 About me |
The Matthias Chronicles |
Contact me at |
About me |
The Matthias Chronicles |
Contact me at |
|
Subscribe to RSS feed.
Click to buy the Aramaic Bible Government waste exposed! Click to buy now! Website thumbnails generously provided by ShrinkTheWeb |
Thursday, October 2, 2008, 3:00 AM H.R. 1424: Bailout Bill, Part 6
11 ``(B) QUALIFIED GEOTHERMAL HEAT
12 PUMP PROPERTY.--The term `qualified geo-
13 thermal heat pump property' means any equip-
14 ment which--
15 ``(i) uses the ground or ground water
16 as a thermal energy source to heat the
17 dwelling unit referred to in subparagraph
18 (A) or as a thermal energy sink to cool
19 such dwelling unit, and
20 ``(ii) meets the requirements of the
21 Energy Star program which are in effect
22 at the time that the expenditure for such
23 equipment is made.''.
24 (4) MAXIMUM EXPENDITURES IN CASE OF
25 JOINT OCCUPANCY.--Section 25D(e)(4)(A), as
138
1 amended by subsection (c), is amended by striking
2 ``and'' at the end of clause (iii), by striking the pe-
3 riod at the end of clause (iv) and inserting ``, and'',
4 and by adding at the end the following new clause:
5 ``(v) $6,667 in the case of any quali-
6 fied geothermal heat pump property ex-
7 penditures.''.
8 (e) CREDIT ALLOWED AGAINST ALTERNATIVE MIN-
9 IMUM TAX.--
10 (1) IN GENERAL.--Subsection (c) of section
11 25D is amended to read as follows:
12 ``(c) LIMITATION BASED ON AMOUNT OF TAX;
13 CARRYFORWARD OF UNUSED CREDIT.--
14 ``(1) LIMITATION BASED ON AMOUNT OF
15 TAX.--In the case of a taxable year to which section
16 26(a)(2) does not apply, the credit allowed under
17 subsection (a) for the taxable year shall not exceed
18 the excess of--
19 ``(A) the sum of the regular tax liability
20 (as defined in section 26(b)) plus the tax im-
21 posed by section 55, over
22 ``(B) the sum of the credits allowable
23 under this subpart (other than this section) and
24 section 27 for the taxable year.
25 ``(2) CARRYFORWARD OF UNUSED CREDIT.--
139
1 ``(A) RULE FOR YEARS IN WHICH ALL
2 PERSONAL CREDITS ALLOWED AGAINST REG-
3 ULAR AND ALTERNATIVE MINIMUM TAX.--In
4 the case of a taxable year to which section
5 26(a)(2) applies, if the credit allowable under
6 subsection (a) exceeds the limitation imposed by
7 section 26(a)(2) for such taxable year reduced
8 by the sum of the credits allowable under this
9 subpart (other than this section), such excess
10 shall be carried to the succeeding taxable year
11 and added to the credit allowable under sub-
12 section (a) for such succeeding taxable year.
13 ``(B) RULE FOR OTHER YEARS.--In the
14 case of a taxable year to which section 26(a)(2)
15 does not apply, if the credit allowable under
16 subsection (a) exceeds the limitation imposed by
17 paragraph (1) for such taxable year, such ex-
18 cess shall be carried to the succeeding taxable
19 year and added to the credit allowable under
20 subsection (a) for such succeeding taxable
21 year.''.
22 (2) CONFORMING AMENDMENTS.--
23 (A) Section 23(b)(4)(B) is amended by in-
24 serting ``and section 25D'' after ``this section''.
140
1 (B) Section 24(b)(3)(B) is amended by
2 striking ``and 25B'' and inserting ``, 25B, and
3 25D''.
4 (C) Section 25B(g)(2) is amended by strik-
5 ing ``section 23'' and inserting ``sections 23 and
6 25D''.
7 (D) Section 26(a)(1) is amended by strik-
8 ing ``and 25B'' and inserting ``25B, and 25D''.
9 (f) EFFECTIVE DATE.--
10 (1) IN GENERAL.--Except as provided in para-
11 graph (2), the amendments made by this section
12 shall apply to taxable years beginning after Decem-
13 ber 31, 2007.
