[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1219 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1219

To amend the Internal Revenue Code of 1986 to include swine and bovine 
   waste nutrients as a renewable energy resource for the renewable 
         electricity production credit, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 23, 2001

 Mr. Grassley introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to include swine and bovine 
   waste nutrients as a renewable energy resource for the renewable 
         electricity production credit, 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 ``Providing Opportunities With 
Effluent Renewables (POWER) Act''.

SEC. 2. MODIFICATIONS TO CREDIT FOR ELECTRICITY PRODUCED FROM RENEWABLE 
              RESOURCES.

    (a) Expansion of Qualified Energy Resources.--
            (1) In general.--Section 45(c)(1) of the Internal Revenue 
        Code of 1986 (defining qualified energy resources) is amended 
        by striking ``and'' at the end of subparagraph (B), by striking 
        the period at the end of subparagraph (C) and inserting ``, 
        and'', and by adding at the end the following new subparagraph:
                    ``(D) swine and bovine waste nutrients.''.
            (2) Definition.--Section 45(c) of such Code (relating to 
        definitions) is amended by adding at the end the following new 
        paragraph:
            ``(5) Swine and bovine waste nutrients.--The term `swine 
        and bovine waste nutrients' means swine and bovine manure and 
        litter, including bedding material for the disposition of 
        manure.''.
            (b) Extension and Modification of Placed-In-Service 
        Rules.--Section 45(c)(3) of the Internal Revenue Code of 1986 
        (relating to qualified facility is amended by adding at the end 
        the following new subparagraph:
                    ``(D) Swine and bovine waste nutrients facility.--
                In the case of a facility using swine and bovine waste 
                nutrients to produce electricity, the term `qualified 
                facility' means any facility owned by the taxpayer 
                which is originally placed in service after December 
                31, 2001, and before January 1, 2007.''.
    (c) Exemption From Credit Reduction.--Section 45(b)(3) of the 
Internal Revenue Code of 1986 (relating to credit reduced for grants, 
tax-exempt bonds, subsidized energy financing, and other credits) is 
amended by adding at the end the following new sentence: ``This 
paragraph shall not apply to any project related to a qualified 
facility described in subsection (c)(3)(D).''.
    (d) Effective Date.--The amendments made by this section shall 
apply to electricity produced after December 31, 2001.

SEC. 3. ANAEROBIC DIGESTION SYSTEMS.

    Section 1240G(c) of the Food Security Act of 1985 (16 U.S.C. 
3839aa-7(c)) is amended by striking ``until the subsequent fiscal 
year.'' and inserting the following: ``until--
            ``(1) the subsequent fiscal year; or
            ``(2) in the case of a contract to implement an anaerobic 
        digestion system implemented as a component of a nutrient 
        management system, the 2 subsequent fiscal years.''.
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