II 

111TH CONGRESS 

1ST SESSION S. 2826 

To amend the Internal Revenue Code of 1986 to extend the renewable 

production credit for wind and open-loop biomass facilities, and for 

other purposes. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 3, 2009 

Mr. GRASSLEY 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 

the renewable production credit for wind and open-loop 

biomass facilities, and for other purposes. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Clean Renewable En5 ergy Advancement Tax Extension Jobs Act of 2009’’ or 

6 the ‘‘CREATE Jobs Act’’. 


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1 SEC. 2. EXTENSION OF RENEWABLE PRODUCTION CREDIT 

2 FOR WIND AND OPEN-LOOP BIOMASS FACILI3 TIES. 

4 (a) WIND.—Section 45(d)(1) of the Internal Revenue 

5 Code of 1986 is amended by striking ‘‘before January 1, 

6 2013’’ and inserting ‘‘before January 1, 2017’’. 

7 (b) OPEN-LOOP BIOMASS.—Section 45(d)(3) of the 

8 Internal Revenue Code of 1986 is amended by striking 

9 ‘‘before January 1, 2014’’ both places it appears and in10 serting ‘‘before January 1, 2017’’. 

11 (c) EFFECTIVE DATE.—The amendments made by 

12 this section shall apply to property placed in service after 

13 the date of the enactment of this Act. 

14 SEC. 3. INCREASED LIMITATION ON ISSUANCE OF NEW 

15 CLEAN RENEWABLE ENERGY BONDS. 

16 (a) ADDITIONAL LIMITATION.—Section 54C(c) of the 

17 Internal Revenue Code of 1986 is amended by adding at 

18 the end the following new paragraph: 

19 ‘‘(5) FURTHER INCREASE IN LIMITATION.—The 

20 national new clean renewable energy bond limitation 

21 shall be increased by $2,200,000,000. Such increase 

22 shall be allocated by the Secretary consistent with 

23 the rules of paragraphs (2) and (3).’’. 

24 (b) NONAPPLICATION OF CERTAIN LABOR STAND25 ARDS TO FURTHER INCREASE IN LIMITATION.—Section 

26 1601(1) of the American Recovery and Reinvestment Tax 


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1 Act of 2009 is amended by inserting ‘‘pursuant to section 

2 54C(c)(4) of such Code’’ after ‘‘Act,’’. 

3 (c) NONAPPLICATION OF CERTAIN ARBITRAGE AND

4 ISSUANCE RULES.—Section 54C of the Internal Revenue 

5 Code of 1986 is amended by adding at the end the fol6 lowing new subsection: 

7 ‘‘(e) SPECIAL RULES.—For purposes of this sec8 tion— 

9 ‘‘(1) LIMITED ARBITRAGE.—Section 54A(d)(4) 

10 shall apply without regard to subparagraph (B) or 

11 (C) thereof. 

12 ‘‘(2) NO CREDIT STRIPPING.—Section 54A(i) 

13 shall not apply.’’. 

14 (d) EFFECTIVE DATE.—The amendments made by 

15 this section shall apply to bonds issued after the date of 

16 the enactment of this Act. 

17 SEC. 4. ADDITIONAL FIRST-YEAR DEPRECIATION FOR 50 

18 PERCENT OF THE BASIS OF CERTAIN QUALI19 FIED PROPERTY. 

20 (a) IN GENERAL.—Paragraph (2) of section 168(k) 

21 of the Internal Revenue Code of 1986, as amended by the 

22 American Recovery and Reinvestment Tax Act of 2009, 

23 is amended— 

24 (1) by striking ‘‘January 1, 2011’’ and insert25 ing ‘‘January 1, 2012’’, and 


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1 (2) by striking ‘‘January 1, 2010’’ each place 

2 it appears and inserting ‘‘January 1, 2011’’. 

3 (b) CONFORMING AMENDMENTS.— 

4 (1) The heading for subsection (k) of section 

5 168 of the Internal Revenue Code of 1986, as 

6 amended by the American Recovery and Reinvest7 ment Tax Act of 2009, is amended by striking 

8 ‘‘JANUARY 1, 2010’’ and inserting ‘‘JANUARY 1, 

9 2011’’. 

10 (2) The heading for clause (ii) of section 

11 168(k)(2)(B) of such Code, as so amended, is 

12 amended by striking ‘‘PRE-JANUARY 1, 2010’’ and in13 serting ‘‘PRE-JANUARY 1, 2011’’. 

14 (3) Subparagraph (B) of section 168(l)(5) of 

15 such Code, as so amended, is amended by striking 

16 ‘‘January 1, 2010’’ and inserting ‘‘January 1, 

17 2011’’. 

18 (4) Subparagraph (C) of section 168(n)(2) of 

19 such Code, as so amended, is amended by striking 

20 ‘‘January 1, 2010’’ and inserting ‘‘January 1, 

21 2011’’. 

22 (5) Subparagraph (D) of section 1400L(b)(2) 

23 of such Code is amended by striking ‘‘January 1, 

24 2010’’ and inserting ‘‘January 1, 2011’’. 


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1 (6) Subparagraph (B) of section 1400N(d)(3) 

2 of such Code, as so amended, is amended by striking 

3 ‘‘January 1, 2010’’ and inserting ‘‘January 1, 

4 2011’’. 

5 (c) EFFECTIVE DATE.—The amendments made by 

6 this section shall apply to property placed in service after 

7 December 31, 2009. 

Æ 


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