14 (2) SOLAR ELECTRIC PROPERTY LIMITATION.--
15 The amendments made by subsection (b) shall apply
16 to taxable years beginning after December 31, 2008.
17 (3) APPLICATION OF EGTRRA SUNSET.--The
18 amendments made by subparagraphs (A) and (B) of
19 subsection (e)(2) shall be subject to title IX of the
20 Economic Growth and Tax Relief Reconciliation Act
21 of 2001 in the same manner as the provisions of
22 such Act to which such amendments relate.
141
1 SEC. 107. NEW CLEAN RENEWABLE ENERGY BONDS.
2 (a) IN GENERAL.--Subpart I of part IV of sub-
3 chapter A of chapter 1 is amended by adding at the end
4 the following new section:
5 ``SEC. 54C. NEW CLEAN RENEWABLE ENERGY BONDS.
6 ``(a) NEW CLEAN RENEWABLE ENERGY BOND.--For
7 purposes of this subpart, the term `new clean renewable
8 energy bond' means any bond issued as part of an issue
9 if--
10 ``(1) 100 percent of the available project pro-
11 ceeds of such issue are to be used for capital expend-
12 itures incurred by governmental bodies, public power
13 providers, or cooperative electric companies for one
14 or more qualified renewable energy facilities,
15 ``(2) the bond is issued by a qualified issuer,
16 and
17 ``(3) the issuer designates such bond for pur-
18 poses of this section.
19 ``(b) REDUCED CREDIT AMOUNT.--The annual credit
20 determined under section 54A(b) with respect to any new
21 clean renewable energy bond shall be 70 percent of the
22 amount so determined without regard to this subsection.
23 ``(c) LIMITATION ON AMOUNT OF BONDS DES-
24 IGNATED.--
25 ``(1) IN GENERAL.--The maximum aggregate
26 face amount of bonds which may be designated
142
1 under subsection (a) by any issuer shall not exceed
2 the limitation amount allocated under this sub-
3 section to such issuer.
4 ``(2) NATIONAL LIMITATION ON AMOUNT OF
5 BONDS DESIGNATED.--There is a national new clean
6 renewable energy bond limitation of $800,000,000
7 which shall be allocated by the Secretary as provided
8 in paragraph (3), except that--
9 ``(A) not more than 331/3 percent thereof
10 may be allocated to qualified projects of public
11 power providers,
12 ``(B) not more than 331/3 percent thereof
13 may be allocated to qualified projects of govern-
14 mental bodies, and
15 ``(C) not more than 331/3 percent thereof
16 may be allocated to qualified projects of cooper-
17 ative electric companies.
18 ``(3) METHOD OF ALLOCATION.--
19 ``(A) ALLOCATION AMONG PUBLIC POWER
20 PROVIDERS.--After the Secretary determines
21 the qualified projects of public power providers
22 which are appropriate for receiving an alloca-
23 tion of the national new clean renewable energy
24 bond limitation, the Secretary shall, to the max-
25 imum extent practicable, make allocations
143
1 among such projects in such manner that the
2 amount allocated to each such project bears the
3 same ratio to the cost of such project as the
4 limitation under paragraph (2)(A) bears to the
5 cost of all such projects.
6 ``(B) ALLOCATION AMONG GOVERNMENTAL
7 BODIES AND COOPERATIVE ELECTRIC COMPA-
8 NIES.--The Secretary shall make allocations of
9 the amount of the national new clean renewable
10 energy bond limitation described in paragraphs
11 (2)(B) and (2)(C) among qualified projects of
12 governmental bodies and cooperative electric
13 companies, respectively, in such manner as the
14 Secretary determines appropriate.
15 ``(d) DEFINITIONS.--For purposes of this section--
16 ``(1) QUALIFIED RENEWABLE ENERGY FACIL-
17 ITY.--The term `qualified renewable energy facility'
18 means a qualified facility (as determined under sec-
19 tion 45(d) without regard to paragraphs (8) and
20 (10) thereof and to any placed in service date)
21 owned by a public power provider, a governmental
22 body, or a cooperative electric company.
