extent to which this sub-
19 section applies in the case of any ac-
20 quisition, merger, or reorganization of
21 an applicable employer,
22 ``(II) to apply this section and
23 section 4999 in cases where one or
24 more payments with respect to any in-
25 dividual are treated as parachute pay-
112
1 ments by reason of this subsection,
2 and other payments with respect to
3 such individual are treated as para-
4 chute payments under this section
5 without regard to this subsection, and
6 ``(III) to prevent the avoidance of
7 the application of this section through
8 the mischaracterization of a severance
9 from employment as other than an
10 applicable severance from employ-
11 ment.''.
12 (c) EFFECTIVE DATES.--
13 (1) IN GENERAL.--The amendment made by
14 subsection (a) shall apply to taxable years ending on
15 or after the date of the enactment of this Act.
16 (2) GOLDEN PARACHUTE RULE.--The amend-
17 ments made by subsection (b) shall apply to pay-
18 ments with respect to severances occurring during
19 the period during which the authorities under sec-
20 tion 101(a) of this Act are in effect (determined
21 under section 120 of this Act).
113
1 SEC. 303. EXTENSION OF EXCLUSION OF INCOME FROM
2 DISCHARGE OF QUALIFIED PRINCIPAL RESI-
3 DENCE INDEBTEDNESS.
4 (a) EXTENSION.--Subparagraph (E) of section
5 108(a)(1) of the Internal Revenue Code of 1986 is amend-
6 ed by striking ``January 1, 2010'' and inserting ``January
7 1, 2013''.
8 (b) EFFECTIVE DATE.--The amendment made by
9 this section shall apply to discharges of indebtedness oc-
10 curring on or after January 1, 2010.
11 DIVISION B--ENERGY IMPROVE-
12 MENT AND EXTENSION ACT
13 OF 2008
14 SECTION 1. SHORT TITLE, ETC.
15 (a) SHORT TITLE.--This division may be cited as the
16 ``Energy Improvement and Extension Act of 2008''.
17 (b) REFERENCE.--Except as otherwise expressly pro-
18 vided, whenever in this division an amendment or repeal
19 is expressed in terms of an amendment to, or repeal of,
20 a section or other provision, the reference shall be consid-
21 ered to be made to a section or other provision of the In-
22 ternal Revenue Code of 1986.
23 (c) TABLE OF CONTENTS.--The table of contents for
24 this division is as follows:
Sec. 1. Short title, etc.
TITLE I--ENERGY PRODUCTION INCENTIVES
114
Subtitle A--Renewable Energy Incentives
Sec. 101. Renewable energy credit.
Sec. 102. Production credit for electricity produced from marine renewables.
Sec. 103. Energy credit.
Sec. 104. Energy credit for small wind property.
Sec. 105. Energy credit for geothermal heat pump systems.
Sec. 106. Credit for residential energy efficient property.
Sec. 107. New clean renewable energy bonds.
Sec. 108. Credit for steel industry fuel.
Sec. 109. Special rule to implement FERC and State electric restructuring pol-
icy.
Subtitle B--Carbon Mitigation and Coal Provisions
Sec. 111. Expansion and modification of advanced coal project investment cred-
it.
Sec. 112. Expansion and modification of coal gasification investment credit.
Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Dis-
ability Trust Fund.
Sec. 114. Special rules for refund of the coal excise tax to certain coal pro-
ducers and exporters.
Sec. 115. Tax credit for carbon dioxide sequestration.
Sec. 116. Certain income and gains relating to industrial source carbon dioxide
treated as qualifying income for publicly traded partnerships.
Sec. 117. Carbon audit of the tax code.
TITLE II--TRANSPORTATION AND DOMESTIC FUEL SECURITY
PROVISIONS
Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass eth-
anol plant property.
Sec. 202. Credits for biodiesel and renewable diesel.
Sec. 203. Clarification that credits for fuel are designed to provide an incentive
for United States production.
Sec. 204. Extension and modification of alternative fuel credit.
Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
Sec. 206. Exclusion from heavy truck tax for idling reduction units and ad-
vanced insulation.
Sec. 207. Alternative fuel vehicle refueling property credit.
Sec. 208. Certain income and gains relating to alcohol fuels and mixtures, bio-
diesel fuels and mixtures, and alternative fuels and mixtures
treated as qualifying income for publicly traded partnerships.
Sec. 209. Extension and modification of election to expense certain refineries.
Sec. 210. Extension of suspension of taxable income limit on percentage deple-
tion for oil and natural gas produced from marginal properties.
Sec. 211. Transportation fringe benefit to bicycle commuters.
TITLE III--ENERGY CONSERVATION AND EFFICIENCY
PROVISIONS
Sec. 301. Qualified energy conservation bonds.
Sec. 302. Credit for nonbusiness energy property.
Sec. 303. Energy efficient commercial buildings deduction.
Sec. 304. New energy efficient home credit.
Sec. 305. Modifications of energy efficient appliance credit for appliances pro-
duced after 2007.
115
Sec. 306. Accelerated recovery period for depreciation of smart meters and
smart grid systems.
Sec. 307. Qualified green building and sustainable design projects.
Sec. 308. Special depreciation allowance for certain reuse and recycling prop-
erty.
TITLE IV--REVENUE PROVISIONS
Sec. 401. Limitation of deduction for income attributable to domestic produc-
tion of oil, gas, or primary products thereof.
Sec. 402. Elimination of the different treatment of foreign oil and gas extrac-
tion income and foreign oil related income for purposes of the
foreign tax credit.
Sec. 403. Broker reporting of customer's basis in securities transactions.
Sec. 404. 0.2 percent FUTA surtax.
Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.
1 TITLE I--ENERGY PRODUCTION
2 INCENTIVES
3 Subtitle A--Renewable Energy
4 Incentives
5 SEC. 101. RENEWABLE ENERGY CREDIT.
6 (a) EXTENSION OF CREDIT.--
7 (1) 1-YEAR EXTENSION FOR WIND AND RE-
8 FINED COAL FACILITIES.--Paragraphs (1) and (8)
9 of section 45(d) are each amended by striking ``Jan-
10 uary 1, 2009'' and inserting ``January 1, 2010''.
11 (2) 2-YEAR EXTENSION FOR CERTAIN OTHER
12 FACILITIES.--Each of the following provisions of
13 section 45(d) is amended by striking ``January 1,
14 2009'' and inserting ``January 1, 2011'':
15 (A) Clauses (i) and (ii) of paragraph
16 (2)(A).
17 (B) Clauses (i)(I) and (ii) of paragraph
18 (3)(A).
116
1 (C) Paragraph (4).
2 (D) Paragraph (5).
3 (E) Paragraph (6).
4 (F) Paragraph (7).
5 (G) Subparagraphs (A) and (B) of para-
6 graph (9).
7 (b) MODIFICATION OF REFINED COAL AS A QUALI-
8 FIED ENERGY RESOURCE.--
9 (1) ELIMINATION OF INCREASED MARKET
10 VALUE TEST.--Section 45(c)(7)(A)(i) (defining re-
11 fined coal), as amended by section 108, is amend-
12 ed--
13 (A) by striking subclause (IV),
14 (B) by adding ``and'' at the end of sub-
15 clause (II), and
16 (C) by striking ``, and'' at the end of sub-
17 clause (III) and inserting a period.
18 (2) INCREASE IN REQUIRED EMISSION REDUC-
19 TION.--Section 45(c)(7)(B) (defining qualified emis-
20 sion reduction) is amended by inserting ``at least 40
21 percent of the emissions of'' after ``nitrogen oxide
22 and''.
23 (c) TRASH FACILITY CLARIFICATION.--Paragraph
24 (7) of section 45(d) is amended--
117
1 (1) by striking ``facility which burns'' and in-
2 serting ``facility (other than a facility described in
3 paragraph (6)) which uses'', and
4 (2) by striking ``COMBUSTION''.
