1.This Act may be cited as the
Make It in America Tax Credit Act of
2011
.
2.Extension and
modification of the advanced energy project credit
(a)
(1)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)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)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 rulesRules 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)Applicants
shall have 2 years from the date that the Secretary establishes such program to
submit applications.
(ii)For purposes of paragraph (3)(B)(i), the term
domestic job creation (both direct and indirect) means the
creation of direct jobs in the United States producing the property
manufactured at the manufacturing facility described under subsection
(c)(1)(A)(i), and the creation of indirect jobs in the manufacturing supply
chain for such property in the United States.
(iii)Review and
redistributionThe 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)For purposes of this subsection, the term 2011
allocation amount
means $5,000,000,000.
(E)Modification of
credit percentageFor purposes of this paragraph, in applying for
and making a determination of an allocation from the 2011 allocation amount
(determined without regard to any amount taken into account under paragraph
(1)(B)), subsection (a) shall be applied by substituting not more than
30 percent (as determined by the Secretary)
for 30
percent
.
(F)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.
.
(2)Portion of 2011
allocation allocated toward pending applications under original
programSubparagraph (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
.
(3)Paragraph (2) of
section 1324(b) of title 31, United States Code, is amended by inserting
48C(d)(6)(F),
after 36C,
.
(b)Biobased
manufacturing eligible for credit
(1)Clause (i) of section 48C(c)(1)(A) of the Internal
Revenue Code of 1986 is amended by striking or
at the end of
subclause (VI), by redesignating subclause (VII) as subclause (VIII), and by
inserting after subclause (VI) the following new subclause:
(VII)qualifying
biobased product,
or
.
(2)Subsection
(c) of section 48C of such Code is amended by adding at the following new
paragraph:
(3)Qualifying
biobased product
(A)The term qualifying biobased product means
any product, including a product that may be used as a petrochemical
alternative, the biobased content of which is not less than—
(i)25 percent,
or
(ii)in any instance
in which the Department of Agriculture has established a minimum content level
for a designated biobased item pursuant to section 9002 of the Farm Security
and Rural Investment Act of 2002, such minimum content level.
(B)Such
term shall not include the following:
(i)Any product which
is sold or used as food, feed, fuel, or an ingredient thereof.
(ii)Any product
which is primarily composed of lignocellulosic matter and which is sold or used
as a paper or wood product, unless such product is manufactured from—
(I)wood fiber
harvested from lands certified as well managed by any forest management
certification program approved by the Secretary, or
(II)wood fiber
harvested from Federal public lands, including National Forest System and
Bureau of Land Management lands, in accordance with an approved land management
project and a valid timber sale or stewardship contract.
(C)The term biobased content means, with
respect to any qualifying biobased product, the amount of carbon from
biological sources contained in such product, as determined by the testing of
product samples using the generally accepted methodology of the American
Society of Testing and Materials
D6866.
.
(c)New name for
credit To reflect purpose
(1)Paragraph (5) of section 46 and subsection (a) of section
48C of the Internal Revenue Code of 1986 are each amended by striking
qualifying advanced energy project credit
and inserting
Make It in America credit
.
(2)
(A)The heading for
section 48C of such Code is amended by striking Qualifying Advanced Energy Project
Credit
and inserting Make It In America
Credit
.
(B)The item relating
to section 48C in the table of sections for subpart E of part IV of subchapter
A of chapter 1 of such Code is amended by striking Qualifying advanced
energy project credit
and inserting Make It in America
credit
.
(d)The amendments made by this section shall take effect on the
date of the enactment of this Act.