Renewable Energy Investment Incentive Act of 2010

Renewable Energy Investment Incentive Act of 2010 - Amends the Internal Revenue Code to extend until 2019: (1) the tax credit for the production of electricity from renewable resources; and (2) the energy tax credits for solar energy, fuel cell, and qualified small wind property and geothermal heat pump systems. Allows until 2019 a 30% energy tax credit for equipment used to generate electricity by geothermal power.

Amends the American Recovery and Reinvestment Tax Act of 2009 to extend beyond 2010 the grant program for alternative and energy property in lieu of the tax credits for such property.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6121 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6121

To amend the Internal Revenue Code to extend the production tax credit 
 and investment tax credit, to increase the investment tax credit with 
respect to equipment used to generate electricity by geothermal power, 
   and to extend specified energy property grants under the American 
                     Recovery and Reinvestment Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2010

  Mr. Sestak introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committee on Energy 
    and Commerce, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code to extend the production tax credit 
 and investment tax credit, to increase the investment tax credit with 
respect to equipment used to generate electricity by geothermal power, 
   and to extend specified energy property grants under the American 
                     Recovery and Reinvestment Act.

    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 ``Renewable Energy Investment 
Incentive Act of 2010''.

SEC. 2. EXTENSION OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN 
              RENEWABLE RESOURCES.

    Section 45(d) of the Internal Revenue Code of 1986 (relating to 
qualified facilities) is amended--
            (1) by striking ``2010'' each place it appears in 
        paragraphs (1) and (8) and inserting ``2019'';
            (2) by striking ``2011'' each place it appears in 
        paragraphs (2), (3), (4), (5), (6), (7), and (9) and inserting 
        ``2019''; and
            (3) by striking ``2012'' in paragraph (11)(B) and inserting 
        ``2019''.

SEC. 3. EXTENSION OF INVESTMENT TAX CREDIT FOR CERTAIN ENERGY PROPERTY.

    (a) Solar Energy Property.--Paragraphs (2)(A)(i)(II) and (3)(A)(ii) 
of section 48(a) are each amended by striking ``January 1, 2017'' and 
inserting ``January 1, 2019''.
    (b) Fuel Cell Property.--Subparagraph (D) of section 48(c)(1) is 
amended by striking ``December 31, 2016'' and inserting ``December 31, 
2018''.
    (c) Qualified Small Wind Energy Property.--Subparagraph (C) of 
section 48(c)(4) is amended by striking ``December 31, 2016'' and 
inserting ``December 31, 2018''.
    (d) Geothermal Heat Pump Systems.--Clause (vii) of section 
48(a)(3)(A) is amended by striking ``January 1, 2017'' and inserting 
``January 1, 2019''.
    (e) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 4. INCREASE OF ENERGY CREDIT FOR EQUIPMENT USED TO GENERATE 
              ELECTRICITY BY GEOTHERMAL POWER.

    (a) In General.--Clause (i) of section 48(a)(2)(A) of the Internal 
Revenue Code of 1986 is amended--
            (1) in subclause (III), by striking ``and''; and
            (2) by adding at the end the following:
                                    ``(V) energy property described in 
                                paragraph (3)(A)(iii), but only with 
                                respect to periods ending before 
                                January 1, 2019, and''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 5. EXTENSION OF SPECIFIED ENERGY PROPERTY GRANTS IN LIEU OF 
              CREDIT.

    (a) In General.--Subsection (a) of section 1603 of the American 
Recovery and Reinvestment Tax Act of 2009 is amended by striking 
``unless such property--'' and all that follows through the period at 
the end and inserting the following: ``unless such property is placed 
in service before the credit termination date with respect to such 
property.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to grants made after the date of the enactment of this Act.
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