23 ``(2) PUBLIC POWER PROVIDER.--The term
24 `public power provider' means a State utility with a
25 service obligation, as such terms are defined in sec-
144
1 tion 217 of the Federal Power Act (as in effect on
2 the date of the enactment of this paragraph).
3 ``(3) GOVERNMENTAL BODY.--The term `gov-
4 ernmental body' means any State or Indian tribal
5 government, or any political subdivision thereof.
6 ``(4) COOPERATIVE ELECTRIC COMPANY.--The
7 term `cooperative electric company' means a mutual
8 or cooperative electric company described in section
9 501(c)(12) or section 1381(a)(2)(C).
10 ``(5) CLEAN RENEWABLE ENERGY BOND LEND-
11 ER.--The term `clean renewable energy bond lender'
12 means a lender which is a cooperative which is
13 owned by, or has outstanding loans to, 100 or more
14 cooperative electric companies and is in existence on
15 February 1, 2002, and shall include any affiliated
16 entity which is controlled by such lender.
17 ``(6) QUALIFIED ISSUER.--The term `qualified
18 issuer' means a public power provider, a cooperative
19 electric company, a governmental body, a clean re-
20 newable energy bond lender, or a not-for-profit elec-
21 tric utility which has received a loan or loan guar-
22 antee under the Rural Electrification Act.''.
23 (b) CONFORMING AMENDMENTS.--
24 (1) Paragraph (1) of section 54A(d) is amended
25 to read as follows:
145
1 ``(1) QUALIFIED TAX CREDIT BOND.--The term
2 `qualified tax credit bond' means--
3 ``(A) a qualified forestry conservation
4 bond, or
5 ``(B) a new clean renewable energy bond,
6 which is part of an issue that meets requirements of
7 paragraphs (2), (3), (4), (5), and (6).''.
8 (2) Subparagraph (C) of section 54A(d)(2) is
9 amended to read as follows:
10 ``(C) QUALIFIED PURPOSE.--For purposes
11 of this paragraph, the term `qualified purpose'
12 means--
13 ``(i) in the case of a qualified forestry
14 conservation bond, a purpose specified in
15 section 54B(e), and
16 ``(ii) in the case of a new clean renew-
17 able energy bond, a purpose specified in
18 section 54C(a)(1).''.
19 (3) The table of sections for subpart I of part
20 IV of subchapter A of chapter 1 is amended by add-
21 ing at the end the following new item:
``Sec. 54C. Qualified clean renewable energy bonds.''.
22 (c) EXTENSION FOR CLEAN RENEWABLE ENERGY
23 BONDS.--Subsection (m) of section 54 is amended by
24 striking ``December 31, 2008'' and inserting ``December
25 31, 2009''.
146
1 (d) EFFECTIVE DATE.--The amendments made by
2 this section shall apply to obligations issued after the date
3 of the enactment of this Act.
4 SEC. 108. CREDIT FOR STEEL INDUSTRY FUEL.
5 (a) TREATMENT AS REFINED COAL.--
6 (1) IN GENERAL.--Subparagraph (A) of section
7 45(c)(7) of the Internal Revenue Code of 1986 (re-
8 lating to refined coal), as amended by this Act, is
9 amended to read as follows:
10 ``(A) IN GENERAL.--The term `refined
11 coal' means a fuel--
12 ``(i) which--
13 ``(I) is a liquid, gaseous, or solid
14 fuel produced from coal (including lig-
15 nite) or high carbon fly ash, including
16 such fuel used as a feedstock,
17 ``(II) is sold by the taxpayer with
18 the reasonable expectation that it will
19 be used for purpose of producing
20 steam,
21 ``(III) is certified by the taxpayer
22 as resulting (when used in the produc-
23 tion of steam) in a qualified emission
24 reduction, and
147
1 ``(IV) is produced in such a man-
2 ner as to result in an increase of at
3 least 50 percent in the market value
4 of the refined coal (excluding any in-
5 crease caused by materials combined
6 or added during the production proc-
7 ess), as compared to the value of the
8 feedstock coal, or
9 ``(ii) which is steel industry fuel.''.
