1.Short title; table of
contents; findings
(a)This Act may be cited
as the Clean Energy Victory Bond Act
of 2012
.
(b)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.
2.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.
<enum>I</enum><header>Revenue
provisions</header>
<section id="H700F03A269474332963F0BC6DF10CCCC"><enum>101.</enum><header>Extension and
modification of energy investment tax credit</header>
<subsection id="H6C4E553758064FBB8984AA946741B98F"><enum>(a)</enum><header>Extension</header>
<paragraph id="HE547E13508934C8EA06A50F22FEF4A64"><enum>(1)</enum><header>Solar
energy</header><text>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
<quote>January 1, 2017</quote> and inserting <quote>January 1,
2023</quote>.</text>
</paragraph><paragraph id="HA2B987BDCB434935B641124EBB433C83"><enum>(2)</enum><header>Geothermal heat
pumps</header><text>Clause (vii) of section 48(a)(3)(A) of such Code is amended
by striking <quote>January 1, 2017</quote> and inserting <quote>January 1,
2023</quote>.</text>
</paragraph><paragraph id="H993879B6E149407D8425F2DFCD83663D"><enum>(3)</enum><header>Fuel cell
property</header><text>Subparagraph (D) of section 48(c)(1) of such Code is
amended by striking <quote>December 31, 2016</quote> and inserting
<quote>December 31, 2022</quote>.</text>
</paragraph><paragraph id="HB7C11B3872CB4E67B8ADC53368C9EAFC"><enum>(4)</enum><header>Microturbine
property</header><text>Subparagraph (D) of section 48(c)(2) of such Code is
amended by striking <quote>December 31, 2016</quote> and inserting
<quote>December 31, 2022</quote>.</text>
</paragraph><paragraph id="H6326D90388564167A625A830F38C5E74"><enum>(5)</enum><header>Combined heat
and power</header><text>Clause (iv) of section 48(c)(3) of such Code is amended
by striking <quote>January 1, 2017</quote> and inserting <quote>January 1,
2023</quote>.</text>
</paragraph><paragraph id="H8EA21F3398614E5592C1819352C9477B"><enum>(6)</enum><header>Small
wind</header><text>Subparagraph (C) of section 48(c)(4) of such Code is amended
by striking <quote>December 31, 2016</quote> and inserting <quote>December 31,
2022</quote>.</text>
</paragraph><paragraph id="HDA7249E7E2A54C1589E5996A5ED6D5FC"><enum>(7)</enum><header>Offshore
wind</header>
<subparagraph id="HF028051FAF2748AEB5225947C75CD070"><enum>(A)</enum><header>In
general</header><text>Clause (i) of section 48(a)(5)(C) of such Code is
amended—</text>
<clause id="H3A735C95BB044530BDCDD4B9AEC54E47"><enum>(i)</enum><text>by
striking <quote>is placed in service in</quote> in clause (i) and inserting the
following:</text>
<quoted-block display-inline="yes-display-inline" id="H73A6C66A999C4EF3875FD2667A5DD0AD" style="OLC">
<text>is—</text><subclause id="HEC34B276480F47AFB600C2EC004DF311"><enum>(I)</enum><text display-inline="yes-display-inline">except as provided in subclause (II),
placed in service
in</text>
</subclause><after-quoted-block>,</after-quoted-block></quoted-block>
</clause><clause id="HF8D98BCD84DF46ED8451CBC90991CAAE"><enum>(ii)</enum><text>by
striking the period at the end and inserting <quote>, and</quote>, and</text>
</clause><clause id="H49075EEDF1694E89B5C35D7D97DE1570"><enum>(iii)</enum><text>by
adding at the end the following new subclause:</text>
<quoted-block display-inline="no-display-inline" id="H548E340D79834AA3A9144AFDB3B697F0" style="OLC">
<subclause id="HFC569389B7574C16B61D79651837215B"><enum>(II)</enum><text display-inline="yes-display-inline">in the case of an offshore wind facility,
placed in service after December 31, 2008, and before January 1,
2021.</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="HBFCECC0A73DE4A4DB975317171738BCE"><enum>(B)</enum><header>Offshore wind
facility</header><text>Subparagraph (C) of section 48(a)(5) of such Code is
amended by adding at the end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HEF2AF74D0496495EB9D6219DD0E543D9" style="OLC">
<clause id="H14C1EA2193D3433583EA8F9B37987CD6"><enum>(iii)</enum><header>Offshore wind
facility</header><text display-inline="yes-display-inline">The term
<term>offshore wind facility</term> 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.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="H7027C3E5FA82405D836F31E63DAB91D1"><enum>(b)</enum><header>Modification of
fuel cell property</header><text display-inline="yes-display-inline">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:</text>
<quoted-block display-inline="no-display-inline" id="H1BE328239A4F4C609F3610223F3FC407" style="OLC">
