[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6275 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6275

  To promote the domestic development and deployment of clean energy 
              technologies required for the 21st century.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2012

Mr. Filner (for himself, Mr. Hinchey, Mr. Kucinich, Mr. Cicilline, Mr. 
 Quigley, Mr. Carnahan, Mr. Clay, Ms. Pingree of Maine, Mr. Carson of 
    Indiana, Mr. Johnson of Georgia, and Mr. Rothman of New Jersey) 
 introduced the following bill; which was referred to the Committee on 
    Ways and Means, and in addition to the Committees on Energy and 
   Commerce, Science, Space, and Technology, and Transportation and 
   Infrastructure, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
  To promote the domestic development and deployment of clean energy 
              technologies required for the 21st century.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS; FINDINGS.

    (a) Short Title.--This Act may be cited as the ``Clean Energy 
Victory Bond Act of 2012''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents; findings.
Sec. 2. Findings.
                      TITLE I--REVENUE PROVISIONS

Sec. 101. Extension and modification of energy investment tax credit.
Sec. 102. Extension and modification of credit for electricity produced 
                            from certain renewable resources.
Sec. 103. Extension and modification of grants for specified energy 
                            property in lieu of tax credits.
Sec. 104. Modification of and increased allocation for qualifying 
                            advanced energy project credit.
Sec. 105. Extension of credit for nonbusiness energy property.
              TITLE II--GRANT PROGRAMS AND LOAN GUARANTEES

Sec. 201. Plug-in electric vehicle grants in lieu of tax credits.
Sec. 202. Plug-in hybrid electric vehicle charging station grant 
                            program.
Sec. 203. Extension of renewable energy and electric power transmission 
                            loan guarantees.
                 TITLE III--CLEAN ENERGY VICTORY BONDS

Sec. 301. Clean Energy Victory Bonds.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) There is enormous potential for increasing renewable 
        energy production and energy efficiency installation in the 
        United States.
            (2) A major barrier to rapid expansion of renewable energy 
        and energy efficiency is upfront capital costs. Government tax 
        incentives and other assistance programs have proven beneficial 
        in encouraging private sector development, manufacturing and 
        installation of renewable energy and energy efficiency projects 
        nationwide. However, these government incentives are not 
        currently meeting demand from the private sector, and we are 
        not taking full advantage of the potential for clean energy and 
        transportation, as well as energy efficiency in the United 
        States.
            (3) Other nations, including China and Germany are ahead of 
        the United States in manufacturing and deploying various clean 
        energy technologies, even though the United States invented 
        many of these technologies.
            (4) Investments in renewable energy and energy efficiency 
        projects in the United States create green jobs for U.S. 
        citizens across the United States. Hundreds of thousands of 
        jobs could be created through expanded government support for 
        clean energy and energy efficiency.
            (5) As Americans choose energy efficiency and clean energy 
        and transportation, it reduces our dependence on foreign oil 
        and improves our energy security.
            (6) Bonds are a low-cost method for encouraging clean 
        energy, not requiring direct budget allocations or 
        expenditures. The projects supported through Clean Energy 
        Victory Bonds will create jobs and business revenues that will 
        increase Federal tax revenues, while simultaneously reducing 
        health and environmental costs incurred by the Federal 
        Government nationwide.
            (7) In World War II, over 80 percent of American households 
        purchased Victory Bonds to support the war effort, raising over 
        $185 billion, or over $2 trillion in today's dollars.

                      TITLE I--REVENUE PROVISIONS

SEC. 101. EXTENSION AND MODIFICATION OF ENERGY INVESTMENT TAX CREDIT.

