II 109th CONGRESS 1st Session S. 1079 IN THE SENATE OF THE UNITED STATES May 19, 2005 Mrs. Lincoln 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 expand and extend the renewable resource credit for trash combustion facilities.

1.

Short title

This Act may be cited as the Waste-to-Energy Tax Credit Act.

2.

Expansion and extension of renewable resource credit for trash combustion facilities

(a)

In general

Paragraph (7) of section 45(d) of the Internal Revenue Code of 1986 (relating to trash combustion facilities) is amended— (1)by inserting or unit after any facility, and (2)by striking 2006. and inserting 2009, only if the average production of electricity from the existing facility and the new unit exceeds historical levels of electricity produced before the date such new unit was placed in service.. (b)

Credit rate and period for electricity produced and sold after enactment date

Section 45(b)(4) of the Internal Revenue Code of 1986 (relating to credit rate and period for electricity produced and sold from certain facilities) is amended— (1)by striking (6), or (7) in subparagraphs (A) and (B)(i) and inserting or (6), and (2)by inserting and in the case of any facility described in subsection (d)(7), the 7-year period beginning on the date the facility was originally placed in service shall be substituted for such 10-year period before the period at the end of subparagraph (B)(i). (c)

Extension for certain facilities

Section 45(e) of the Internal Revenue Code of 1986 (relating to definitions and special rules) is amended by adding at the end the following new paragraph: (10)

Extension for certain facilities

In the case of any facility described in subsection (d)(7), for purposes of subsection (b)(4), such facility shall be treated as being placed in service before January 1, 2009, if such facility is placed in service before July 1, 2009 pursuant to a binding written contract in effect before January 1, 2009. . (d)

Effective date

The amendments made by this section shall take effect as if included in the amendments made by section 710 of the American Jobs Creation Act of 2004.