<subparagraph id="HAA62AC2999854F5A809FEEBBDD04F6EE"><enum>(D)</enum><header>Exception for
fuel derived from fossil fuels</header><text display-inline="yes-display-inline">The term <term>qualified fuel cell
powerplant</term> shall not include any fuel cell powerplant the fuel of which
is derived from, or is produced by using, any fossil
fuel.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HB52E6CDF58B645F1B4EBD034EF7CA970"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall take effect on the
date of the enactment of this Act.</text>
</subsection></section><section id="HEF4269F497AE4891B5844197F5DA98CF"><enum>102.</enum><header>Extension and
modification of credit for electricity produced from certain renewable
resources</header>
<subsection id="H674267AF785F406B877598F0C2513741"><enum>(a)</enum><header>Extension</header><text display-inline="yes-display-inline">Subsection (d) of section 45 of the
Internal Revenue Code of 1986 is amended—</text>
<paragraph id="HD44DE7D8510F4ACDB699D22DE7F4F035"><enum>(1)</enum><text>by striking
<quote>January 1, 2013</quote> in paragraph (1) and inserting <quote>January 1,
2023</quote>,</text>
</paragraph><paragraph id="H3B5E67060DCC4FF1A43D64DEF6B8C863"><enum>(2)</enum><text>by striking
<quote>January 1, 2014</quote> each place it appears in paragraphs (4), (9),
and (11) and inserting <quote>January 1, 2023</quote>, and</text>
</paragraph><paragraph id="H71B95D8CC1B34016819FDD939A210371"><enum>(3)</enum><text>by striking
<quote>January 1, 2006</quote> in paragraph (4) and inserting <quote>January 1,
2023</quote>.</text>
</paragraph></subsection><subsection commented="no" id="H58B2BC6C24444D9F9A1B7F64C974F5A9"><enum>(b)</enum><header>Modification of
biofuel as qualified energy resource</header>
<paragraph commented="no" id="H90001A411B1C4DFF8BA4CC41FF964BE8"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (1) of
section 45(c) of such Code is amended by striking <quote>and</quote> at the end
of subparagraph (H), by striking the period at the end of subparagraph (I) and
inserting <quote>, and</quote>, and by adding at the end the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HE30CF74ABCD740B8AE306A31A0D9CAC9" style="OLC">
<subparagraph commented="no" id="H9BB807B0E7BE48EAAF2CD14137109753"><enum>(J)</enum><text display-inline="yes-display-inline">second generation
biomass.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="H05ACDCFC6CB7429D97C4E2E76C4AF1F9"><enum>(2)</enum><header>Second
generation biomass defined</header><text>Subsection (c) of section 45 of such
Code is amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H6DB61730F0444F0AABFD80DF31FE9D57" style="OLC">
<paragraph commented="no" id="H4C96B2EDF63F425E8B97523AC8E6F2EB"><enum>(11)</enum><header>Second
generation biomass</header><text display-inline="yes-display-inline">The term
<term>second generation biomass</term> 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)).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="H1FD6F763350E4283872087E1A0A26B67"><enum>(3)</enum><header>Qualified
facility</header><text>Subsection (d) of section 45 of such Code is amended by
adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HB2FCA724DAC24F5EA634C0563DE5A877" style="OLC">
<paragraph commented="no" id="H8202615587E14DB583F40AB3061C138B"><enum>(12)</enum><header>Second
generation biomass</header><text display-inline="yes-display-inline">In the
case of a facility producing electricity from second generation biomass, the
term <term>qualified facility</term> 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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HF4EC6782024441D6919A3A0C37019BC2"><enum>(4)</enum><header>Conforming
amendments</header>
<subparagraph commented="no" id="H081121D1DFD949EAB5B78BE4160A293A"><enum>(A)</enum><text>Subsection (d) of
section 45 of such Code is amended by striking <quote>January 1, 2014</quote>
each place it appears in paragraphs (2)(A)(i), (3), (6), and (7) and inserting
<quote>the date of the enactment of the <short-title>Clean
Energy Victory Bond Act of 2012</short-title></quote>.</text>
</subparagraph><subparagraph commented="no" id="H9A14B93FFC3E48659F0BFF1D527E28FE"><enum>(B)</enum><text>Clause (ii) of
section 45(d)(2)(A) of such Code is amended by striking <quote>January 1,
2014,</quote> and inserting <quote>the date of the enactment of the
<short-title>Clean Energy Victory Bond Act of