5 (d) EXPANSION OF BIOMASS FACILITIES.--
6 (1) OPEN-LOOP BIOMASS FACILITIES.--Para-
7 graph (3) of section 45(d) is amended by redesig-
8 nating subparagraph (B) as subparagraph (C) and
9 by inserting after subparagraph (A) the following
10 new subparagraph:
11 ``(B) EXPANSION OF FACILITY.--Such
12 term shall include a new unit placed in service
13 after the date of the enactment of this subpara-
14 graph in connection with a facility described in
15 subparagraph (A), but only to the extent of the
16 increased amount of electricity produced at the
17 facility by reason of such new unit.''.
18 (2) CLOSED-LOOP BIOMASS FACILITIES.--Para-
19 graph (2) of section 45(d) is amended by redesig-
20 nating subparagraph (B) as subparagraph (C) and
21 inserting after subparagraph (A) the following new
22 subparagraph:
23 ``(B) EXPANSION OF FACILITY.--Such
24 term shall include a new unit placed in service
25 after the date of the enactment of this subpara-
118
1 graph in connection with a facility described in
2 subparagraph (A)(i), but only to the extent of
3 the increased amount of electricity produced at
4 the facility by reason of such new unit.''.
5 (e) MODIFICATION OF RULES FOR HYDROPOWER
6 PRODUCTION.--Subparagraph (C) of section 45(c)(8) is
7 amended to read as follows:
8 ``(C) NONHYDROELECTRIC DAM.--For pur-
9 poses of subparagraph (A), a facility is de-
10 scribed in this subparagraph if--
11 ``(i) the hydroelectric project installed
12 on the nonhydroelectric dam is licensed by
13 the Federal Energy Regulatory Commis-
14 sion and meets all other applicable environ-
15 mental, licensing, and regulatory require-
16 ments,
17 ``(ii) the nonhydroelectric dam was
18 placed in service before the date of the en-
19 actment of this paragraph and operated
20 for flood control, navigation, or water sup-
21 ply purposes and did not produce hydro-
22 electric power on the date of the enactment
23 of this paragraph, and
24 ``(iii) the hydroelectric project is oper-
25 ated so that the water surface elevation at
119
1 any given location and time that would
2 have occurred in the absence of the hydro-
3 electric project is maintained, subject to
4 any license requirements imposed under
5 applicable law that change the water sur-
6 face elevation for the purpose of improving
7 environmental quality of the affected wa-
8 terway.
9 The Secretary, in consultation with the Federal
10 Energy Regulatory Commission, shall certify if
11 a hydroelectric project licensed at a nonhydro-
12 electric dam meets the criteria in clause (iii).
13 Nothing in this section shall affect the stand-
14 ards under which the Federal Energy Regu-
15 latory Commission issues licenses for and regu-
16 lates hydropower projects under part I of the
17 Federal Power Act.''.
18 (f) EFFECTIVE DATE.--
19 (1) IN GENERAL.--Except as otherwise pro-
20 vided in this subsection, the amendments made by
21 this section shall apply to property originally placed
22 in service after December 31, 2008.
23 (2) REFINED COAL.--The amendments made by
24 subsection (b) shall apply to coal produced and sold
120
1 from facilities placed in service after December 31,
2 2008.
3 (3) TRASH FACILITY CLARIFICATION.--The
4 amendments made by subsection (c) shall apply to
5 electricity produced and sold after the date of the
6 enactment of this Act.
7 (4) EXPANSION OF BIOMASS FACILITIES.--The
8 amendments made by subsection (d) shall apply to
9 property placed in service after the date of the en-
10 actment of this Act.
11 SEC. 102. PRODUCTION CREDIT FOR ELECTRICITY PRO-
12 DUCED FROM MARINE RENEWABLES.
13 (a) IN GENERAL.--Paragraph (1) of section 45(c) is
14 amended by striking ``and'' at the end of subparagraph
15 (G), by striking the period at the end of subparagraph
16 (H) and inserting ``, and'', and by adding at the end the
17 following new subparagraph:
18 ``(I) marine and hydrokinetic renewable en-
19 ergy.''.
