[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2826 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2826

  To amend the Internal Revenue Code of 1986 to extend the renewable 
 production credit for wind and open-loop biomass facilities, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 3, 2009

 Mr. Grassley 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 extend the renewable 
 production credit for wind and open-loop biomass facilities, 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 ``Clean Renewable Energy Advancement 
Tax Extension Jobs Act of 2009'' or the ``CREATE Jobs Act''.

SEC. 2. EXTENSION OF RENEWABLE PRODUCTION CREDIT FOR WIND AND OPEN-LOOP 
              BIOMASS FACILITIES.

    (a) Wind.--Section 45(d)(1) of the Internal Revenue Code of 1986 is 
amended by striking ``before January 1, 2013'' and inserting ``before 
January 1, 2017''.
    (b) Open-Loop Biomass.--Section 45(d)(3) of the Internal Revenue 
Code of 1986 is amended by striking ``before January 1, 2014'' both 
places it appears and inserting ``before January 1, 2017''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 3. INCREASED LIMITATION ON ISSUANCE OF NEW CLEAN RENEWABLE ENERGY 
              BONDS.

    (a) Additional Limitation.--Section 54C(c) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(5) Further increase in limitation.--The national new 
        clean renewable energy bond limitation shall be increased by 
        $2,200,000,000. Such increase shall be allocated by the 
        Secretary consistent with the rules of paragraphs (2) and 
        (3).''.
    (b) Nonapplication of Certain Labor Standards To Further Increase 
in Limitation.--Section 1601(1) of the American Recovery and 
Reinvestment Tax Act of 2009 is amended by inserting ``pursuant to 
section 54C(c)(4) of such Code'' after ``Act,''.
    (c) Nonapplication of Certain Arbitrage and Issuance Rules.--
Section 54C of the Internal Revenue Code of 1986 is amended by adding 
at the end the following new subsection:
    ``(e) Special Rules.--For purposes of this section--
            ``(1) Limited arbitrage.--Section 54A(d)(4) shall apply 
        without regard to subparagraph (B) or (C) thereof.
            ``(2) No credit stripping.--Section 54A(i) shall not 
        apply.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.

SEC. 4. ADDITIONAL FIRST-YEAR DEPRECIATION FOR 50 PERCENT OF THE BASIS 
              OF CERTAIN QUALIFIED PROPERTY.

    (a) In General.--Paragraph (2) of section 168(k) of the Internal 
Revenue Code of 1986, as amended by the American Recovery and 
Reinvestment Tax Act of 2009, is amended--
            (1) by striking ``January 1, 2011'' and inserting ``January 
        1, 2012'', and
            (2) by striking ``January 1, 2010'' each place it appears 
        and inserting ``January 1, 2011''.
    (b) Conforming Amendments.--
            (1) The heading for subsection (k) of section 168 of the 
        Internal Revenue Code of 1986, as amended by the American 
        Recovery and Reinvestment Tax Act of 2009, is amended by 
        striking ``January 1, 2010'' and inserting ``January 1, 2011''.
            (2) The heading for clause (ii) of section 168(k)(2)(B) of 
        such Code, as so amended, is amended by striking ``Pre-january 
        1, 2010'' and inserting ``Pre-january 1, 2011''.
            (3) Subparagraph (B) of section 168(l)(5) of such Code, as 
        so amended, is amended by striking ``January 1, 2010'' and 
        inserting ``January 1, 2011''.
            (4) Subparagraph (C) of section 168(n)(2) of such Code, as 
        so amended, is amended by striking ``January 1, 2010'' and 
        inserting ``January 1, 2011''.
            (5) Subparagraph (D) of section 1400L(b)(2) of such Code is 
        amended by striking ``January 1, 2010'' and inserting ``January 
        1, 2011''.
            (6) Subparagraph (B) of section 1400N(d)(3) of such Code, 
        as so amended, is amended by striking ``January 1, 2010'' and 
        inserting ``January 1, 2011''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2009.
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