    (a) Extension.--
            (1) Solar energy.--Paragraphs (2)(A)(i)(II) and (3)(A)(ii) 
        of section 48(a) of the Internal Revenue Code of 1986 are each 
        amended by striking ``January 1, 2017'' and inserting ``January 
        1, 2023''.
            (2) Geothermal heat pumps.--Clause (vii) of section 
        48(a)(3)(A) of such Code is amended by striking ``January 1, 
        2017'' and inserting ``January 1, 2023''.
            (3) Fuel cell property.--Subparagraph (D) of section 
        48(c)(1) of such Code is amended by striking ``December 31, 
        2016'' and inserting ``December 31, 2022''.
            (4) Microturbine property.--Subparagraph (D) of section 
        48(c)(2) of such Code is amended by striking ``December 31, 
        2016'' and inserting ``December 31, 2022''.
            (5) Combined heat and power.--Clause (iv) of section 
        48(c)(3) of such Code is amended by striking ``January 1, 
        2017'' and inserting ``January 1, 2023''.
            (6) Small wind.--Subparagraph (C) of section 48(c)(4) of 
        such Code is amended by striking ``December 31, 2016'' and 
        inserting ``December 31, 2022''.
            (7) Offshore wind.--
                    (A) In general.--Clause (i) of section 48(a)(5)(C) 
                of such Code is amended--
                            (i) by striking ``is placed in service in'' 
                        in clause (i) and inserting the following: 
                        ``is--
                                    ``(I) except as provided in 
                                subclause (II), placed in service in'',
                            (ii) by striking the period at the end and 
                        inserting ``, and'', and
                            (iii) by adding at the end the following 
                        new subclause:
                                    ``(II) in the case of an offshore 
                                wind facility, placed in service after 
                                December 31, 2008, and before January 
                                1, 2021.''.
                    (B) Offshore wind facility.--Subparagraph (C) of 
                section 48(a)(5) of such Code is amended by adding at 
                the end the following new clause:
                            ``(iii) Offshore wind facility.--The term 
                        `offshore wind facility' means any qualified 
                        facility described in section 45(d)(1) and 
                        located in the inland navigable waters of the 
                        United States, including the Great Lakes, or in 
                        the coastal waters of the United States, 
                        including the territorial seas of the United 
                        States, the exclusive economic zone of United 
                        States, and the outer Continental Shelf of the 
                        United States.''.
    (b) Modification of Fuel Cell Property.--Paragraph (1) of section 
48(c) of such Code is amended by redesignating subparagraph (D) as 
subparagraph (E) and by inserting after subparagraph (C) the following 
new subparagraph:
                    ``(D) Exception for fuel derived from fossil 
                fuels.--The term `qualified fuel cell powerplant' shall 
                not include any fuel cell powerplant the fuel of which 
                is derived from, or is produced by using, any fossil 
                fuel.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 102. EXTENSION AND MODIFICATION OF CREDIT FOR ELECTRICITY PRODUCED 
              FROM CERTAIN RENEWABLE RESOURCES.

    (a) Extension.--Subsection (d) of section 45 of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``January 1, 2013'' in paragraph (1) and 
        inserting ``January 1, 2023'',
            (2) by striking ``January 1, 2014'' each place it appears 
        in paragraphs (4), (9), and (11) and inserting ``January 1, 
        2023'', and
            (3) by striking ``January 1, 2006'' in paragraph (4) and 
        inserting ``January 1, 2023''.
    (b) Modification of Biofuel as Qualified Energy Resource.--
            (1) In general.--Paragraph (1) of section 45(c) of such 
        Code is amended by striking ``and'' at the end of subparagraph 
        (H), by striking the period at the end of subparagraph (I) and 
        inserting ``, and'', and by adding at the end the following new 
        subparagraph:
                    ``(J) second generation biomass.''.
            (2) Second generation biomass defined.--Subsection (c) of 
        section 45 of such Code is amended by adding at the end the 
        following new paragraph:
            ``(11) Second generation biomass.--The term `second 
        generation biomass' means any biomass which is composed of 
        lignocellulosic or hemicellulosic matter that is available on a 
        renewable or recurring basis (other than any fuel described in 
        section 40(b)(6)(E)(iii)).''.
            (3) Qualified facility.--Subsection (d) of section 45 of 
        such Code is amended by adding at the end the following new 
        paragraph:
            ``(12) Second generation biomass.--In the case of a 
        facility producing electricity from second generation biomass, 
        the term `qualified facility' means any facility owned by the 
        taxpayer which is originally placed in service on or after the 
        date of the enactment of this paragraph and before January 1, 
        2023.''.
            (4) Conforming amendments.--
                    (A) Subsection (d) of section 45 of such Code is 
                amended by striking ``January 1, 2014'' each place it 
                appears in paragraphs (2)(A)(i), (3), (6), and (7) and 
                inserting ``the date of the enactment of the Clean 
                Energy Victory Bond Act of 2012''.
                    (B) Clause (ii) of section 45(d)(2)(A) of such Code 
                is amended by striking ``January 1, 2014,'' and 
                inserting ``the date of the enactment of the Clean 
                Energy Victory Bond Act of 2012''.
    (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. 103. EXTENSION AND MODIFICATION OF GRANTS FOR SPECIFIED ENERGY 
              PROPERTY IN LIEU OF TAX CREDITS.

