```

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5372 Introduced in House (IH)]

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.

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

SECTION 1. WIND, SOLAR, AND BIOMASS PRODUCTION AND SOLAR INVESTMENT 
              CREDITS MADE TEMPORARILY REFUNDABLE.

    (a) In General.--Section 38 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(e) Special Rule for Electricity Produced From Wind, Solar, and 
Biomass and Investments in Solar Energy Property.--
            ``(1) In general.--In the case of any specified energy 
        business credit for any taxable year beginning in 2010 or 2011, 
        the taxpayer may elect to treat such credit (or any portion 
        thereof) as allowed for such taxable year under subpart C and 
        not under this section.
            ``(2) Limited to investment in wind, solar and other 
        renewables.--The amount of specified energy business credit 
        with respect to which an election may be made under paragraph 
        (1) shall not exceed the basis of any facility described in 
        section 45(d), or property described in section 48(a)(3), 
        placed in service by the taxpayer during the subsequent taxable 
        year.
            ``(3) Definitions.--For purposes of this subsection--
                    ``(A) Specified energy business credit.--The term 
                `specified energy business credit' means, with respect 
                to any taxable year, the sum of--
                            ``(i) any current year business credit 
                        (determined without regard to this subsection) 
                        to the extent determined under section 45(a) or 
                        48(a) with respect to specified energy 
                        property, plus
                            ``(ii) any business credit carryforwards 
                        carried to such taxable year (determined 
                        without regard to this subsection) to the 
                        extent determined under section 45(a) or 48(a) 
                        with respect to specified energy property .
                    ``(B) Specified energy property.--The term 
                `specified energy property' means any property 
                described in section 48(a)(3)(A)(i), any facility 
                described in paragraph (1), (2), or (3) of section 
                45(d), or any facility using solar energy to produce 
                electricity and described in section 45(d)(4).
            ``(4) Special rules.--
                    ``(A) General business credit reduced.--The credit 
                which would (but for this subsection) be allowed under 
                subsection (a) for the taxable year shall be reduced by 
                the amount of credit treated as allowed under subpart C 
                for the taxable year by reason of paragraph (1).
                    ``(B) Recapture.--The Secretary shall, by 
                regulations, provide for recapturing the benefit of any 
                credit treated as allowed under subpart C for a taxable 
                year by reason of paragraph (1) in the case that the 
                amount of such credit exceeds the basis of specified 
                energy property placed in service by the taxpayer 
                during the subsequent taxable year.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2009.
                                 <all>
```