20 (b) MARINE RENEWABLES.--Subsection (c) of sec-
21 tion 45 is amended by adding at the end the following
22 new paragraph:
23 ``(10) MARINE AND HYDROKINETIC RENEW-
24 ABLE ENERGY.--
121
1 ``(A) IN GENERAL.--The term `marine and
2 hydrokinetic renewable energy' means energy
3 derived from--
4 ``(i) waves, tides, and currents in
5 oceans, estuaries, and tidal areas,
6 ``(ii) free flowing water in rivers,
7 lakes, and streams,
8 ``(iii) free flowing water in an irriga-
9 tion system, canal, or other man-made
10 channel, including projects that utilize non-
11 mechanical structures to accelerate the
12 flow of water for electric power production
13 purposes, or
14 ``(iv) differentials in ocean tempera-
15 ture (ocean thermal energy conversion).
16 ``(B) EXCEPTIONS.--Such term shall not
17 include any energy which is derived from any
18 source which utilizes a dam, diversionary struc-
19 ture (except as provided in subparagraph
20 (A)(iii)), or impoundment for electric power
21 production purposes.''.
22 (c) DEFINITION OF FACILITY.--Subsection (d) of
23 section 45 is amended by adding at the end the following
24 new paragraph:
122
1 ``(11) MARINE AND HYDROKINETIC RENEW-
2 ABLE ENERGY FACILITIES.--In the case of a facility
3 producing electricity from marine and hydrokinetic
4 renewable energy, the term `qualified facility' means
5 any facility owned by the taxpayer--
6 ``(A) which has a nameplate capacity rat-
7 ing of at least 150 kilowatts, and
8 ``(B) which is originally placed in service
9 on or after the date of the enactment of this
10 paragraph and before January 1, 2012.''.
11 (d) CREDIT RATE.--Subparagraph (A) of section
12 45(b)(4) is amended by striking ``or (9)'' and inserting
13 ``(9), or (11)''.
14 (e) COORDINATION WITH SMALL IRRIGATION
15 POWER.--Paragraph (5) of section 45(d), as amended by
16 section 101, is amended by striking ``January 1, 2012''
17 and inserting ``the date of the enactment of paragraph
18 (11)''.
19 (f) EFFECTIVE DATE.--The amendments made by
20 this section shall apply to electricity produced and sold
21 after the date of the enactment of this Act, in taxable
22 years ending after such date.
23 SEC. 103. ENERGY CREDIT.
24 (a) EXTENSION OF CREDIT.--
123
1 (1) SOLAR ENERGY PROPERTY.--Paragraphs
2 (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) are each
3 amended by striking ``January 1, 2009'' and insert-
4 ing ``January 1, 2017''.
5 (2) FUEL CELL PROPERTY.--Subparagraph (E)
6 of section 48(c)(1) is amended by striking ``Decem-
7 ber 31, 2008'' and inserting ``December 31, 2016''.
8 (3) MICROTURBINE PROPERTY.--Subparagraph
9 (E) of section 48(c)(2) is amended by striking ``De-
10 cember 31, 2008'' and inserting ``December 31,
11 2016''.
12 (b) ALLOWANCE OF ENERGY CREDIT AGAINST AL-
13 TERNATIVE MINIMUM TAX.--
14 (1) IN GENERAL.--Subparagraph (B) of section
15 38(c)(4), as amended by the Housing Assistance
16 Tax Act of 2008, is amended by redesignating clause
17 (vi) as clause (vi) and (vii), respectively, and by in-
18 serting after clause (iv) the following new clause:
19 ``(v) the credit determined under sec-
20 tion 46 to the extent that such credit is at-
21 tributable to the energy credit determined
22 under section 48,''.