10 (2) STEEL INDUSTRY FUEL DEFINED.--Para-
11 graph (7) of section 45(c) of such Code is amended
12 by adding at the end the following new subpara-
13 graph:
14 ``(C) STEEL INDUSTRY FUEL.--
15 ``(i) IN GENERAL.--The term `steel in-
16 dustry fuel' means a fuel which--
17 ``(I) is produced through a proc-
18 ess of liquifying coal waste sludge and
19 distributing it on coal, and
20 ``(II) is used as a feedstock for
21 the manufacture of coke.
22 ``(ii) COAL WASTE SLUDGE.--The
23 term `coal waste sludge' means the tar de-
24 canter sludge and related byproducts of
25 the coking process, including such mate-
148
1 rials that have been stored in ground, in
2 tanks and in lagoons, that have been treat-
3 ed as hazardous wastes under applicable
4 Federal environmental rules absent lique-
5 faction and processing with coal into a
6 feedstock for the manufacture of coke.''.
7 (b) CREDIT AMOUNT.--
8 (1) IN GENERAL.--Paragraph (8) of section
9 45(e) of the Internal Revenue Code of 1986 (relat-
10 ing to refined coal production facilities) is amended
11 by adding at the end the following new subpara-
12 graph
13 ``(D) SPECIAL RULE FOR STEEL INDUSTRY
14 FUEL.--
15 ``(i) IN GENERAL.--In the case of a
16 taxpayer who produces steel industry
17 fuel--
18 ``(I) this paragraph shall be ap-
19 plied separately with respect to steel
20 industry fuel and other refined coal,
21 and
22 ``(II) in applying this paragraph
23 to steel industry fuel, the modifica-
24 tions in clause (ii) shall apply.
25 ``(ii) MODIFICATIONS.--
149
1 ``(I) CREDIT AMOUNT.--Subpara-
2 graph (A) shall be applied by sub-
3 stituting `$2 per barrel-of-oil equiva-
4 lent' for `$4.375 per ton'.
5 ``(II) CREDIT PERIOD.--In lieu
6 of the 10-year period referred to in
7 clauses (i) and (ii)(II) of subpara-
8 graph (A), the credit period shall be
9 the period beginning on the later of
10 the date such facility was originally
11 placed in service, the date the modi-
12 fications described in clause (iii) were
13 placed in service, or October 1, 2008,
14 and ending on the later of December
15 31, 2009, or the date which is 1 year
16 after the date such facility or the
17 modifications described in clause (iii)
18 were placed in service.
19 ``(III) NO PHASEOUT.--Subpara-
20 graph (B) shall not apply.
21 ``(iii) MODIFICATIONS.--The modifica-
22 tions described in this clause are modifica-
23 tions to an existing facility which allow
24 such facility to produce steel industry fuel.
150
1 ``(iv) BARREL-OF-OIL EQUIVALENT.--
2 For purposes of this subparagraph, a bar-
3 rel-of-oil equivalent is the amount of steel
4 industry fuel that has a Btu content of
5 5,800,000 Btus.''.
6 (2) INFLATION ADJUSTMENT.--Paragraph (2)
7 of section 45(b) of such Code is amended by insert-
8 ing ``the $3 amount in subsection (e)(8)(D)(ii)(I),''
9 after ``subsection (e)(8)(A),''.
10 (c) TERMINATION.--Paragraph (8) of section 45(d)
11 of the Internal Revenue Code of 1986 (relating to refined
12 coal production facility), as amended by this Act, is
13 amended to read as follows:
14 ``(8) REFINED COAL PRODUCTION FACILITY.--
15 In the case of a facility that produces refined coal,
16 the term `refined coal production facility' means--
17 ``(A) with respect to a facility producing
18 steel industry fuel, any facility (or any modi-
19 fication to a facility) which is placed in service
20 before January 1, 2010, and
21 ``(B) with respect to any other facility pro-
22 ducing refined coal, any facility placed in serv-
23 ice after the date of the enactment of the Amer-
24 ican Jobs Creation Act of 2004 and before Jan-
25 uary 1, 2010.''.
