[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6672 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6672

 To amend the Internal Revenue Code of 1986 to provide an exception to 
 the reduction of renewable energy credit for certain authority under 
          the Farm Security and Rural Investment Act of 2002.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2008

 Ms. Herseth Sandlin (for herself and Mr. Fortenberry) 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 provide an exception to 
 the reduction of renewable energy credit for certain authority under 
          the Farm Security and Rural Investment Act of 2002.

    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 ``Rural Energy Equity Act of 2008''.

SEC. 2. EXCEPTION TO REDUCTION OF RENEWABLE ELECTRICITY CREDIT.

    (a) In General.--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 
after the last sentence the following: ``This paragraph shall not apply 
with respect to any loan guarantees or grants issued by the Secretary 
of Agriculture under authority granted by section 9007 of the Farm 
Security and Rural Investment Act of 2002.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to facilities placed in service after the date of the enactment of this 
Act.
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