Solar Manurfacturing Advancement Act of 2009 - Amends the Internal Revenue Code to: (1) allow through 2016 a 30% energy tax credit for investment in property used to manufacture certain solar energy property; and (2) make such credit refundable.
[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 576 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 576
To amend the Internal Revenue Code of 1986 to allow a refundable
investment credit, and 5-year depreciation, for property used to
manufacture solar energy property.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 15, 2009
Ms. Giffords 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 allow a refundable
investment credit, and 5-year depreciation, for property used to
manufacture solar energy property.
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 ``Solar Manufacturing Advancement Act
of 2009''.
SEC. 2. REFUNDABLE INVESTMENT CREDIT AND 5-YEAR DEPRECIATION FOR
PROPERTY USED TO MANUFACTURE SOLAR ENERGY PROPERTY.
(a) In General.--Subparagraph (A) of section 48(a)(3) of the
Internal Revenue Code of 1986 (defining energy property) is amended by
striking ``or'' at the end of clause (vi), by adding ``or'' at the end
of clause (vii), and by inserting after clause (vii) the following new
clause:
``(viii) property used to manufacture
equipment described in clause (i) or (ii),''.
(b) 30 Percent Credit.--Clause (i) of section 48(a)(2)(A) of such
Code is amended by striking ``and'' at the end of subclause (III) and
by inserting after subclause (IV) the following new subclause:
``(V) property described in
paragraph (3)(A)(viii) but only with
respect to periods ending before
January 1, 2017, and''.
(c) Credit To Be Refundable.--Subsection (c) of section 38 of such
Code (relating to limitation based on amount of tax) is amended by
redesignating paragraph (5) as paragraph (6) and by inserting after
paragraph (4) the following new paragraph:
``(5) Special rules for solar energy property manufacturer
credit.--
``(A) In general.--In the case of the solar energy
property manufacturer credit--
``(i) this section and section 39 shall be
applied separately with respect to such credit,
``(ii) in applying paragraph (1) to such
credits--
``(I) the tentative minimum tax
shall be treated as being zero, and
``(II) the limitation under
paragraph (1) (as modified by subclause
(I)) shall be reduced by the credit
allowed under subsection (a) for the
taxable year (other than the solar
energy property manufacturer credit),
and
``(iii) the amount of the solar energy
property manufacturer credit in excess of the
limitation under paragraph (1) (as modified by
subclause (II)) shall be treated as a credit
under subpart C.
``(B) Solar energy property manufacturer credit.--
For purposes of this subsection, the term `solar energy
property manufacturer credit' means so much of the
energy credit as is attributable to property described
in clause (viii) of section 48(a)(3)(A).''.
(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 and to taxable years ending after such date.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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