    (a) In General.--Subsection (a) of section 1603 of division B of 
the American Recovery and Reinvestment Act of 2009 is amended--
            (1) in paragraph (1), by striking ``2009, 2010, or 2011'' 
        and inserting ``2009, 2010, 2011, 2012, 2013, or 2014'', and
            (2) in paragraph (2)--
                    (A) by striking ``after 2011'' and inserting 
                ``after 2014'', and
                    (B) by striking ``2009, 2010, or 2011'' and 
                inserting ``2009, 2010, 2011, 2012, 2013, or 2014''.
    (b) Modification Relating to Biomass.--Paragraph (1) of section 
1603(d) of division B of such Act is amended by striking ``or (11)'' 
and inserting ``(11), or (12)''.
    (c) Conforming Amendment.--Subsection (j) of section 1603 of 
division B of such Act is amended by striking ``2012'' and inserting 
``2015''.

SEC. 104. MODIFICATION OF AND INCREASED ALLOCATION FOR QUALIFYING 
              ADVANCED ENERGY PROJECT CREDIT.

    (a) Increased Allocation.--Subparagraph (B) of section 48C(d) of 
the Internal Revenue Code of 1986 is amended by striking 
``$2,300,000,000'' and inserting ``$7,300,000,000''.
    (b) Extension of Application Deadline.--Subparagraph (A) of section 
48C(d)(2) of such Code is amended by adding at the end the following 
new sentence: ``The application referred to in the preceding sentence 
shall be treated as timely made if submitted not later than 24 months 
after the date of the enactment of this Act.''.
    (c) Elimination of Carbon Dioxide Sequestration.--Clause (i) of 
section 48C(c)(1)(A) of such Code is amended by striking subclause (IV) 
and by redesignating subclauses (V), (VI), and (VII) as subclauses 
(IV), (V), and (VI), respectively.
    (d) Modification of Selection Criteria for Renewable Fuel 
Projects.--Subparagraph (B) of section 48C(d)(3) is amended by striking 
``and'' at the end of clause (iv), by striking the period at the end of 
clause (v) and inserting ``, and'', and by adding at the end the 
following new clause:
                            ``(vi) in the case of a project with 
                        respect to property designed to refine or blend 
                        renewable fuels, do not produce a net increase 
                        in carbon dioxide emissions and do not use 
                        inputs which displace food crops.''.
    (e) Effective Date.--The amendment made by this section shall apply 
to credits allocated after the date of the enactment of this Act.

SEC. 105. EXTENSION OF CREDIT FOR NONBUSINESS ENERGY PROPERTY.

    Paragraph (2) of section 25C(g) of the Internal Revenue Code of 
1986 is amended by striking ``December 31, 2011'' and inserting 
``December 31, 2022''.

              TITLE II--GRANT PROGRAMS AND LOAN GUARANTEES

SEC. 201. PLUG-IN ELECTRIC VEHICLE GRANTS IN LIEU OF TAX CREDITS.

