[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 724 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 724

  To amend the Internal Revenue Code of 1986 to extend the qualifying 
                    advanced energy project credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 15, 2011

  Mr. Rothman of New Jersey introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to extend the qualifying 
                    advanced energy project credit.

    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 ``Security in Energy and Manufacturing 
Act of 2011'' or the ``SEAM Act of 2011''.

SEC. 2. EXTENSION OF THE ADVANCED ENERGY PROJECT CREDIT.

    (a) In General.--Subsection (d) of section 48C of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(6) Additional 2011 allocations.--
                    ``(A) In general.--Not later than 180 days after 
                the date of the enactment of this paragraph, the 
                Secretary, in consultation with the Secretary of 
                Energy, shall establish a program to consider and award 
                certifications for qualified investments eligible for 
                credits under this section to qualifying advanced 
                energy project sponsors with respect to applications 
                received on or after the date of the enactment of this 
                paragraph.
                    ``(B) Limitation.--The total amount of credits that 
                may be allocated under the program described in 
                subparagraph (A) shall not exceed the 2011 allocation 
                amount reduced by so much of the 2011 allocation amount 
                as is taken into account as an increase in the 
                limitation described in paragraph (1)(B).
                    ``(C) Application of certain rules.--Rules similar 
                to the rules of paragraphs (2), (3), (4), and (5) shall 
                apply for purposes of the program described in 
                subparagraph (A), except that--
                            ``(i) Certification.--Applicants shall have 
                        2 years from the date that the Secretary 
                        establishes such program to submit 
                        applications.
                            ``(ii) Selection criteria.--In determining 
                        which qualifying advanced energy projects to 
                        certify under such program, the Secretary, in 
                        consultation with the Secretary of Energy, 
                        shall give the highest priority to projects 
                        which manufacture (other than assembly of 
                        components) property described in a subclause 
                        of subsection (c)(1)(A)(i) (or components 
                        thereof).
                            ``(iii) Review and redistribution.--The 
                        Secretary shall conduct a separate review and 
                        redistribution under paragraph (5) with respect 
                        to such program not later than 4 years after 
                        the date of the enactment of this paragraph.
                    ``(D) 2011 allocation amount.--For purposes of this 
                subsection, the term `2011 allocation amount' means 
                $5,000,000,000.
                    ``(E) Direct payments.--In lieu of any qualifying 
                advanced energy project credit which would otherwise be 
                determined under this section with respect to an 
                allocation to a taxpayer under this paragraph, the 
                Secretary shall, upon the election of the taxpayer, 
                make a grant to the taxpayer in the amount of such 
                credit as so determined. Rules similar to the rules of 
                section 50 shall apply with respect to any grant made 
                under this subparagraph.''.
    (b) Portion of 2011 Allocation Allocated Toward Pending 
Applications Under Original Program.--Subparagraph (B) of section 
48C(d)(1) of such Code is amended by inserting ``(increased by so much 
of the 2011 allocation amount (not in excess of $1,500,000,000) as the 
Secretary determines necessary to make allocations to qualified 
investments with respect to which qualifying applications were 
submitted before the date of the enactment of paragraph (6))'' after 
``$2,300,000,000''.
    (c) Conforming Amendment.--Paragraph (2) of section 1324(b) of 
title 31, United States Code, is amended by inserting ``48C(d)(6)(E),'' 
after ``36C,''.
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