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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1291 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                S. 1291

  To amend the Internal Revenue Code of 1986 to extend and modify the 
renewable energy production credit and to extend and modify the credit 
              to holders of clean renewable energy bonds.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 3, 2007

   Mr. Thune introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL

 
  To amend the Internal Revenue Code of 1986 to extend and modify the 
renewable energy production credit and to extend and modify the credit 
              to holders of clean renewable energy bonds.

    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 ``Wind Energy Development Act of 
2007'' or the ``WEnD Act''.

SEC. 2. EXTENSION AND MODIFICATION OF RENEWABLE ELECTRICITY PRODUCTION 
              CREDIT.

    (a) Extension.--Paragraphs (1), (2), (3), (4), (5), (6), (7), and 
(9) of section 45(d) of the Internal Revenue Code of 1986 (relating to 
qualified facilities) are each amended by striking ``January 1, 2009'' 
each place it appears and inserting ``January 1, 2013''.
    (b) Modification of Inflation Adjustment.--Paragraph (2) of section 
45(b) of the Internal Revenue Code of 1986 is amended by adding at the 
end the following new sentence: ``No adjustment shall be made under 
this paragraph with respect to the 1.5 cent amount in subsection (a) 
and the 8 cent amount in paragraph (1) for any year after 2007.''.
    (c) Effective Date.--The amendments made by this section apply to 
energy produced and sold after the date of the enactment of this Act, 
in taxable years ending after such date.

SEC. 3. EXTENSION AND EXPANSION OF CREDIT TO HOLDERS OF CLEAN RENEWABLE 
              ENERGY BONDS.

    (a) Extension.--Section 54(m) of the Internal Revenue Code of 1986 
(relating to termination) is amended by striking ``2008'' and inserting 
``2012''.
    (b) Annual Volume Cap for Bonds Issued During Extension Period.--
Subsection (f) of section 54 of the Internal Revenue Code of 1986 
(relating to limitation on amount of bonds designated) is amended to 
read as follows:
    ``(f) Limitation on Amount of Bonds Designated.--
            ``(1) Annual national limitation.--There is a national 
        clean renewable energy bond limitation for each calendar year 
        of $2,250,000,000.
            ``(2) Allocation by secretary.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                Secretary shall allocate the amount described in 
                paragraph (1) among qualified projects in such manner 
                as the Secretary determines appropriate.
                    ``(B) Limitation on allocations.--With respect to 
                any calendar year, the Secretary may not allocate--
                            ``(i) more than $750,000,000 of the amount 
                        described in paragraph (1) to finance qualified 
                        projects of qualified borrowers which are 
                        public power entities,
                            ``(ii) more than $250,000,000 of the amount 
                        described in paragraph (1) to finance qualified 
                        projects of qualified borrowers which are 
                        Indian tribes,
                            ``(iii) more than $500,000,000 of the 
                        amount described in paragraph (1) to finance 
                        qualified projects of qualified borrowers which 
                        are government entities (other than public 
                        power entities or Indian tribes), and
                            ``(iv) more than $750,000,000 of the amount 
                        described in paragraph (1) to finance qualified 
                        projects of qualified borrowers which are 
                        cooperative electric companies or cooperative 
                        lenders.
                    ``(C) Public power entity.--For purposes of 
                subparagraph (B), the term `public power entity' means 
                a State utility with a service obligation, as such 
                terms are defined in section 217 of the Federal Power 
                Act.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after December 31, 2007.
                                 <all>
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