[Congressional Record Volume 156, Number 124 (Wednesday, September 15, 2010)]
[Senate]
[Page S7136]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. WYDEN (for himself and Mr. Crapo):
  S. 3788. A bill to amend the Internal Revenue Code of 1986 to 
temporarily increase the investment tax credit for geothermal energy 
property; to the Committee on Finance.
  Mr. WYDEN. Mr. President, I am pleased to join with my colleague from 
Idaho, Senator Mike Crapo, in introducing the Geothermal Energy 
Investment Act of 2010. This legislation will amend an already existing 
investment tax credit for geothermal energy authorized under Sec. 48 of 
the tax code. The bill would provide geothermal energy with the same 30 
percent investment tax credit that is now available to solar energy and 
fuel cell technologies in Sec. 48 and extend this 30 percent tax credit 
for geothermal through December 31, 2016, as it is for these other 
technologies. Without this legislation, new geothermal energy projects 
would be allowed only a 10 percent investment tax credit under Section 
48. This legislation will create a more level playing field among 
clean, renewable energy technologies and support substantial growth in 
utility scale geothermal power, distributed on-site power generation, 
and heating for buildings and commercial processes.
  Geothermal energy facilities provide a continuous supply of renewable 
energy with very few environmental impacts. Although the United States 
has more geothermal capacity than any other country, this potential has 
been barely tapped. This shortfall is partly due to the high initial 
cost and risk involved in locating and developing geothermal resources. 
Extending the 30 percent tax credit through 2016 will help give 
geothermal developers the assurance they need to make the long lead-
time investments in exploration and development necessary to make 
expansion of geothermal energy a reality.
  This legislation is identical to a bipartisan companion bill, H.R. 
5612, that Representative Earl Blumenauer from Oregon has introduced in 
the House.
  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. 3788

       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 ``Geothermal Energy Investment 
     Act of 2010''.

     SEC. 2. TEMPORARY INCREASE IN INVESTMENT TAX CREDIT FOR 
                   GEOTHERMAL ENERGY PROPERTY.

       (a) In General.--Subclause (II) of section 48(a)(2)(A)(i) 
     of the Internal Revenue Code of 1986 is amended by striking 
     ``paragraph (3)(A)(i)'' and inserting ``clause (i) or (iii) 
     of paragraph (3)(A)''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to periods after the date of the enactment of 
     this Act, under rules similar to the rules of section 48(m) 
     of the Internal Revenue Code of 1986 (as in effect on the day 
     before the date of the enactment of the Revenue 
     Reconciliation Act of 1990).
                                 ______