2012</short-title></quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HD8F265939BE34A1BB4B455D8C75DB0CA"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after the date of the enactment of this Act.</text>
</subsection></section><section id="HFCC2DA094D324C9EA301098D11143FDA"><enum>103.</enum><header>Extension and
modification of grants for specified energy property in lieu of tax
credits</header>
<subsection id="H6043755E859548E69F55C0ABF7F3B183"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (a) of
section 1603 of division B of the American Recovery and Reinvestment Act of
2009 is amended—</text>
<paragraph id="HC4AD685BE6FB4E68B281CD8EADD0F295"><enum>(1)</enum><text>in paragraph (1),
by striking <quote>2009, 2010, or 2011</quote> and inserting <quote>2009, 2010,
2011, 2012, 2013, or 2014</quote>, and</text>
</paragraph><paragraph id="HE3C3909E96AD47989D1366D7014B61F1"><enum>(2)</enum><text>in paragraph
(2)—</text>
<subparagraph id="HF49C8D3434454225B19241DC561D0F7A"><enum>(A)</enum><text>by striking
<quote>after 2011</quote> and inserting <quote>after 2014</quote>, and</text>
</subparagraph><subparagraph id="H1129D8DFA9154586B331035FF58E239C"><enum>(B)</enum><text>by striking
<quote>2009, 2010, or 2011</quote> and inserting <quote>2009, 2010, 2011, 2012,
2013, or 2014</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HC5E4F0B10BE440E7A43F78C9C0DFEC81"><enum>(b)</enum><header>Modification
relating to biomass</header><text>Paragraph (1) of section 1603(d) of division
B of such Act is amended by striking <quote>or (11)</quote> and inserting
<quote>(11), or (12)</quote>.</text>
</subsection><subsection id="HD762301FBBFB4176B12C3284253B6A7C"><enum>(c)</enum><header>Conforming
amendment</header><text>Subsection (j) of section 1603 of division B of such
Act is amended by striking <quote>2012</quote> and inserting
<quote>2015</quote>.</text>
</subsection></section><section id="HBEAE5EB53E874322BE72DB68AC9E62AA"><enum>104.</enum><header>Modification of
and increased allocation for qualifying advanced energy project credit</header>
<subsection id="H188B3D6D7A604D62B3EFB7144B79815F"><enum>(a)</enum><header>Increased
allocation</header><text display-inline="yes-display-inline">Subparagraph (B)
of section 48C(d) of the Internal Revenue Code of 1986 is amended by striking
<quote>$2,300,000,000</quote> and inserting
<quote>$7,300,000,000</quote>.</text>
</subsection><subsection id="H44D77EB56CB641B284F58850DC6428F1"><enum>(b)</enum><header>Extension of
application deadline</header><text>Subparagraph (A) of section 48C(d)(2) of
such Code is amended by adding at the end the following new sentence:
<quote>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.</quote>.</text>
</subsection><subsection id="H3C4C00EC82A0438BB41EE867B3516EC2"><enum>(c)</enum><header>Elimination of
carbon dioxide sequestration</header><text>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.</text>
</subsection><subsection id="H55C2EF4D768647E39F7F47E7DB7ED7FD"><enum>(d)</enum><header>Modification of
selection criteria for renewable fuel projects</header><text>Subparagraph (B)
of section 48C(d)(3) is amended by striking <quote>and</quote> at the end of
clause (iv), by striking the period at the end of clause (v) and inserting
<quote>, and</quote>, and by adding at the end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H8D20348D3EFD4BB2969866CF1185C5B5" style="OLC">
<clause id="H6CF84BD6FC064C2998351ABCEA45DDB0"><enum>(vi)</enum><text display-inline="yes-display-inline">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.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H7655CCB49B1E423DBEBBFC0F3D8AD835"><enum>(e)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to credits
allocated after the date of the enactment of this Act.</text>
</subsection></section><section id="H79684A67656F4B7BA65DBFB6B4B6CCB8"><enum>105.</enum><header>Extension of
credit for nonbusiness energy property</header><text display-inline="no-display-inline">Paragraph (2) of section 25C(g) of the
Internal Revenue Code of 1986 is amended by striking <quote>December 31,
2011</quote> and inserting <quote>December 31, 2022</quote>.</text>
</section><enum>II</enum><header>Grant programs
and loan guarantees</header>
<section id="H87B3EBCE10004FC286788DE9BD71F39A"><enum>201.</enum><header>Plug-in
electric vehicle grants in lieu of tax credits</header>
<subsection id="H773B5EBB36EA4F7FB0248956BCF19582"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">The Secretary of
