[Congressional Record Volume 155, Number 178 (Thursday, December 3, 2009)]
[Senate]
[Pages S12323-S12324]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. GRASSLEY:
  S. 2826. A bill to amend the Internal Revenue Code of 1986 to extend 
the renewable production credit for wind and open-loop biomass 
facilities, and for other purposes; to the Committee on Finance.
  Mr. GRASSLEY. Mr. President, today I am introducing the Clean 
Renewable Energy Advancement Tax Extension Jobs Act of 2009, or the 
CREATE Jobs Act of 2009 for short. This is a bill to help all kinds of 
businesses create jobs and continue pushing ahead on the development of 
clean renewable energy. My bill extends the tax credit for the 
production of electricity from wind and open-loop biomass through 
December 31, 2016.
  It increases the amount of bond authority for new clean renewable 
energy bonds to incentivize more clean renewable energy projects and 
the jobs created by these projects. For all businesses, my bill extends 
bonus depreciation for 1 year, so that businesses are able to deduct 
half of the value of any property placed in service in 2010.
  This tax cut for businesses that invest in new property in 2010 will 
spur investment in clean energy projects, as well as other new 
projects, and that will create badly needed jobs.
  I urge my colleagues to help me in getting this important legislation 
enacted into law as soon as possible.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 2826

       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 ``Clean Renewable Energy 
     Advancement Tax Extension Jobs Act of 2009'' or the ``CREATE 
     Jobs Act''.

     SEC. 2. EXTENSION OF RENEWABLE PRODUCTION CREDIT FOR WIND AND 
                   OPEN-LOOP BIOMASS FACILITIES.

       (a) Wind.--Section 45(d)(1) of the Internal Revenue Code of 
     1986 is amended by striking ``before January 1, 2013'' and 
     inserting ``before January 1, 2017''.
       (b) Open-Loop Biomass.--Section 45(d)(3) of the Internal 
     Revenue Code of 1986 is amended by striking ``before January 
     1, 2014'' both places it appears and inserting ``before 
     January 1, 2017''.
       (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. 3. INCREASED LIMITATION ON ISSUANCE OF NEW CLEAN 
                   RENEWABLE ENERGY BONDS.

       (a) Additional Limitation.--Section 54C(c) of the Internal 
     Revenue Code of 1986 is amended by adding at the end the 
     following new paragraph:
       ``(5) Further increase in limitation.--The national new 
     clean renewable energy bond limitation shall be increased by 
     $2,200,000,000. Such increase shall be allocated by the 
     Secretary consistent with the rules of paragraphs (2) and 
     (3).''.
       (b) Nonapplication of Certain Labor Standards to Further 
     Increase in Limitation.--Section 1601(1) of the American 
     Recovery and Reinvestment Tax Act of 2009 is amended by 
     inserting ``pursuant to section 54C(c)(4) of such Code'' 
     after ``Act,''.
       (c) Nonapplication of Certain Arbitrage and Issuance 
     Rules.--Section 54C of the Internal Revenue Code of 1986 is 
     amended by adding at the end the following new subsection:
       ``(e) Special Rules.--For purposes of this section--
       ``(1) Limited arbitrage.--Section 54A(d)(4) shall apply 
     without regard to subparagraph (B) or (C) thereof.
       ``(2) No credit stripping.--Section 54A(i) shall not 
     apply.''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to bonds issued after the date of the enactment 
     of this Act.

     SEC. 4. ADDITIONAL FIRST-YEAR DEPRECIATION FOR 50 PERCENT OF 
                   THE BASIS OF CERTAIN QUALIFIED PROPERTY.

       (a) In General.--Paragraph (2) of section 168(k) of the 
     Internal Revenue Code of 1986, as amended by the American 
     Recovery and Reinvestment Tax Act of 2009, is amended--
       (1) by striking ``January 1, 2011'' and inserting ``January 
     1, 2012'', and
       (2) by striking ``January 1, 2010'' each place it appears 
     and inserting ``January 1, 2011''.
       (b) Conforming Amendments.--
       (1) The heading for subsection (k) of section 168 of the 
     Internal Revenue Code of 1986, as amended by the American 
     Recovery and Reinvestment Tax Act of 2009, is amended by 
     striking ``January 1, 2010'' and inserting ``January 1, 
     2011''.
       (2) The heading for clause (ii) of section 168(k)(2)(B) of 
     such Code, as so amended, is amended by striking ``Pre-
     january 1, 2010'' and inserting ``Pre-january 1, 2011''.
       (3) Subparagraph (B) of section 168(l)(5) of such Code, as 
     so amended, is amended by striking ``January 1, 2010'' and 
     inserting ``January 1, 2011''.
       (4) Subparagraph (C) of section 168(n)(2)of such Code, as 
     so amended, is amended by striking ``January 1, 2010'' and 
     inserting ``January 1, 2011''.
       (5) Subparagraph (D) of section 1400L(b)(2) of such Code is 
     amended by striking ``January 1, 2010'' and inserting 
     ``January 1, 2011''.

[[Page S12324]]

       (6) Subparagraph (B) of section 1400N(d)(3)of such Code, as 
     so amended, is amended by striking ``January 1, 2010'' and 
     inserting ``January 1, 2011''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after December 31, 
     2009.
                                 ______