151
1 (d) COORDINATION WITH CREDIT FOR PRODUCING
2 FUEL FROM A NONCONVENTIONAL SOURCE.--
3 (1) IN GENERAL.--Subparagraph (B) of section
4 45(e)(9) of the Internal Revenue Code of 1986 is
5 amended--
6 (A) by striking ``The term'' and inserting
7 the following:
8 ``(i) IN GENERAL.--The term'', and
9 (B) by adding at the end the following new
10 clause:
11 ``(ii) EXCEPTION FOR STEEL INDUS-
12 TRY COAL.--In the case of a facility pro-
13 ducing steel industry fuel, clause (i) shall
14 not apply to so much of the refined coal
15 produced at such facility as is steel indus-
16 try fuel.''.
17 (2) NO DOUBLE BENEFIT.--Section 45K(g)(2)
18 of such Code is amended by adding at the end the
19 following new subparagraph:
20 ``(E) COORDINATION WITH SECTION 45.--
21 No credit shall be allowed with respect to any
22 qualified fuel which is steel industry fuel (as de-
23 fined in section 45(c)(7)) if a credit is allowed
24 to the taxpayer for such fuel under section
25 45.''.
152
1 (e) EFFECTIVE DATE.--The amendments made by
2 this section shall apply to fuel produced and sold after
3 September 30, 2008.
4 SEC. 109. SPECIAL RULE TO IMPLEMENT FERC AND STATE
5 ELECTRIC RESTRUCTURING POLICY.
6 (a) EXTENSION FOR QUALIFIED ELECTRIC UTILI-
7 TIES.--
8 (1) IN GENERAL.--Paragraph (3) of section
9 451(i) is amended by inserting ``(before January 1,
10 2010, in the case of a qualified electric utility)''
11 after ``January 1, 2008''.
12 (2) QUALIFIED ELECTRIC UTILITY.--Subsection
13 (i) of section 451 is amended by redesignating para-
14 graphs (6) through (10) as paragraphs (7) through
15 (11), respectively, and by inserting after paragraph
16 (5) the following new paragraph:
17 ``(6) QUALIFIED ELECTRIC UTILITY.--For pur-
18 poses of this subsection, the term `qualified electric
19 utility' means a person that, as of the date of the
20 qualifying electric transmission transaction, is
21 vertically integrated, in that it is both--
22 ``(A) a transmitting utility (as defined in
23 section 3(23) of the Federal Power Act (16
24 U.S.C. 796(23))) with respect to the trans-
153
1 mission facilities to which the election under
2 this subsection applies, and
3 ``(B) an electric utility (as defined in sec-
4 tion 3(22) of the Federal Power Act (16 U.S.C.
5 796(22))).''.
6 (b) EXTENSION OF PERIOD FOR TRANSFER OF
7 OPERATIONAL CONTROL AUTHORIZED BY FERC.--
8 Clause (ii) of section 451(i)(4)(B) is amended by striking
9 ``December 31, 2007'' and inserting ``the date which is
10 4 years after the close of the taxable year in which the
11 transaction occurs''.
12 (c) PROPERTY LOCATED OUTSIDE THE UNITED
13 STATES NOT TREATED AS EXEMPT UTILITY PROP-
14 ERTY.--Paragraph (5) of section 451(i) is amended by
15 adding at the end the following new subparagraph:
16 ``(C) EXCEPTION FOR PROPERTY LOCATED
17 OUTSIDE THE UNITED STATES.--The term `ex-
18 empt utility property' shall not include any
19 property which is located outside the United
20 States.''.
21 (d) EFFECTIVE DATES.--
22 (1) EXTENSION.--The amendments made by
23 subsection (a) shall apply to transactions after De-
24 cember 31, 2007.
154
1 (2) TRANSFERS OF OPERATIONAL CONTROL.--
2 The amendment made by subsection (b) shall take
3 effect as if included in section 909 of the American
4 Jobs Creation Act of 2004.
5 (3) EXCEPTION FOR PROPERTY LOCATED OUT-
6 SIDE THE UNITED STATES.--The amendment made
7 by subsection (c) shall apply to transactions after
8 the date of the enactment of this Act.
