1.This Act may be cited as the
Financing Advanced and Superconducting
Transmission Act of 2009
.
2.5-year depreciation
for advanced electric transmission property
(a)Subparagraph (B) of
section 168(e)(3) of the Internal Revenue Code of 1986 (defining 5-year
property) is amended by striking and
at the end of clause (vi),
by striking the period at the end of clause (vii) and inserting ,
and
, and by inserting after clause (vii) the following new
clause:
(viii)is qualified advanced electric transmission
property (as described in section 48(c)(6)) which is placed in service before
January 1,
2017
.
(b)The amendment made by subsection (a) shall apply to property
placed in service after the date of the enactment of this Act.
3.Investment tax
credit for high efficiency transmission property and advanced electric
transmission property
(a)Subparagraph (A) of section 48(a)(3) of the Internal
Revenue Code of 1986 (defining energy property) is amended by striking
or
at the end of clause (vi) and by inserting after clause (vii)
the following new clauses:
(viii)qualified high
efficiency transmission property, or
(ix)qualified advanced electric transmission
property,
.
(b)Clause (i) of section
48(a)(2)(A) of the Internal Revenue Code of 1986 is amended by striking
and
at the end of subclause (III) and by inserting after
subclause (IV) the following:
(V)qualified advanced electric transmission
property,
and
.
(c)Subsection
(c) of section 48 of such Code is amended by adding at the end the following
new paragraphs:
(5)Qualified high
efficiency transmission property
(A)The term qualified high efficiency transmission
property means any high voltage overhead electric transmission line,
related substation, or other integrated facility that—
(i)utilizes advanced
conductor core technology that has been determined by the Secretary of Energy
as—
(I)reasonably likely
to become commercially viable within ten (10) years of the date of enactment of
the Financing Advanced and Superconducting
Transmission Act of 2009,
(II)is suitable for
use on transmission lines up to 765kV, and
(III)exhibits power
losses at least 30 percent lower than that of transmission lines using
conventional ACSR
conductors,
(ii)has been
determined by an appropriate energy regulatory body, upon application, to be in
the public interest and thereby eligible for inclusion in regulated rates, and
(iii)can be located
safely and economically in a right of way not to exceed that used by
conventional ACSR
conductors.
(B)The
term qualified high efficiency transmission property shall not
include any property placed in service after December 31, 2016.
(6)Qualified
advanced electric transmission property
(A)The term qualified advanced electric transmission
property means any high voltage electric transmission cable, related
substation, converter station, or other integrated facility that—
(i)utilizes advanced
ultra low resistance superconductive material or other advanced technology that
has been determined by the Secretary of Energy as—
(I)reasonably likely
to become commercially viable within 10 years after the date of enactment of
the Financing Advanced and Superconducting
Transmission Act of 2009,
(II)capable of
reliably transmitting at least 5 gigawatts of high-voltage electric energy for
distances greater than 300 miles with energy losses not exceeding 3 percent of
the total power transported, and
(III)not creating an
electromagnetic field,
(ii)has been
determined by an appropriate energy regulatory body, upon application, to be in
the public interest and thereby eligible for inclusion in regulated rates, and
(iii)can be located
safely and economically in a permanent underground right of way not to exceed
25 feet in width.
(B)In the case of any qualified advanced electric
transmission property placed in service before January 1, 2015, with a length
of not less than 150 miles, subsection (a)(2)(A)(i) shall be applied by
substituting 50 percent
for 30 percent
.
(C)The
term qualified advanced electric transmission property shall not
include any property placed in service after December 31,
2016.
.
(d)The amendments made by this section shall apply to periods
after the date of the enactment of this Act, in taxable years ending after such
date, under rules similar to the rules of section 48(m) of the Internal Revenue
Code of 1986 (as in effect on the day before the date of the enactment of the
Revenue Reconciliation Act of 1990).