Clean Renewable Energy Investment Act of 2010 - Amends the Internal Revenue Code, with respect to tax-exempt new clean renewable energy bonds, to: (1) repeal the national limitation amount for such bonds; (2) allow such unlimited bonds to be issued until January 1, 2014; (3) eliminate the eligibility of governmental bodies for new clean renewable energy bond financing; (4) designate a tribal utility as a clean renewable energy bond lender; and (5) provide that any reimbursements with the proceeds of new clean renewable energy bonds are subject to reimbursement rules applicable to all tax-exempt bonds.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6117 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 6117
To amend the Internal Revenue Code of 1986 to repeal the limitation on
the issuance of new clean renewable energy bonds and to terminate
eligibility of governmental bodies to issue such bonds, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 14, 2010
Mr. McDermott (for himself, Mr. Blumenauer, Mr. Pomeroy, and Ms. Linda
T. Sanchez of California) 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 repeal the limitation on
the issuance of new clean renewable energy bonds and to terminate
eligibility of governmental bodies to issue such bonds, and for other
purposes.
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 ``Clean Renewable Energy Investment
Act of 2010''.
SEC. 2. NEW CLEAN ENERGY RENEWABLE BONDS.
(a) Repeal of Limitation on Amount of Bonds Designated.--Section
54C of the Internal Revenue Code of 1986 is amended by striking
subsection (c).
(b) Termination.--Subsection (a) of section 54C of such Code is
amended by striking ``and'' at the end of paragraph (2), by striking
the period at the end of paragraph (3), and by adding at the end the
following new paragraph:
``(4) such bond is issued before January 1, 2014.''.
(c) Rules Relating to Expenditures.--
(1) In general.--Paragraph (1) of section 54C(a) of such
Code is amended by inserting ``and meet the requirements of
subsection (c)'' before the comma at the end.
(2) Requirements.--Section 54C of such Code (as amended by
subsection (a) of this section) is amended by inserting after
subsection (b) the following new subsection:
``(c) Rules Relating to Expenditures.--An issue shall be treated as
meeting the requirements of this subsection if, as of the date of
issuance of such issue, the issuer reasonably expects--
``(1) 95 percent or more of the available project proceeds
to be spent for 1 or more purposes specified in subsection
(a)(1) within the 3-year period beginning on such date of
issuance, and
``(2) a binding commitment with a third party to spend at
least 10 percent of such available project proceeds will be
incurred within the 6-month period beginning on such date of
issuance.''.
(d) Governmental Bodies Not Eligible.--Section 54C of such Code, as
amended by the preceding provisions of this section, is amended--
(1) in subsection (a) by striking ``governmental bodies,
public power providers, or cooperative electric companies'' and
inserting ``public power providers, tribal utilities, or
cooperative electric companies'',
(2) in subsection (d)(1) by striking ``public power
provider, a governmental body, or a cooperative electric
company'' and inserting ``public power provider, a tribal
utility, or a cooperative electric company'',
(3) in subsection (d) by striking paragraph (3) and
redesignating paragraphs (4), (5), and (6) as paragraphs (3),
(4), and (5), respectively, and
(4) in subsection (d)(6), by striking ``a governmental
body,''.
(e) Tribal Utilities Eligible as Qualified Issuer.--
(1) In general.--Paragraph (5) of section 54C(d) of such
Code (as amended by subsection (d)(3)) is amended by inserting
``a tribal utility,'' after ``bond lender,''.
(2) Tribal utility defined.--Subsection (d) of section 54C
of such Code (as so amended) is amended by adding at the end
the following new paragraph:
``(6) Tribal utility.--The term `tribal utility' means any
enterprise, agency, authority, or instrumentality of any Indian
tribe (as defined in section 4 of the Indian Self-Determination
and Education Assistance Act (25 U.S.C. 450b(e)) with a service
obligation or right under tribal law and which provides
electric service to end-users.''.
(f) Reimbursement With Proceeds of Tax Credit Bonds.--Subparagraph
(D) of section 54A(d)(2) of such Code is amended by striking ``for
amounts paid'' and all that follows and inserting ``under rules
governing obligations the interest on which is excluded from gross
income by section 103.''.
(g) Conforming Amendment.--Section 54A(d)(1) of such Code is
amended by adding at the end the following flush sentence:
``Subparagraphs (A) and (B) of paragraph (2) shall not apply to an
issue of new clean renewable energy bonds.''.
(h) Effective Date.--
(1) In general.--Except as provided by paragraph (2), the
amendments made by this section shall apply to obligations
issued after the date of the enactment of this Act.
(2) Allocations made before date of enactment.--The
amendments made by this section, other than by subsections (a),
(c), and (g), shall not apply to bonds issued pursuant to any
allocation of new clean renewable energy bond limitation made
on or before the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1603)
Referred to the House Committee on Ways and Means.
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