Energy, in consultation with the Secretary of the Treasury, shall establish a
voluntary program through which the Secretary of Energy shall—</text>
<paragraph id="HC31DC22B8D1646B3ADE989DD6691255D"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="H37F0F72BB87D4980B91D41F73A5B3B59"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="HE0C01F18A9514A779BDCA72D942C9777"><enum>(3)</enum><text>make electronic
payments to dealers for eligible transactions by such dealers; and</text>
</paragraph><paragraph id="H7EB1019E84F14030840BAEE3842BCF71"><enum>(4)</enum><text>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.</text>
</paragraph></subsection><subsection id="H99273A4D11474CBB8654A599277A7049"><enum>(b)</enum><header>Voucher
limitations</header><text>A voucher issued under the program shall have a value
that may be applied to offset the purchase price of a vehicle by—</text>
<paragraph id="H54DC4BB2F92C4023B9E64437D8D8E6BE"><enum>(1)</enum><text display-inline="yes-display-inline">in the case of a qualified plug-in electric
vehicle, $2,500; or</text>
</paragraph><paragraph id="H6B5B78369F2845769F1C56C0A1D6702E"><enum>(2)</enum><text display-inline="yes-display-inline">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.</text>
</paragraph></subsection><subsection id="HA47575119CEF4ECFAFCA2D20886F3FDD"><enum>(c)</enum><header>Treated as
advance payment of credit</header><text>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.</text>
</subsection><subsection id="H708DC5DE0A254D5C8677D8B777C8B895"><enum>(d)</enum><header>Definitions and
special rules</header><text display-inline="yes-display-inline">For purposes of
this section—</text>
<paragraph id="H2C8286B4AAC64BB7AB1CF8E4CB54D254"><enum>(1)</enum><header>Qualified
plug-in electric vehicle</header><text>The term <term>qualified plug-in
electric vehicle</term> shall have the meaning given such term by section 30(d)
of the Internal Revenue Code of 1986.</text>
</paragraph><paragraph id="HAEC1A0F1E4244C6D88FD822873C86650"><enum>(2)</enum><header>New qualified
plug-in electric drive motor vehicle</header><text>The term <term>new qualified
plug-in electric drive motor vehicle</term> shall have the meaning given such
term by section 30D(d) of such Code.</text>
</paragraph><paragraph id="H37ED19AF53BC4F47A1121D9D7B0C2CE0"><enum>(3)</enum><header>No combination
of vouchers</header><text display-inline="yes-display-inline">Only 1 voucher
issued under the program may be applied toward the purchase of a single
vehicle.</text>
</paragraph><paragraph id="HBF676CCBDF6F4FD280BA284DA1D48E8B"><enum>(4)</enum><header>Combination with
other incentives permitted</header><text display-inline="yes-display-inline">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.</text>
</paragraph><paragraph id="HEB5F81DFA00546AC93FFE31166D0D2AC"><enum>(5)</enum><header>No additional
fees</header><text>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.</text>
</paragraph><paragraph id="H2AEBC50AD8B044C49F1180FB7790CFE1"><enum>(6)</enum><header>Application of
certain rules</header><text>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.</text>
</paragraph></subsection><subsection id="H7C9074E684C342BF8C604F21E828A373"><enum>(e)</enum><header>Termination and
phaseout</header>
<paragraph id="H40F282BC2472479D93758D76A6750EF8"><enum>(1)</enum><header>Termination for
qualified plug-in electric vehicles</header><text display-inline="yes-display-inline">This section shall not apply to any
qualified plug-in electric vehicle acquired after December 31, 2015.</text>
</paragraph><paragraph id="HABCB1FCBF85749C8831C6054EFE6E3FD"><enum>(2)</enum><header>Phaseout for new
qualified plug-in electric drive motor vehicle</header><text display-inline="yes-display-inline">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.</text>
</paragraph></subsection><subsection id="H32CEBAD366CC424FBED3DEC022AF7118"><enum>(f)</enum><header>Regulations</header><text>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.</text>
</subsection></section><section display-inline="no-display-inline" id="H84B4CAD0B3C545B3BBCF9649656A4ED4" section-type="subsequent-section"><enum>202.</enum><header>Plug-in hybrid
electric vehicle charging station grant program</header>
<subsection id="H971B2DB9E3504ABAADC38083908E99FC"><enum>(a)</enum><header>Availability of
funds</header><text display-inline="yes-display-inline">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).</text>