23 (2) TECHNICAL AMENDMENT.--Clause (vi) of
24 section 38(c)(4)(B), as redesignated by paragraph
25 (1), is amended by striking ``section 47 to the extent
124
1 attributable to'' and inserting ``section 46 to the ex-
2 tent that such credit is attributable to the rehabilita-
3 tion credit under section 47, but only with respect
4 to''.
5 (c) ENERGY CREDIT FOR COMBINED HEAT AND
6 POWER SYSTEM PROPERTY.--
7 (1) IN GENERAL.--Section 48(a)(3)(A) is
8 amended by striking ``or'' at the end of clause (iii),
9 by inserting ``or'' at the end of clause (iv), and by
10 adding at the end the following new clause:
11 ``(v) combined heat and power system
12 property,''.
13 (2) COMBINED HEAT AND POWER SYSTEM
14 PROPERTY.--Subsection (c) of section 48 is amend-
15 ed--
16 (A) by striking ``QUALIFIED FUEL CELL
17 PROPERTY; QUALIFIED MICROTURBINE PROP-
18 ERTY'' in the heading and inserting ``DEFINI-
19 TIONS'', and
20 (B) by adding at the end the following new
21 paragraph:
22 ``(3) COMBINED HEAT AND POWER SYSTEM
23 PROPERTY.--
24 ``(A) COMBINED HEAT AND POWER SYS-
25 TEM PROPERTY.--The term `combined heat and
125
1 power system property' means property com-
2 prising a system--
3 ``(i) which uses the same energy
4 source for the simultaneous or sequential
5 generation of electrical power, mechanical
6 shaft power, or both, in combination with
7 the generation of steam or other forms of
8 useful thermal energy (including heating
9 and cooling applications),
10 ``(ii) which produces--
11 ``(I) at least 20 percent of its
12 total useful energy in the form of
13 thermal energy which is not used to
14 produce electrical or mechanical power
15 (or combination thereof), and
16 ``(II) at least 20 percent of its
17 total useful energy in the form of elec-
18 trical or mechanical power (or com-
19 bination thereof),
20 ``(iii) the energy efficiency percentage
21 of which exceeds 60 percent, and
22 ``(iv) which is placed in service before
23 January 1, 2017.
24 ``(B) LIMITATION.--
126
1 ``(i) IN GENERAL.--In the case of
2 combined heat and power system property
3 with an electrical capacity in excess of the
4 applicable capacity placed in service during
5 the taxable year, the credit under sub-
6 section (a)(1) (determined without regard
7 to this paragraph) for such year shall be
8 equal to the amount which bears the same
9 ratio to such credit as the applicable ca-
10 pacity bears to the capacity of such prop-
11 erty.
12 ``(ii) APPLICABLE CAPACITY.--For
13 purposes of clause (i), the term `applicable
14 capacity' means 15 megawatts or a me-
15 chanical energy capacity of more than
16 20,000 horsepower or an equivalent com-
17 bination of electrical and mechanical en-
18 ergy capacities.
19 ``(iii) MAXIMUM CAPACITY.--The term
20 `combined heat and power system property'
21 shall not include any property comprising a
22 system if such system has a capacity in ex-
23 cess of 50 megawatts or a mechanical en-
24 ergy capacity in excess of 67,000 horse-
127
1 power or an equivalent combination of elec-
2 trical and mechanical energy capacities.
3 ``(C) SPECIAL RULES.--
4 ``(i) ENERGY EFFICIENCY PERCENT-
5 AGE.--For purposes of this paragraph, the
6 energy efficiency percentage of a system is
7 the fraction--
8 ``(I) the numerator of which is
9 the total useful electrical, thermal,
10 and mechanical power produced by
11 the system at normal operating rates,
12 and expected to be consumed in its
13 normal application, and
14 ``(II) the denominator of which is
15 the lower heating value of the fuel
16 sources for the system.
17 ``(ii) DETERMINATIONS MADE ON BTU
18 BASIS.--The energy efficiency percentage
19 and the percentages under subparagraph
20 (A)(ii) shall be determined on a Btu basis.
