110 HR 6672 IH: Rural Energy Equity Act of U.S. House of Representatives 2008-07-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6672 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.

1.

Short title

This Act may be cited as the Rural Energy Equity Act of 2008.

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.