    (a) In General.--The Secretary of Energy, in consultation with the 
Secretary of the Treasury, shall establish a voluntary program through 
which the Secretary of Energy shall--
            (1) authorize the issuance of an electronic voucher to 
        offset the purchase price of a qualified plug-in electric 
        vehicle or a new qualified plug-in electric drive motor vehicle 
        purchased from a dealer participating in the program;
            (2) register dealers for participation in the program and 
        require that all dealers so registered accept such vouchers as 
        partial payment or down payment for the purchase of any such 
        vehicle offered for sale by such dealer;
            (3) make electronic payments to dealers for eligible 
        transactions by such dealers; and
            (4) in consultation with the Inspector General of the 
        Department of Transportation establish and provide for the 
        enforcement of measures to prevent and penalize fraud under the 
        program.
    (b) Voucher Limitations.--A voucher issued under the program shall 
have a value that may be applied to offset the purchase price of a 
vehicle by--
            (1) in the case of a qualified plug-in electric vehicle, 
        $2,500; or
            (2) in the case of a new qualified plug-in electric drive 
        motor vehicle, $2,500 plus an amount determined with respect to 
        the vehicle under section 30D(b)(3) of the Internal Revenue 
        Code of 1986.
    (c) Treated as Advance Payment of Credit.--Use of a voucher under 
the program to offset the purchase price of a vehicle shall, for 
purposes of the Internal Revenue Code of 1986, be treated as advance 
payment of the credit allowed under section 30 or 30D of such Code, as 
the case may be, and the amount of credit which would (but for this 
paragraph) be allowable with respect to such vehicle under either such 
section shall be reduced (but not below zero) by the amount of the 
voucher so used.
    (d) Definitions and Special Rules.--For purposes of this section--
            (1) Qualified plug-in electric vehicle.--The term 
        ``qualified plug-in electric vehicle'' shall have the meaning 
        given such term by section 30(d) of the Internal Revenue Code 
        of 1986.
            (2) New qualified plug-in electric drive motor vehicle.--
        The term ``new qualified plug-in electric drive motor vehicle'' 
        shall have the meaning given such term by section 30D(d) of 
        such Code.
            (3) No combination of vouchers.--Only 1 voucher issued 
        under the program may be applied toward the purchase of a 
        single vehicle.
            (4) Combination with other incentives permitted.--The 
        availability or use of a Federal, State, or local incentive or 
        a State-issued voucher for the purchase of any vehicle shall 
        not limit the value or issuance of a voucher under the program 
        to any person otherwise eligible to receive such a voucher.
            (5) No additional fees.--A dealer participating in the 
        program may not charge a person purchasing a vehicle any 
        additional fees associated with the use of a voucher under the 
        program.
            (6) Application of certain rules.--Rules similar to the 
        rules of paragraphs (1), (2), (3), (4), and (5) of section 
        30(e) of such Code shall apply for purposes of this section.
    (e) Termination and Phaseout.--
            (1) Termination for qualified plug-in electric vehicles.--
        This section shall not apply to any qualified plug-in electric 
        vehicle acquired after December 31, 2015.
            (2) Phaseout for new qualified plug-in electric drive motor 
        vehicle.--The amount of any voucher with respect to any new 
        qualified plug-in electric drive motor vehicle shall be reduced 
        as provided in section 30D(e) of the Internal Revenue Code of 
        1986.
    (f) Regulations.--The Secretary of Energy, in consultation with the 
Secretary of the Treasury, shall prescribe such regulations as may be 
necessary or appropriate to carry out the purposes of this section.

SEC. 202. PLUG-IN HYBRID ELECTRIC VEHICLE CHARGING STATION GRANT 
              PROGRAM.

