[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 756 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 756

  To amend the Internal Revenue Code of 1986 to extend and modify the 
 credit for electricity produced from biomass, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 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 extend and modify the 
 credit for electricity produced from biomass, 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 ``Growing Renewable Energy for 
Emerging Needs (GREEN) Act''.

SEC. 2. CREDIT FOR ELECTRICITY PRODUCED FROM BIOMASS.

    (a) Extension and Modification of Placed-In-Service Rules.--
Paragraph (3) of section 45(c) of the Internal Revenue Code of 1986 is 
amended--
            (1) by striking subparagraph (B) and inserting the 
        following new subparagraph:
                    ``(B) Closed-loop biomass facility.--In the case of 
                a facility using closed-loop biomass to produce 
                electricity, the term `qualified facility' means any 
                facility--
                            ``(i) owned by the taxpayer which is 
                        originally placed in service after December 31, 
                        1992, and before January 1, 2007, or
                            ``(ii) of the taxpayer which is originally 
                        placed in service before December 31, 1992, and 
                        modified to use closed-loop biomass to co-fire 
                        with coal before January 1, 2007.'',
            (2) by striking ``2002'' in subparagraph (C) and inserting 
        ``2007'', and
            (3) by adding at the end the following new subparagraphs:
                    ``(D) Biomass facilities.--In the case of a 
                facility using biomass (other than closed-loop biomass) 
                to produce electricity, the term `qualified facility' 
                means any facility owned by the taxpayer which is 
                originally placed in service before January 1, 2007.
                    ``(E) Special rules.--In the case of a qualified 
                facility described in subparagraph (B)(ii) or (D)--
                            ``(i) the 10-year period referred to in 
                        subsection (a) shall be treated as beginning no 
                        earlier than the date of the enactment of this 
                        paragraph, and
                            ``(ii) subsection (b)(3) shall not apply to 
                        any such facility originally placed in service 
                        before January 1, 1997.''.
    (b) Biomass Facilities.--
            (1) In general.--Section 45(c)(1) of the Internal Revenue 
        Code of 1986 (defining qualified energy resources) is amended--
                    (A) by striking ``and'' at the end of subparagraph 
                (B),
                    (B) by striking the period at the end of 
                subparagraph (C) and inserting ``, and'', and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(D) biomass (other than closed-loop biomass).''.
            (2) Biomass defined.--Section 45(c) of such Code (relating 
        to definitions) is amended by adding at the end the following 
        new paragraph:
            ``(5) Biomass.--The term `biomass' means any solid, 
        nonhazardous, cellulosic waste material which is segregated 
        from other waste materials and which is derived from--
                    ``(A) any of the following forest-related 
                resources: mill residues, precommercial thinnings, 
                slash, and brush, but not including old-growth timber,
                    ``(B) solid wood waste materials, including waste 
                pallets, crates, dunnage, manufacturing and 
                construction wood wastes (other than pressure-treated, 
                chemically-treated, or painted wood wastes), and 
                landscape or right-of-way tree trimmings, but not 
                including municipal solid waste (garbage), gas derived 
                from the biodegradation of solid waste, or paper that 
                is commonly recycled, or
                    ``(C) agriculture sources, including orchard tree 
                crops, vineyard, grain, legumes, sugar, and other crop 
                by-products or residues.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to electricity produced after the date of the enactment of this 
Act.
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