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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3324 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3324

  To amend the Internal Revenue Code of 1986 to extend the qualifying 
                    advanced energy project credit.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 6, 2010

 Mr. Brown of Ohio (for himself, Mr. Schumer, Mr. Merkley, Mr. Casey, 
and Mrs. Hagan) 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 qualifying 
                    advanced energy project credit.

    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 ``Security in Energy and Manufacturing 
Act of 2010'' or the ``SEAM Act of 2010''.

SEC. 2. EXTENSION OF THE ADVANCED ENERGY PROJECT CREDIT.

    (a) In General.--Subsection (d) of section 48C of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(6) Additional 2010 allocations.--
                    ``(A) In general.--Not later than 180 days after 
                the date of the enactment of this paragraph, the 
                Secretary, in consultation with the Secretary of 
                Energy, shall establish a program to consider and award 
                certifications for qualified investments eligible for 
                credits under this section to qualifying advanced 
                energy project sponsors with respect to applications 
                received on or after the date of the enactment of this 
                paragraph.
                    ``(B) Limitation.--The total amount of credits that 
                may be allocated under the program described in 
                subparagraph (A) shall not exceed the 2010 allocation 
                amount reduced by so much of the 2010 allocation amount 
                as is taken into account as an increase in the 
                limitation described in paragraph (1)(B).
                    ``(C) Application of certain rules.--Rules similar 
                to the rules of paragraphs (2), (3), (4), and (5) shall 
                apply for purposes of the program described in 
                subparagraph (A), except that--
                            ``(i) Certification.--Applicants shall have 
                        2 years from the date that the Secretary 
                        establishes such program to submit 
                        applications.
                            ``(ii) Selection criteria.--For purposes of 
                        paragraph (3)(B)(i), the term `domestic job 
                        creation (both direct and indirect)' means the 
                        creation of direct jobs in the United States 
                        producing the property manufactured at the 
                        manufacturing facility described under 
                        subsection (c)(1)(A)(i), and the creation of 
                        indirect jobs in the manufacturing supply chain 
                        for such property in the United States.
                            ``(iii) Review and redistribution.--The 
                        Secretary shall conduct a separate review and 
                        redistribution under paragraph (5) with respect 
                        to such program not later than 4 years after 
                        the date of the enactment of this paragraph.
                    ``(D) 2010 allocation amount.--For purposes of this 
                subsection, the term `2010 allocation amount' means 
                $5,000,000,000.
                    ``(E) Direct payments.--In lieu of any qualifying 
                advanced energy project credit which would otherwise be 
                determined under this section with respect to an 
                allocation to a taxpayer under this paragraph, the 
                Secretary shall, upon the election of the taxpayer, 
                make a grant to the taxpayer in the amount of such 
                credit as so determined. Rules similar to the rules of 
                section 50 shall apply with respect to any grant made 
                under this subparagraph.''.
    (b) Portion of 2010 Allocation Allocated Toward Pending 
Applications Under Original Program.--Subparagraph (B) of section 
48C(d)(1) of such Code is amended by inserting ``(increased by so much 
of the 2010 allocation amount (not in excess of $1,500,000,000) as the 
Secretary determines necessary to make allocations to qualified 
investments with respect to which qualifying applications were 
submitted before the date of the enactment of paragraph (6))'' after 
``$2,300,000,000''.
    (c) Conforming Amendment.--Paragraph (2) of section 1324(b) of 
title 31, United States Code, is amended by inserting ``48C(d)(6)(E),'' 
after ``36C,''.
                                 <all>
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