[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2755 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2755

  To amend the Internal Revenue Code of 1986 to provide an investment 
 credit for equipment used to fabricate solar energy property, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            November 9, 2009

     Mr. Menendez (for himself, Ms. Stabenow, Mr. Bennet, and Mrs. 
  Gillibrand) 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 provide an investment 
 credit for equipment used to fabricate solar energy property, and for 
                            other purposes.

    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 ``Solar Manufacturing Jobs Creation 
Act''.

SEC. 2. INVESTMENT CREDIT FOR EQUIPMENT USED TO FABRICATE SOLAR ENERGY 
              PROPERTY.

    (a) In General.--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), by adding ``or'' at the end 
of clause (vii), and by inserting after clause (vii) the following new 
clause:
                            ``(viii) equipment designed to be used for 
                        the fabrication of property described in clause 
                        (i) or paragraph (1) or (2) of section 25D(d), 
                        including solar cells and modules that convert 
                        sunlight to electricity, but only with respect 
                        to periods ending before January 1, 2017.''.
    (b) Credit Percentage.--Clause (i) of section 48(a)(2)(A) of the 
Internal Revenue Code of 1986 (defining energy percentage) is amended 
by striking ``and'' at the end of subclause (III) and by inserting 
after subclause (IV) the following new subclause:
                                    ``(V)   energy property described 
                                in paragraph (3)(A)(viii), and''.  
    (c) Effective Date.--The amendments made by this section shall 
apply to periods after the date of the enactment of this Act, 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).

SEC. 3. SOLAR ENERGY PROPERTY FABRICATION EQUIPMENT TREATED AS 
              SPECIFIED ENERGY PROPERTY FOR ENERGY PROPERTY GRANTS IN 
              LIEU OF CREDITS.

    (a) Additional Specified Energy Property.--Section 1603(d)(3) of 
the American Recovery and Reinvestment Tax Act of 2009 is amended by 
striking ``described in clause (i) or (ii)'' and inserting ``described 
in clause (i), (ii) or (viii)''.
    (b) Placed in Service Limitation.--Paragraph (2) of section 1603(a) 
of the American Recovery and Reinvestment Tax Act of 2009 is amended by 
striking ``but only if the construction of such property began during 
2009 or 2010.'' and inserting the following: ``but only if--
                    ``(A) the construction of such property began 
                during 2009 or 2010, or
                    ``(B) in the case of property described in section 
                48(a)(3)(A)(viii) of the Internal Revenue Code of 1986, 
                is acquired by the taxpayer pursuant to a written 
                binding contract which was entered into during 2009 or 
                2010.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect as if included in the enactment of section 1603 of the American 
Recovery and Reinvestment Tax Act of 2009.
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