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

Summary: Make It in America Tax Credit Act of 2011 - Amends the Internal Revenue Code to expand the qualifying advanced energy project credit by allocating $5 billion of grants or tax credit amounts in 2011 to manufacturers in the United States of goods and components that are used in alternative energy projects (other than for assembly of components). Limits the credit percentage with respect to such allocation amount to not more than 30%.

Makes a qualifying biobased product eligible for the qualifying advanced energy project tax credit. Defines "qualifying biobased product" as a product that may be used as a petrochemical alternative and that has a biobased content of not less than 25 % or the minimum content level as established under the Farm Security and Rural Investment Act of 2002.

Renames the Qualifying Advanced Energy Project Credit as the Make It in America Credit.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Make It in America Tax Credit Act of 
2011''.

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

    (a) Extension.--
            (1) 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.--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 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) Modification of credit percentage.--For 
                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) 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.''.
            (2) 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''.
            (3) Conforming amendment.--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) In general.--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) Definition.--Subsection (c) of section 48C of such Code 
        is amended by adding at the following new paragraph:
            ``(3) Qualifying biobased product.--
                    ``(A) In general.--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) Exclusion.--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) Biobased content.--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) In general.--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) Clerical amendments.--
                    (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) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.