    (a) Availability of Funds.--From amounts raised through the sale of 
Clean Energy Victory Bonds, the Secretary of the Treasury shall provide 
funding to the Secretary of Energy to establish the plug-in hybrid 
electric vehicle charging station grant program under subsection (b) 
and the new battery technology research and development program under 
subsection (c).
    (b) Plug-In Hybrid Electric Vehicle Charging Station Grant 
Program.--To the extent that funding is available pursuant to 
subsection (a), the Secretary of Energy shall provide up to a total of 
$500,000,000 in grants to State, local, and tribal governments for the 
installation and operation of public charging stations for plug-in 
hybrid electric vehicles.
    (c) Battery Technology Development.--To the extent that funding is 
available pursuant to subsection (a), the Secretary of Energy shall 
provide up to a total of $500,000,000 through a competitive grant 
program for research and development on batteries for plug-in hybrid 
electric vehicles.

SEC. 203. EXTENSION OF RENEWABLE ENERGY AND ELECTRIC POWER TRANSMISSION 
              LOAN GUARANTEES.

    Section 1705 of the Energy Policy Act of 2005 (42 U.S.C. 16516) is 
amended--
            (1) in subsection (a), by striking ``September 30, 2011'' 
        and inserting ``September 30, 2022''; and
            (2) in subsection (e), by striking ``September 30, 2011'' 
        and inserting ``September 30, 2022''.

                 TITLE III--CLEAN ENERGY VICTORY BONDS

SEC. 301. CLEAN ENERGY VICTORY BONDS.

    (a) Initial Capitalization.--The Secretary of the Treasury shall 
issue Clean Energy Victory Bonds in an amount not to exceed 
$7,500,000,000 on the credit of the United States for purposes of 
raising revenue for the extension of certain energy-related tax 
benefits extended by this Act.
    (b) Denominations and Maturity.--Clean Energy Victory Bonds shall 
be in the form of United States Savings Bonds of Series EE or as 
administered by the Bureau of the Public Debt of the Department of the 
Treasury in denominations of $25, and shall mature within such periods 
as determined by the Secretary of the Treasury.
    (c) Interest.--Clean Energy Victory Bonds shall bear interest at 
the rate the Secretary of the Treasury sets for Savings Bonds of Series 
EE and Series I, plus a rate of return determined by the Secretary of 
the Treasury which is based on the valuation of carbon mitigated or 
energy saved through funded projects funded from the proceeds of such 
bonds.
    (d) Promotion.--
            (1) In general.--The Secretary of the Treasury shall take 
        such actions, independently and in conjunction with financial 
        institutions offering Clean Energy Victory Bonds, to promote 
        the purchase of Clean Energy Victory Bonds, including campaigns 
        describing the financial and social benefits of purchasing 
        Clean Energy Victory Bonds.
            (2) Promotional activities.--Such promotional activities 
        may include advertisements, pamphlets, or other promotional 
        materials--
                    (A) in periodicals;
                    (B) on billboards and other outdoor venues;
                    (C) on television;
                    (D) on radio;
                    (E) on the Internet;
                    (F) within financial institutions that offer Clean 
                Energy Victory Bonds; or
                    (G) any other venues or outlets the Secretary of 
                the Treasury may identify.
            (3) Limitation.--There are authorized to be appropriated 
        for such promotional activities not more than--
                    (A) $10,000,000 in the first year after the date of 
                the enactment of this Act, and
                    (B) $2,000,000 in each year thereafter.
    (e) Future Capitalization.--
            (1) In general.--After the initial capitalization limit is 
        reached under subsection (a), the Secretary of the Treasury may 
        issue additional Clean Energy Victory Bonds on the credit of 
        the United States.
            (2) Single issue limitation.--No such additional issue may 
        exceed $7,500,000,000.
            (3) Aggregate limitations.--The aggregate of any such 
        additional issues during the 4-year period beginning on the day 
        after the initial capitalization limit is reached under 
        subsection (a) may not exceed $50,000,000,000. The aggregate of 
        any such additional issues after the expiration of such 4-year 
        period may not exceed $50,000,000,000.
    (f) Lawful Investments.--Clean Energy Victory Bonds shall be lawful 
investments, and may be accepted as security for all fiduciary, trust, 
and public funds, the investment or deposit of which shall be under the 
authority or control of the United States or any officer or officers 
thereof.
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