II 112th CONGRESS 1st Session S. 1741 IN THE SENATE OF THE UNITED STATES October 20, 2011 Mr. Franken (for himself and Mr. Tester) 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 provide an investment tax credit for community wind projects having generation capacity of not more than 20 megawatts, and for other purposes.

1.

Short title

This Act may be cited as the Community Wind Act .

2.

Investment tax credit for community wind projects having generation capacity of not more than 20 megawatts

(a)

In general

Paragraph (4) of section 48(c) of the Internal Revenue Code of 1986 is amended— (1)by striking subparagraph (A) and inserting the following new subparagraph: (A)

In general

The term qualified small wind energy property means— (i)property which uses a qualifying small wind turbine to generate electricity, or (ii)property which uses 1 or more wind turbines with an aggregate nameplate capacity of more than 100 kilowatts but not more than 20 megawatts. , and (2)by redesignating subparagraph (C) as subparagraph (D) and by inserting after subparagraph (B) the following new subparagraph: (C)

Regulations

The Secretary shall prescribe such regulations as may be appropriate to prevent improper division of property to attempt to meet the limitation under subparagraph (A)(ii). . (b)

Denial of production credit

Paragraph (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by striking the period at the end and inserting or any facility which is a qualified small wind energy property described in section 48(c)(4)(A)(ii) with respect to which the credit under section 48 is allowable.. (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.