21 ``(iii) INPUT AND OUTPUT PROPERTY
22 NOT INCLUDED.--The term `combined heat
23 and power system property' does not in-
24 clude property used to transport the en-
128
1 ergy source to the facility or to distribute
2 energy produced by the facility.
3 ``(D) SYSTEMS USING BIOMASS.--If a sys-
4 tem is designed to use biomass (within the
5 meaning of paragraphs (2) and (3) of section
6 45(c) without regard to the last sentence of
7 paragraph (3)(A)) for at least 90 percent of the
8 energy source--
9 ``(i) subparagraph (A)(iii) shall not
10 apply, but
11 ``(ii) the amount of credit determined
12 under subsection (a) with respect to such
13 system shall not exceed the amount which
14 bears the same ratio to such amount of
15 credit (determined without regard to this
16 subparagraph) as the energy efficiency per-
17 centage of such system bears to 60 per-
18 cent.''.
19 (3) CONFORMING AMENDMENT.--Section
20 48(a)(1) is amended by striking ``paragraphs (1)(B)
21 and (2)(B)'' and inserting ``paragraphs (1)(B),
22 (2)(B), and (3)(B)''.
23 (d) INCREASE OF CREDIT LIMITATION FOR FUEL
24 CELL PROPERTY.--Subparagraph (B) of section 48(c)(1)
25 is amended by striking ``$500'' and inserting ``$1,500''.
129
1 (e) PUBLIC UTILITY PROPERTY TAKEN INTO AC-
2 COUNT.--
3 (1) IN GENERAL.--Paragraph (3) of section
4 48(a) is amended by striking the second sentence
5 thereof.
6 (2) CONFORMING AMENDMENTS.--
7 (A) Paragraph (1) of section 48(c) is
8 amended by striking subparagraph (D) and re-
9 designating subparagraph (E) as subparagraph
10 (D).
11 (B) Paragraph (2) of section 48(c) is
12 amended by striking subparagraph (D) and re-
13 designating subparagraph (E) as subparagraph
14 (D).
15 (f) EFFECTIVE DATE.--
16 (1) IN GENERAL.--Except as otherwise pro-
17 vided in this subsection, the amendments made by
18 this section shall take effect on the date of the en-
19 actment of this Act.
20 (2) ALLOWANCE AGAINST ALTERNATIVE MIN-
21 IMUM TAX.--The amendments made by subsection
22 (b) shall apply to credits determined under section
23 46 of the Internal Revenue Code of 1986 in taxable
24 years beginning after the date of the enactment of
25 this Act and to carrybacks of such credits.
130
1 (3) COMBINED HEAT AND POWER AND FUEL
2 CELL PROPERTY.--The amendments made by sub-
3 sections (c) and (d) shall apply to periods after the
4 date of the enactment of this Act, in taxable years
5 ending after such date, under rules similar to the
6 rules of section 48(m) of the Internal Revenue Code
7 of 1986 (as in effect on the day before the date of
8 the enactment of the Revenue Reconciliation Act of
9 1990).
10 (4) PUBLIC UTILITY PROPERTY.--The amend-
11 ments made by subsection (e) shall apply to periods
12 after February 13, 2008, in taxable years ending
13 after such date, under rules similar to the rules of
14 section 48(m) of the Internal Revenue Code of 1986
15 (as in effect on the day before the date of the enact-
16 ment of the Revenue Reconciliation Act of 1990).
17 SEC. 104. ENERGY CREDIT FOR SMALL WIND PROPERTY.
18 (a) IN GENERAL.--Section 48(a)(3)(A), as amended
19 by section 103, is amended by striking ``or'' at the end
20 of clause (iv), by adding ``or'' at the end of clause (v),
21 and by inserting after clause (v) the following new clause:
22 ``(vi) qualified small wind energy
23 property,''.