9 Subtitle B--Carbon Mitigation and
10 Coal Provisions
11 SEC. 111. EXPANSION AND MODIFICATION OF ADVANCED
12 COAL PROJECT INVESTMENT CREDIT.
13 (a) MODIFICATION OF CREDIT AMOUNT.--Section
14 48A(a) is amended by striking ``and'' at the end of para-
15 graph (1), by striking the period at the end of paragraph
16 (2) and inserting ``, and'', and by adding at the end the
17 following new paragraph:
18 ``(3) 30 percent of the qualified investment for
19 such taxable year in the case of projects described
20 in clause (iii) of subsection (d)(3)(B).''.
21 (b) EXPANSION OF AGGREGATE CREDITS.--Section
22 48A(d)(3)(A) is amended by striking ``$1,300,000,000''
23 and inserting ``$2,550,000,000''.
24 (c) AUTHORIZATION OF ADDITIONAL PROJECTS.--
155
1 (1) IN GENERAL.--Subparagraph (B) of section
2 48A(d)(3) is amended to read as follows:
3 ``(B) PARTICULAR PROJECTS.--Of the dol-
4 lar amount in subparagraph (A), the Secretary
5 is authorized to certify--
6 ``(i) $800,000,000 for integrated gas-
7 ification combined cycle projects the appli-
8 cation for which is submitted during the
9 period described in paragraph (2)(A)(i),
10 ``(ii) $500,000,000 for projects which
11 use other advanced coal-based generation
12 technologies the application for which is
13 submitted during the period described in
14 paragraph (2)(A)(i), and
15 ``(iii) $1,250,000,000 for advanced
16 coal-based generation technology projects
17 the application for which is submitted dur-
18 ing the period described in paragraph
19 (2)(A)(ii).''.
20 (2) APPLICATION PERIOD FOR ADDITIONAL
21 PROJECTS.--Subparagraph (A) of section 48A(d)(2)
22 is amended to read as follows:
23 ``(A) APPLICATION PERIOD.--Each appli-
24 cant for certification under this paragraph shall
25 submit an application meeting the requirements
156
1 of subparagraph (B). An applicant may only
2 submit an application--
3 ``(i) for an allocation from the dollar
4 amount specified in clause (i) or (ii) of
5 paragraph (3)(B) during the 3-year period
6 beginning on the date the Secretary estab-
7 lishes the program under paragraph (1),
8 and
9 ``(ii) for an allocation from the dollar
10 amount specified in paragraph (3)(B)(iii)
11 during the 3-year period beginning at the
12 earlier of the termination of the period de-
13 scribed in clause (i) or the date prescribed
14 by the Secretary.''.
15 (3) CAPTURE AND SEQUESTRATION OF CARBON
16 DIOXIDE EMISSIONS REQUIREMENT.--
17 (A) IN GENERAL.--Section 48A(e)(1) is
18 amended by striking ``and'' at the end of sub-
19 paragraph (E), by striking the period at the
20 end of subparagraph (F) and inserting ``; and'',
21 and by adding at the end the following new sub-
22 paragraph:
23 ``(G) in the case of any project the applica-
24 tion for which is submitted during the period
25 described in subsection (d)(2)(A)(ii), the project
157
1 includes equipment which separates and seques-
2 ters at least 65 percent (70 percent in the case
3 of an application for reallocated credits under
4 subsection (d)(4)) of such project's total carbon
5 dioxide emissions.''.
6 (B) HIGHEST PRIORITY FOR PROJECTS
7 WHICH SEQUESTER CARBON DIOXIDE EMIS-
8 SIONS.--Section 48A(e)(3) is amended by strik-
9 ing ``and'' at the end of subparagraph (A)(iii),
10 by striking the period at the end of subpara-
11 graph (B)(iii) and inserting ``, and'', and by
12 adding at the end the following new subpara-
13 graph:
14 ``(C) give highest priority to projects with
15 the greatest separation and sequestration per-
16 centage of total carbon dioxide emissions.''.
17 (C) RECAPTURE OF CREDIT FOR FAILURE
18 TO SEQUESTER.--Section 48A is amended by
19 adding at the end the following new subsection:
20 ``(i) RECAPTURE OF CREDIT FOR FAILURE TO SE-
21 QUESTER.--The Secretary shall provide for recapturing
22 the benefit of any credit allowable under subsection (a)
23 with respect to any project which fails to attain or main-
24 tain the separation and sequestration requirements of sub-
25 section (e)(1)(G).''.
