[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 855 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 855

To establish an Energy Assistance Fund to guarantee low-interest loans 
   for the purchase and installation of qualifying energy efficient 
 property, idling reduction and advanced insulation for heavy trucks, 
      and alternative refueling stations, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 22, 2009

 Ms. Collins (for herself and Ms. Klobuchar) introduced the following 
bill; which was read twice and referred to the Committee on Energy and 
                           Natural Resources

_______________________________________________________________________

                                 A BILL


 
To establish an Energy Assistance Fund to guarantee low-interest loans 
   for the purchase and installation of qualifying energy efficient 
 property, idling reduction and advanced insulation for heavy trucks, 
      and alternative refueling stations, 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. ENERGY ASSISTANCE FUND.

    (a) Definitions.--In this section:
            (1) Fund.--The term ``Fund'' means the Energy Assistance 
        Fund established by subsection (b).
            (2) Secretary concerned.--The term ``Secretary concerned'' 
        means, with respect to programs carried out by each Secretary--
                    (A) the Secretary of Agriculture;
                    (B) the Secretary of Energy;
                    (C) the Secretary of Housing and Urban Development;
                    (D) the Secretary of Transportation; and
                    (E) the Administrator of the Small Business 
                Administration.
    (b) Establishment.--There is established in the Treasury of the 
United States a revolving fund, to be known as the ``Energy Assistance 
Fund'', consisting of such amounts as are appropriated to the Fund 
under subsection (h)(1).
    (c) Expenditures From Fund.--
            (1) In general.--Subject to paragraph (2), on request by 
        the Secretary concerned, the Secretary of the Treasury shall 
        transfer from the Fund to the Secretary concerned such amounts 
        as the Secretary concerned determines are necessary to provide 
        to carry out 1 or more qualified purposes described in 
        subsections (d), (e), and (f).
            (2) Administrative expenses.--An amount not exceeding 10 
        percent of the amounts in the Fund shall be available for each 
        fiscal year to pay the administrative expenses necessary to 
        carry out this section.
    (d) Low-Interest Loan Guarantees for Purchase and Installation of 
Qualifying Energy Efficient Property.--
            (1) In general.--To the extent that the Secretary concerned 
        has authority under other law to make or guarantee loans or 
        grants to persons to purchase and install qualifying property, 
        the Secretary concerned may guarantee loans made to eligible 
        United States persons for the purchase and installation of 
        qualifying property.
            (2) Qualifying property.--For the purpose of paragraph (1), 
        qualifying property means--
                    (A) any component which constitutes a qualified 
                energy efficiency improvement (as defined in section 
                25C(c) of the Internal Revenue Code of 1986);
                    (B) property to heat water for use in a dwelling 
                unit located in the United States and used a residence 
                by the person if at least half of the energy used by 
                such property for such purpose is derived from the sun;
                    (C) property which uses solar energy to generate 
                electricity for use in a dwelling unit located in the 
                United States and used by the person (in the case of an 
                individual) as a residence;
                    (D) qualified fuel cell property (as defined in 
                section 48(c)(1) of that Code) installed on or in 
                connection with a dwelling unit located in the United 
                States and used as a principal residence (within the 
                meaning of section 121 of that Code) by the person (in 
                the case of an individual); or
                    (E) a compliant stove (as defined in section 
                25E(c)(2) of that Code) which--
                            (i) is installed in a dwelling unit located 
                        in the United States; and
                            (ii) replaces a noncompliant stove (as 
                        defined in section 25E(c)(3) of that Code) used 
                        in such dwelling unit.
            (3) Eligibility.--To be eligible to receive a loan 
        guarantee under this subsection, a person that is an individual 
        shall have a household income of not to exceed 115 percent of 
        the national median household income, as determined by the 
        Secretary concerned.
            (4) Use of loan.--The recipient of a loan guaranteed under 
        this subsection may use the loan only to fund improvements to 
        property owned by, and for the benefit of, the recipient.
            (5) Amount.--The amount of a loan made to a person that is 
        guaranteed under this subsection shall equal the lesser of--
                    (A) 90 percent of the difference between--
                            (i) the cost incurred by the person for the 
                        purchase and installation of the qualifying 
                        property, as approved by the Secretary; and
                            (ii) the amount of any credit allowable to 
                        the person with respect to such property under 
                        section 25C, 25D, or 25E, of the Internal 
                        Revenue Code of 1986; or
                    (B) $30,000.
            (6) Term of loans.--A loan guaranteed under this subsection 
        shall have a term of not to exceed 15 years.
    (e) Low-Interest Loan Guarantees for Purchase and Installation of 
Idling Reduction and Advanced Insulation for Heavy Trucks.--
