I 

111TH CONGRESS 

2D SESSION H. R. 5372 

To amend the Internal Revenue Code of 1986 to treat any business credit 

attributable to wind, solar, or biomass electricity production and investment in solar energy property as refundable to the extent the taxpayer 

makes new wind, solar, and other renewable energy investments. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 24, 2010 

Mr. MEEK of Florida (for himself, Mr. POMEROY, and Mr. NUNES) 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 treat any 

business credit attributable to wind, solar, or biomass 

electricity production and investment in solar energy 

property as refundable to the extent the taxpayer makes 

new wind, solar, and other renewable energy investments. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. WIND, SOLAR, AND BIOMASS PRODUCTION AND 

2 SOLAR INVESTMENT CREDITS MADE TEMPO3 RARILY REFUNDABLE. 

4 (a) IN GENERAL.—Section 38 of the Internal Rev5 enue Code of 1986 is amended by adding at the end the 

6 following new subsection: 

7 ‘‘(e) SPECIAL RULE FOR ELECTRICITY PRODUCED

8 FROM WIND, SOLAR, AND BIOMASS AND INVESTMENTS

9 IN SOLAR ENERGY PROPERTY.— 

10 ‘‘(1) IN GENERAL.—In the case of any specified 

11 energy business credit for any taxable year begin12 ning in 2010 or 2011, the taxpayer may elect to 

13 treat such credit (or any portion thereof) as allowed 

14 for such taxable year under subpart C and not 

15 under this section. 

16 ‘‘(2) LIMITED TO INVESTMENT IN WIND, SOLAR

17 AND OTHER RENEWABLES.—The amount of speci18 fied energy business credit with respect to which an 

19 election may be made under paragraph (1) shall not 

20 exceed the basis of any facility described in section 

21 45(d), or property described in section 48(a)(3), 

22 placed in service by the taxpayer during the subse23 quent taxable year. 

24 ‘‘(3) DEFINITIONS.—For purposes of this sub25 section— 


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1 ‘‘(A) SPECIFIED ENERGY BUSINESS CRED2 IT.—The term ‘specified energy business credit’ 

3 means, with respect to any taxable year, the 

4 sum of— 

5 ‘‘(i) any current year business credit 

6 (determined without regard to this sub7 section) to the extent determined under 

8 section 45(a) or 48(a) with respect to spec9 ified energy property, plus 

10 ‘‘(ii) any business credit 

11 carryforwards carried to such taxable year 

12 (determined without regard to this sub13 section) to the extent determined under 

14 section 45(a) or 48(a) with respect to spec15 ified energy property . 

16 ‘‘(B) SPECIFIED ENERGY PROPERTY.—The 

17 term ‘specified energy property’ means any 

18 property described in section 48(a)(3)(A)(i), 

19 any facility described in paragraph (1), (2), or 

20 (3) of section 45(d), or any facility using solar 

21 energy to produce electricity and described in 

22 section 45(d)(4). 

23 ‘‘(4) SPECIAL RULES.— 

24 ‘‘(A) GENERAL BUSINESS CREDIT RE25 DUCED.—The credit which would (but for this 


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1 subsection) be allowed under subsection (a) for 

2 the taxable year shall be reduced by the amount 

3 of credit treated as allowed under subpart C for 

4 the taxable year by reason of paragraph (1). 

5 ‘‘(B) RECAPTURE.—The Secretary shall, 

6 by regulations, provide for recapturing the ben7 efit of any credit treated as allowed under sub8 part C for a taxable year by reason of para9 graph (1) in the case that the amount of such 

10 credit exceeds the basis of specified energy 

11 property placed in service by the taxpayer dur12 ing the subsequent taxable year.’’. 

13 (b) EFFECTIVE DATE.—The amendment made by 

14 this section shall apply to taxable years beginning after 

15 December 31, 2009. 

Æ 


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