1.This Act may be cited as the
Investment in American Steel Act of
2009
.
2.Credit percentage for
qualifying advanced energy wind projects based on domestic steel content in
such project
(a)Subsection (b) of
section 48C of the Internal Revenue Code of 1986 is amended by adding at the
end the following new paragraph:
(4)Special rule
based on domestic steel content in wind projects
(A)In the case of a qualifying advanced energy project
designed to be used to produce energy from the wind, subsection (a) shall be
applied by substituting the applicable percentage
for 30
percent
.
(B)For purposes of subparagraph (A), the applicable
percentage is the percentage of domestic steel content of such project is of
the total steel content of such project.
(C)For purposes of this paragraph, steel domestic and
non-domestic steel content shall be determined under regulations or other
guidance prescribed by the Secretary.
(D)The
term domestic refers to production of steel in the United States
or in a possession of the United
States.
.
(b)The amendment made by this section shall take effect as if
included in the amendments made by section 1302 of the American Recovery and
Reinvestment Tax Act of 2009.