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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 576 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 576

   To amend the Internal Revenue Code of 1986 to allow a refundable 
   investment credit, and 5-year depreciation, for property used to 
                   manufacture solar energy property.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 15, 2009

 Ms. Giffords introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
   To amend the Internal Revenue Code of 1986 to allow a refundable 
   investment credit, and 5-year depreciation, for property used to 
                   manufacture solar energy property.

    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 ``Solar Manufacturing Advancement Act 
of 2009''.

SEC. 2. REFUNDABLE INVESTMENT CREDIT AND 5-YEAR DEPRECIATION FOR 
              PROPERTY USED TO MANUFACTURE SOLAR ENERGY PROPERTY.

    (a) In General.--Subparagraph (A) of section 48(a)(3) of the 
Internal Revenue Code of 1986 (defining energy property) is amended by 
striking ``or'' at the end of clause (vi), by adding ``or'' at the end 
of clause (vii), and by inserting after clause (vii) the following new 
clause:
                            ``(viii) property used to manufacture 
                        equipment described in clause (i) or (ii),''.
    (b) 30 Percent Credit.--Clause (i) of section 48(a)(2)(A) of such 
Code is amended by striking ``and'' at the end of subclause (III) and 
by inserting after subclause (IV) the following new subclause:
                                    ``(V) property described in 
                                paragraph (3)(A)(viii) but only with 
                                respect to periods ending before 
                                January 1, 2017, and''.
    (c) Credit To Be Refundable.--Subsection (c) of section 38 of such 
Code (relating to limitation based on amount of tax) is amended by 
redesignating paragraph (5) as paragraph (6) and by inserting after 
paragraph (4) the following new paragraph:
            ``(5) Special rules for solar energy property manufacturer 
        credit.--
                    ``(A) In general.--In the case of the solar energy 
                property manufacturer credit--
                            ``(i) this section and section 39 shall be 
                        applied separately with respect to such credit,
                            ``(ii) in applying paragraph (1) to such 
                        credits--
                                    ``(I) the tentative minimum tax 
                                shall be treated as being zero, and
                                    ``(II) the limitation under 
                                paragraph (1) (as modified by subclause 
                                (I)) shall be reduced by the credit 
                                allowed under subsection (a) for the 
                                taxable year (other than the solar 
                                energy property manufacturer credit), 
                                and
                            ``(iii) the amount of the solar energy 
                        property manufacturer credit in excess of the 
                        limitation under paragraph (1) (as modified by 
                        subclause (II)) shall be treated as a credit 
                        under subpart C.
                    ``(B) Solar energy property manufacturer credit.--
                For purposes of this subsection, the term `solar energy 
                property manufacturer credit' means so much of the 
                energy credit as is attributable to property described 
                in clause (viii) of section 48(a)(3)(A).''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act and to taxable years ending after such date.
                                 <all>
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