Property Assessed Clean Energy Tax Benefits Act of 2009 - Amends the Internal Revenue Code to authorize the issuance of tax-exempt bonds to finance state and local government programs for clean energy improvements in buildings. Defines "clean energy improvements" as any distributed generation renewable energy sources, energy efficiency improvements, or water efficiency improvements which are permanently affixed to a building and result in a 20% savings in energy consumption.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4155 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 4155
To amend the Internal Revenue Code of 1986 to permit the issuance of
tax-exempt bonds for financing clean energy improvements under State
and local property assessed clean energy programs.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 19, 2009
Mr. Sarbanes 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 permit the issuance of
tax-exempt bonds for financing clean energy improvements under State
and local property assessed clean energy programs.
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 ``Property Assessed Clean Energy Tax
Benefits Act of 2009''.
SEC. 2. PROPERTY ASSESSED CLEAN ENERGY BONDS.
(a) In General.--Section 144 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
``(d) Property Assessed Clean Energy Bonds.--For purposes of this
part--
``(1) In general.--The term `property assessed clean energy
bond' means any bond issued as part of an issue 95 percent or
more of the net proceeds of which are to be used to finance
clean energy improvements under a qualified property assessed
clean energy program.
``(2) Qualified property assessed clean energy program.--
For purposes of this subsection--
``(A) In general.--The term `qualified property
assessed clean energy program' means a program of a
State or local government (or a political subdivision
thereof) under which such State or local government
finances clean energy improvements with respect to any
building in exchange for an assessment with respect to
such building under an agreement which--
``(i) is between the State or local
government and the owner of the building,
``(ii) provides for an initial energy use
audit of the building with respect to which
clean energy improvements are to be made,
``(iii) requires disclosure of the State or
local government's estimate of utility savings
for any proposed clean energy improvements,
``(iv) provides that the State or local
government shall arrange and finance any clean
energy improvements, and
``(v) specifies the term and rate of
assessment with respect to the building for
such clean energy improvements.
``(B) Clean energy improvements.--For purposes of
this subsection--
``(i) In general.--The term `clean energy
improvements' means any distributed generation
renewable energy sources, energy efficiency
improvements, or water efficiency improvements
which--
``(I) are permanently fixed to the
building, and
``(II) will result in a 20 percent
savings from the previous level of
consumption with respect to the
building as determined in the energy
audit described in subparagraph
(A)(ii).
``(ii) Special rule relating to distributed
generation renewable energy sources.--A
distributed generation renewable energy source
shall not be treated as a clean energy
improvement with respect to a building unless
energy efficiency improvements or water
efficiency improvements are made with respect
to such building under the program.''.
(b) Treated as Qualified Bond.--Paragraph (1) of section 141(e) of
such Code is amended by striking ``or'' at the end of subparagraph (F),
by striking the period at the end of subparagraph (G) and inserting ``,
or'', and by adding at the end the following new subparagraph:
``(H) a property assessed clean energy bond.''.
(c) Clerical Amendments.--
(1) The heading of section 144 of such Code is amended by
striking ``bond.'' and inserting ``bond; property assessed
clean energy bond.''
(2) The item relating to section 144 in the table of
sections for subpart A of part IV of subchapter B of chapter 1
of such Code is amended to read as follows:
``Sec. 144. Qualified small issuer bond; qualified student loan bond;
qualified development bond; property
assessed clean energy bond.''.
(d) Effective Date.--The amendments made by this section shall
apply to bonds issued after the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E2836)
Referred to the House Committee on Ways and Means.
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