158
1 (4) ADDITIONAL PRIORITY FOR RESEARCH
2 PARTNERSHIPS.--Section 48A(e)(3)(B), as amended
3 by paragraph (3)(B), is amended--
4 (A) by striking ``and'' at the end of clause
5 (ii),
6 (B) by redesignating clause (iii) as clause
7 (iv), and
8 (C) by inserting after clause (ii) the fol-
9 lowing new clause:
10 ``(iii) applicant participants who have
11 a research partnership with an eligible edu-
12 cational institution (as defined in section
13 529(e)(5)), and''.
14 (5) CLERICAL AMENDMENT.--Section 48A(e)(3)
15 is amended by striking ``INTEGRATED GASIFICATION
16 COMBINED CYCLE'' in the heading and inserting
17 ``CERTAIN''.
18 (d) DISCLOSURE OF ALLOCATIONS.--Section 48A(d)
19 is amended by adding at the end the following new para-
20 graph:
21 ``(5) DISCLOSURE OF ALLOCATIONS.--The Sec-
22 retary shall, upon making a certification under this
23 subsection or section 48B(d), publicly disclose the
24 identity of the applicant and the amount of the cred-
25 it certified with respect to such applicant.''.
159
1 (e) EFFECTIVE DATES.--
2 (1) IN GENERAL.--Except as otherwise pro-
3 vided in this subsection, the amendments made by
4 this section shall apply to credits the application for
5 which is submitted during the period described in
6 section 48A(d)(2)(A)(ii) of the Internal Revenue
7 Code of 1986 and which are allocated or reallocated
8 after the date of the enactment of this Act.
9 (2) DISCLOSURE OF ALLOCATIONS.--The
10 amendment made by subsection (d) shall apply to
11 certifications made after the date of the enactment
12 of this Act.
13 (3) CLERICAL AMENDMENT.--The amendment
14 made by subsection (c)(5) shall take effect as if in-
15 cluded in the amendment made by section 1307(b)
16 of the Energy Tax Incentives Act of 2005.
17 SEC. 112. EXPANSION AND MODIFICATION OF COAL GASIFI-
18 CATION INVESTMENT CREDIT.
19 (a) MODIFICATION OF CREDIT AMOUNT.--Section
20 48B(a) is amended by inserting ``(30 percent in the case
21 of credits allocated under subsection (d)(1)(B))'' after ``20
22 percent''.
23 (b) EXPANSION OF AGGREGATE CREDITS.--Section
24 48B(d)(1) is amended by striking ``shall not exceed
160
1 $350,000,000'' and all that follows and inserting ``shall
2 not exceed--
3 ``(A) $350,000,000, plus
4 ``(B) $250,000,000 for qualifying gasifi-
5 cation projects that include equipment which
6 separates and sequesters at least 75 percent of
7 such project's total carbon dioxide emissions.''.
8 (c) RECAPTURE OF CREDIT FOR FAILURE TO SE -
9 QUESTER.--Section 48B is amended by adding at the end
10 the following new subsection:
11 ``(f) RECAPTURE OF CREDIT FOR FAILURE TO SE -
12 QUESTER.--The Secretary shall provide for recapturing
13 the benefit of any credit allowable under subsection (a)
14 with respect to any project which fails to attain or main-
15 tain the separation and sequestration requirements for
16 such project under subsection (d)(1).''.
17 (d) SELECTION PRIORITIES.--Section 48B(d) is
18 amended by adding at the end the following new para-
19 graph:
20 ``(4) SELECTION PRIORITIES.--In determining
21 which qualifying gasification projects to certify
22 under this section, the Secretary shall--
23 ``(A) give highest priority to projects with
24 the greatest separation and sequestration per-
25 centage of total carbon dioxide emissions, and
161
1 ``(B) give high priority to applicant partici-
2 pants who have a research partnership with an
3 eligible educational institution (as defined in
4 section 529(e)(5)).''.