</subsection><subsection id="H43610C328E2C404196BB3132E2071D11"><enum>(b)</enum><header>Plug-In hybrid
electric vehicle charging station grant program</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="H23FFD7A527D644C7819CD0D687995B6C"><enum>(c)</enum><header>Battery
technology development</header><text display-inline="yes-display-inline">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.</text>
</subsection></section><section display-inline="no-display-inline" id="H52BF69611B574391847FD7452D914987" section-type="subsequent-section"><enum>203.</enum><header>Extension of
renewable energy and electric power transmission loan guarantees</header><text display-inline="no-display-inline">Section 1705 of the Energy Policy Act of
2005 (42 U.S.C. 16516) is amended—</text>
<paragraph id="HBD556B070B20402AA031212942052038"><enum>(1)</enum><text>in subsection (a),
by striking <quote>September 30, 2011</quote> and inserting <quote>September
30, 2022</quote>; and</text>
</paragraph><paragraph id="H5291CD48567D413D9F976B7E559E92F6"><enum>(2)</enum><text display-inline="yes-display-inline">in subsection (e), by striking
<quote>September 30, 2011</quote> and inserting <quote>September 30,
2022</quote>.</text>
</paragraph></section><enum>III</enum><header>Clean Energy
Victory Bonds</header>
<section id="H0724E6F7FC0D4654A4921596199C98FC"><enum>301.</enum><header>Clean Energy
Victory Bonds</header>
<subsection id="HA943B87A76504FC7A01E8488C3168CB0"><enum>(a)</enum><header>Initial
capitalization</header><text>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.</text>
</subsection><subsection id="H7B58D8EFC8CE40CBA23C0EC445757122"><enum>(b)</enum><header>Denominations
and maturity</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="HFF466295DB8144B2809513632459DFF4"><enum>(c)</enum><header>Interest</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="HBE97CAB8BD9C4AC5A2F3855312FF5725"><enum>(d)</enum><header>Promotion</header>
<paragraph id="H68202774955049B18CA688B12DB5FC33"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HA7A8458446874C398C78F8CCCCE70A99"><enum>(2)</enum><header>Promotional
activities</header><text>Such promotional activities may include
advertisements, pamphlets, or other promotional materials—</text>
<subparagraph id="H33FFD9B5A90E40569027CF94BA11DDD6"><enum>(A)</enum><text>in
periodicals;</text>
</subparagraph><subparagraph id="HEC751BDC4ED94347AE3A34668E989AC8"><enum>(B)</enum><text>on billboards and
other outdoor venues;</text>
</subparagraph><subparagraph id="HB455DE83029F4F23957888E7E46C3679"><enum>(C)</enum><text>on
television;</text>
</subparagraph><subparagraph id="H70CAA7B8451F4EF380011400CF2D09D3"><enum>(D)</enum><text>on radio;</text>
</subparagraph><subparagraph id="H5163C1777A134A36AF29DD6A6F124B98"><enum>(E)</enum><text>on the
Internet;</text>
</subparagraph><subparagraph id="HB63EADAF83C144578D69DCE9BC1233A1"><enum>(F)</enum><text>within financial
institutions that offer Clean Energy Victory Bonds; or</text>
</subparagraph><subparagraph id="H7B472350B7FC4F0F884F6D89D0EB5CDA"><enum>(G)</enum><text>any other venues
or outlets the Secretary of the Treasury may identify.</text>
</subparagraph></paragraph><paragraph id="H91900197903F4409BC491F3CB0E5A06A"><enum>(3)</enum><header>Limitation</header><text>There
are authorized to be appropriated for such promotional activities not more
than—</text>
<subparagraph id="H102AE034EF104A98B1EC2BD6225C0E34"><enum>(A)</enum><text>$10,000,000 in the
first year after the date of the enactment of this Act, and</text>
</subparagraph><subparagraph id="H3D7F5AE06653423D823C792E327E5EB3"><enum>(B)</enum><text>$2,000,000 in each
year thereafter.</text>
</subparagraph></paragraph></subsection><subsection id="H3C8C3DC046404671A0E936491B05C1F1"><enum>(e)</enum><header>Future
capitalization</header>
<paragraph id="HB3B220D52B9348F6B0729FACC69C4116"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H48AC03BA21944AB4836A7C3F5C435C45"><enum>(2)</enum><header>Single issue
limitation</header><text>No such additional issue may exceed $7,500,000,000.</text>
</paragraph><paragraph id="HDEF76A41B60741FA8EEC55AA673618C4"><enum>(3)</enum><header>Aggregate
limitations</header><text>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.</text>
</paragraph></subsection><subsection id="HCE3E0B0E52D642109EB476E359E91B9A"><enum>(f)</enum><header>Lawful
investments</header><text>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.</text>
</subsection></section>