24 (b) 30 PERCENT CREDIT.--Section 48(a)(2)(A)(i) is
25 amended by striking ``and'' at the end of subclause (II)
131
1 and by inserting after subclause (III) the following new
2 subclause:
3 ``(IV) qualified small wind energy
4 property, and''.
5 (c) QUALIFIED SMALL WIND ENERGY PROPERTY.--
6 Section 48(c), as amended by section 103, is amended by
7 adding at the end the following new paragraph:
8 ``(4) QUALIFIED SMALL WIND ENERGY PROP-
9 ERTY.--
10 ``(A) IN GENERAL.--The term `qualified
11 small wind energy property' means property
12 which uses a qualifying small wind turbine to
13 generate electricity.
14 ``(B) LIMITATION.--In the case of quali-
15 fied small wind energy property placed in serv-
16 ice during the taxable year, the credit otherwise
17 determined under subsection (a)(1) for such
18 year with respect to all such property of the
19 taxpayer shall not exceed $4,000.
20 ``(C) QUALIFYING SMALL WIND TUR-
21 BINE.--The term `qualifying small wind tur-
22 bine' means a wind turbine which has a name-
23 plate capacity of not more than 100 kilowatts.
24 ``(D) TERMINATION.--The term `qualified
25 small wind energy property' shall not include
132
1 any property for any period after December 31,
2 2016.''.
3 (d) CONFORMING AMENDMENT.--Section 48(a)(1),
4 as amended by section 103, is amended by striking ``para-
5 graphs (1)(B), (2)(B), and (3)(B)'' and inserting ``para-
6 graphs (1)(B), (2)(B), (3)(B), and (4)(B)''.
7 (e) EFFECTIVE DATE.--The amendments made by
8 this section shall apply to periods after the date of the
9 enactment of this Act, in taxable years ending after such
10 date, under rules similar to the rules of section 48(m) of
11 the Internal Revenue Code of 1986 (as in effect on the
12 day before the date of the enactment of the Revenue Rec-
13 onciliation Act of 1990).
14 SEC. 105. ENERGY CREDIT FOR GEOTHERMAL HEAT PUMP
15 SYSTEMS.
16 (a) IN GENERAL.--Subparagraph (A) of section
17 48(a)(3), as amended by this Act, is amended by striking
18 ``or'' at the end of clause (v), by inserting ``or'' at the
19 end of clause (vi), and by adding at the end the following
20 new clause:
21 ``(vii) equipment which uses the
22 ground or ground water as a thermal en-
23 ergy source to heat a structure or as a
24 thermal energy sink to cool a structure,
133
1 but only with respect to periods ending be-
2 fore January 1, 2017,''.
3 (b) EFFECTIVE DATE.--The amendments made by
4 this section shall apply to periods after the date of the
5 enactment of this Act, in taxable years ending after such
6 date, under rules similar to the rules of section 48(m) of
7 the Internal Revenue Code of 1986 (as in effect on the
8 day before the date of the enactment of the Revenue Rec-
9 onciliation Act of 1990).
10 SEC. 106. CREDIT FOR RESIDENTIAL ENERGY EFFICIENT
11 PROPERTY.
12 (a) EXTENSION.--Section 25D(g) is amended by
13 striking ``December 31, 2008'' and inserting ``December
14 31, 2016''.
15 (b) REMOVAL OF LIMITATION FOR SOLAR ELECTRIC
16 PROPERTY.--
17 (1) IN GENERAL.--Section 25D(b)(1), as
18 amended by subsections (c) and (d), is amended--
19 (A) by striking subparagraph (A), and
20 (B) by redesignating subparagraphs (B)
21 through (E) as subparagraphs (A) through and
22 (D), respectively.
23 (2) CONFORMING AMENDMENT.--Section
24 25D(e)(4)(A), as amended by subsections (c) and
25 (d), is amended--
134
1 (A) by striking clause (i), and
2 (B) by redesignating clauses (ii) through
3 (v) as clauses (i) and (iv), respectively.