            (1) In general.--To the extent that the Secretary concerned 
        has authority under other law to make or guarantee loans or 
        grants to persons to purchase and install idling reduction 
        devices described in section 4053(9) of the Internal Revenue 
        Code of 1986 or advanced insulation described in section 
        4053(10) of such Code, the Secretary concerned may guarantee 
        loans made to United States persons for the purchase and 
        installation of such idling reduction devices and advanced 
        insulation.
            (2) Use of loan.--The recipient of a loan guaranteed under 
        this subsection may use the loan only to fund improvements to 
        property owned by, and for the benefit of, the recipient.
            (3) Amount.--
                    (A) In general.--The amount of a loan made to a 
                person that is guaranteed under this subsection shall 
                equal 90 percent of the difference between--
                            (i) the cost incurred by the person for the 
                        purchase and installation of the idling 
                        reduction devices and advanced insulation 
                        described in subsection (a), as approved by the 
                        Secretary concerned; and
                            (ii) 12 percent of the amount for which the 
                        idling reduction devices or advanced insulation 
                        was sold.
                    (B) Special rules.--In the case of any property 
                described in paragraphs (2), (3), or (4) of section 
                4051(a) of the Internal Revenue Code of 1986, the 
                amount determined under subparagraph (A) shall be zero.
                    (C) Determination of price.--Rules similar to the 
                rules of section 4052(b) of the Internal Revenue Code 
                of 1986 shall apply for purposes of subparagraph (B).
            (4) Loan terms.--The Secretary concerned shall establish 
        terms for loans guaranteed under this subsection, as determined 
        by the Secretary concerned.
    (f) Low-Interest Loan Guarantees for Purchase and Installation of 
Alternative Refueling Stations.--
            (1) In general.--To the extent that the Secretary concerned 
        has authority under other law to make or guarantee loans or 
        grants to persons for the purchase and installation of any 
        qualified alternative fuel vehicle refueling property (as 
        defined in section 30C(c) of the Internal Revenue Code of 
        1986), the Secretary concerned may guarantee loans made to 
        United States persons for the purchase and installation of any 
        such qualified alternative fuel vehicle refueling property 
        placed in service by the person during a taxable year.
            (2) Use of loan.--The recipient of a loan guaranteed under 
        this subsection may use the loan only to fund improvements to 
        property owned by, and for the benefit of, the recipient.
            (3) Amount.--The amount of a loan made to a person that is 
        guaranteed under this subsection shall equal 90 percent of the 
        difference between--
                    (A) the cost incurred by the person for the 
                purchase and installation of the qualified alternative 
                fuel vehicle refueling property described in paragraph 
                (1), as approved by the Secretary concerned; and
                    (B) the amount of any credit allowable to the 
                person under section 30C of the Internal Revenue Code 
                of 1986.
            (4) Loan terms.--The Secretary concerned shall establish 
        terms for loans guaranteed under this subsection, as determined 
        by the Secretary concerned.
    (g) Transfers of Amounts.--
            (1) In general.--The amounts required to be transferred to 
        the Fund under this section shall be transferred at least 
        monthly from the general fund of the Treasury to the Fund on 
        the basis of estimates made by the Secretary of the Treasury.
            (2) Adjustments.--Proper adjustment shall be made in 
        amounts subsequently transferred to the extent prior estimates 
        were in excess of or less than the amounts required to be 
        transferred.
    (h) Funding.--
            (1) Mandatory funding.--
                    (A) In general.--Notwithstanding any other 
                provision of law, on October 1, 2009, out of any funds 
                in the Treasury not otherwise appropriated, the 
                Secretary of the Treasury shall transfer to the Fund 
                for the cost of loans to carry out the purposes of the 
                Fund $1,000,000,000, to remain available until 
                expended.
                    (B) Receipt and acceptance.--The Fund shall be 
                entitled to receive, shall accept, and shall use to 
                carry out the purposes of the Fund the funds 
                transferred under subparagraph (A), without further 
                appropriation. 
            (2) Authorization of appropriations.--
                    (A) In general.--In addition to the amount made 
                available under paragraph (1), there are authorized to 
                be appropriated to the Fund such sums as are necessary 
                to carry out the purposes of the Fund.
                    (B) Additional funding.--To the extent that a 
                Secretary described in subsection (a) has authority 
                under other law to make or guarantee loans or grants 
                described in subsection (d)(1), (e)(1), or (f)(1), in 
                addition to any other funds made available to carry out 
                that authority under any other provision of law, there 
                are authorized to be appropriated to the Secretary such 
                sums as are necessary for the Secretary to provide 
                additional loans, loan guarantees, or grants under that 
                authority.
                                 <all>