Investment in American Steel Act of 2009

Investment in American Steel Act of 2009 - Amends the Internal Revenue Code to adjust the rate of the tax credit for investment in projects to produce energy from wind based upon the percentage of domestic steel content in such projects.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3034 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3034

    To amend the Internal Revenue Code of 1986 to adjust the credit 
   percentage for qualifying advanced energy wind projects based on 
                        domestic steel content.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 24, 2009

Mr. Wilson of Ohio introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to adjust the credit 
   percentage for qualifying advanced energy wind projects based on 
                        domestic steel content.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Investment in American Steel Act of 
2009''.

SEC. 2. CREDIT PERCENTAGE FOR QUALIFYING ADVANCED ENERGY WIND PROJECTS 
              BASED ON DOMESTIC STEEL CONTENT IN SUCH PROJECT.

    (a) In General.--Subsection (b) of section 48C of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(4) Special rule based on domestic steel content in wind 
        projects.--
                    ``(A) In general.--In the case of a qualifying 
                advanced energy project designed to be used to produce 
                energy from the wind, subsection (a) shall be applied 
                by substituting `the applicable percentage' for `30 
                percent'.
                    ``(B) Applicable percentage.--For purposes of 
                subparagraph (A), the applicable percentage is the 
                percentage of domestic steel content of such project is 
                of the total steel content of such project.
                    ``(C) Steel content.--For purposes of this 
                paragraph, steel domestic and non-domestic steel 
                content shall be determined under regulations or other 
                guidance prescribed by the Secretary.
                    ``(D) Domestic.--The term `domestic' refers to 
                production of steel in the United States or in a 
                possession of the United States.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in the amendments made by section 1302 of the 
American Recovery and Reinvestment Tax Act of 2009.
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