4 (c) CREDIT FOR RESIDENTIAL WIND PROPERTY.--
5 (1) IN GENERAL.--Section 25D(a) is amended
6 by striking ``and'' at the end of paragraph (2), by
7 striking the period at the end of paragraph (3) and
8 inserting ``, and'', and by adding at the end the fol-
9 lowing new paragraph:
10 ``(4) 30 percent of the qualified small wind en-
11 ergy property expenditures made by the taxpayer
12 during such year.''.
13 (2) LIMITATION.--Section 25D(b)(1) is amend-
14 ed by striking ``and'' at the end of subparagraph
15 (B), by striking the period at the end of subpara-
16 graph (C) and inserting ``, and'', and by adding at
17 the end the following new subparagraph:
18 ``(D) $500 with respect to each half kilo-
19 watt of capacity (not to exceed $4,000) of wind
20 turbines for which qualified small wind energy
21 property expenditures are made.''.
22 (3) QUALIFIED SMALL WIND ENERGY PROP-
23 ERTY EXPENDITURES.--
135
1 (A) IN GENERAL.--Section 25D(d) is
2 amended by adding at the end the following
3 new paragraph:
4 ``(4) QUALIFIED SMALL WIND ENERGY PROP-
5 ERTY EXPENDITURE.--The term `qualified small
6 wind energy property expenditure' means an expend-
7 iture for property which uses a wind turbine to gen-
8 erate electricity for use in connection with a dwelling
9 unit located in the United States and used as a resi-
10 dence by the taxpayer.''.
11 (B) NO DOUBLE BENEFIT.--Section
12 45(d)(1) is amended by adding at the end the
13 following new sentence: ``Such term shall not
14 include any facility with respect to which any
15 qualified small wind energy property expendi-
16 ture (as defined in subsection (d)(4) of section
17 25D) is taken into account in determining the
18 credit under such section.''.
19 (4) MAXIMUM EXPENDITURES IN CASE OF
20 JOINT OCCUPANCY.--Section 25D(e)(4)(A) is
21 amended by striking ``and'' at the end of clause (ii),
22 by striking the period at the end of clause (iii) and
23 inserting ``, and'', and by adding at the end the fol-
24 lowing new clause:
136
1 ``(iv) $1,667 in the case of each half
2 kilowatt of capacity (not to exceed
3 $13,333) of wind turbines for which quali-
4 fied small wind energy property expendi-
5 tures are made.''.
6 (d) CREDIT FOR GEOTHERMAL HEAT PUMP SYS-
7 TEMS.--
8 (1) IN GENERAL.--Section 25D(a), as amended
9 by subsection (c), is amended by striking ``and'' at
10 the end of paragraph (3), by striking the period at
11 the end of paragraph (4) and inserting ``, and'', and
12 by adding at the end the following new paragraph:
13 ``(5) 30 percent of the qualified geothermal
14 heat pump property expenditures made by the tax-
15 payer during such year.''.
16 (2) LIMITATION.--Section 25D(b)(1), as
17 amended by subsection (c), is amended by striking
18 ``and'' at the end of subparagraph (C), by striking
19 the period at the end of subparagraph (D) and in-
20 serting ``, and'', and by adding at the end the fol-
21 lowing new subparagraph:
22 ``(E) $2,000 with respect to any qualified
23 geothermal heat pump property expenditures.''.
24 (3) QUALIFIED GEOTHERMAL HEAT PUMP
25 PROPERTY EXPENDITURE.--Section 25D(d), as
137
1 amended by subsection (c), is amended by adding at
2 the end the following new paragraph:
3 ``(5) QUALIFIED GEOTHERMAL HEAT PUMP
4 PROPERTY EXPENDITURE.--
5 ``(A) IN GENERAL.--The term `qualified
6 geothermal heat pump property expenditure'
7 means an expenditure for qualified geothermal
8 heat pump property installed on or in connec-
9 tion with a dwelling unit located in the United
10 States and used as a residence by the taxpayer.
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