5 (e) ELIGIBLE PROJECTS INCLUDE TRANSPORTATION
6 GRADE LIQUID FUELS.--Section 48B(c)(7) (defining eli-
7 gible entity) is amended by striking ``and'' at the end of
8 subparagraph (F), by striking the period at the end of
9 subparagraph (G) and inserting ``, and'', and by adding
10 at the end the following new subparagraph:
11 ``(H) transportation grade liquid fuels.''.
12 (f) EFFECTIVE DATE.--The amendments made by
13 this section shall apply to credits described in section
14 48B(d)(1)(B) of the Internal Revenue Code of 1986 which
15 are allocated or reallocated after the date of the enactment
16 of this Act.
17 SEC. 113. TEMPORARY INCREASE IN COAL EXCISE TAX;
18 FUNDING OF BLACK LUNG DISABILITY TRUST
19 FUND.
20 (a) EXTENSION OF TEMPORARY INCREASE.--Para-
21 graph (2) of section 4121(e) is amended--
22 (1) by striking ``January 1, 2014'' in subpara-
23 graph (A) and inserting ``December 31, 2018'', and
162
1 (2) by striking ``January 1 after 1981'' in sub-
2 paragraph (B) and inserting ``December 31 after
3 2007''.
4 (b) RESTRUCTURING OF TRUST FUND DEBT.--
5 (1) DEFINITIONS.--For purposes of this sub-
6 section--
7 (A) MARKET VALUE OF THE OUTSTANDING
8 REPAYABLE ADVANCES, PLUS ACCRUED INTER-
9 EST.--The term ``market value of the out-
10 standing repayable advances, plus accrued in-
11 terest'' means the present value (determined by
12 the Secretary of the Treasury as of the refi-
13 nancing date and using the Treasury rate as
14 the discount rate) of the stream of principal
15 and interest payments derived assuming that
16 each repayable advance that is outstanding on
17 the refinancing date is due on the 30th anniver-
18 sary of the end of the fiscal year in which the
19 advance was made to the Trust Fund, and that
20 all such principal and interest payments are
21 made on September 30 of the applicable fiscal
22 year.
23 (B) REFINANCING DATE.--The term ``refi-
24 nancing date'' means the date occurring 2 days
25 after the enactment of this Act.
163
1 (C) REPAYABLE ADVANCE.--The term ``re-
2 payable advance'' means an amount that has
3 been appropriated to the Trust Fund in order
4 to make benefit payments and other expendi-
5 tures that are authorized under section 9501 of
6 the Internal Revenue Code of 1986 and are re-
7 quired to be repaid when the Secretary of the
8 Treasury determines that monies are available
9 in the Trust Fund for such purpose.
10 (D) TREASURY RATE.--The term ``Treas-
11 ury rate'' means a rate determined by the Sec-
12 retary of the Treasury, taking into consider-
13 ation current market yields on outstanding
14 marketable obligations of the United States of
15 comparable maturities.
16 (E) TREASURY 1-YEAR RATE.--The term
17 ``Treasury 1-year rate'' means a rate deter-
18 mined by the Secretary of the Treasury, taking
19 into consideration current market yields on out-
20 standing marketable obligations of the United
21 States with remaining periods to maturity of
22 approximately 1 year, to have been in effect as
23 of the close of business 1 business day prior to
24 the date on which the Trust Fund issues obliga-
164
1 tions to the Secretary of the Treasury under
2 paragraph (2)(B).
3 (F) TRUST FUND.--The term ``Trust
4 Fund'' means the Black Lung Disability Trust
5 Fund established under section 9501 of the In-
6 ternal Revenue Code of 1986.
7 (2) REFINANCING OF OUTSTANDING PRINCIPAL
8 OF REPAYABLE ADVANCES AND UNPAID INTEREST
Top 10 Tags: section, amended, subsection, credit, paragraph, qualified, coal, date, energy, fuel
PermaLink Home All comments are moderated to the best of the administrator's ability. Do you agree with this article? Perhaps disagree?
|
Last 300 EntreCard Visitors (My drop list) Our Friends:
|
|
![[Valid RSS]](http://matthiaschronicles.tanaya.net/valid-rss.png "Validate my RSS feed")
