I 
110TH CONGRESS 
2D SESSION 
H. R. 5437 
To promote alternative and renewable fuels, domestic energy production, 
conservation, and efficiency, to increase American energy independence, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 14, 2008 
Mr. ROSS (for himself and Mr. NUNES) introduced the following bill; which 
was referred to the Committee on Energy and Commerce, and in addition 
to the Committees on Science and Technology, Oversight and Govern-
ment Reform, Armed Services, Agriculture, Natural Resources, and Ways 
and Means, for a period to be subsequently determined by the Speaker, 
in each case for consideration of such provisions as fall within the juris-
diction of the committee concerned 
A BILL 
To promote alternative and renewable fuels, domestic energy 
production, conservation, and efficiency, to increase 
American energy independence, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘American-Made Energy Act of 2008’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
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Sec. 1. Short title; table of contents. 
TITLE I—TAX INCENTIVES FOR ALTERNATIVE ENERGY AND 
CONSERVATION 
Subtitle A—Alternative Energy 
Sec. 101. Credit for investment in cellulosic biomass ethanol projects. 
Sec. 102. Investment tax credit for investments in nuclear power facilities. 
Sec. 103. Expansion of special allowance to cellulosic biomass alcohol fuel plant 
property. 
Subtitle B—Electricity and Renewables 
Sec. 111. Extension and modification of energy investment tax credit. 
Sec. 112. Credit rate parity for all renewable resources under electricity produc-
tion credit. 
Sec. 113. Extension of credit for producing electricity from certain renewable 
resources. 
Sec. 114. Expansion of credit for electricity produced from agricultural live-
stock waste nutrients. 
Sec. 115. Credit for installation of wind energy property including by rural 
homeowners, farmers, ranchers, and small businesses. 
Sec. 116. 3-year accelerated depreciation period for wind energy property. 
Sec. 117. Repeal of dollar limitation and allowance against alternative min-
imum tax for residential solar and fuel cell property credit. 
Sec. 118. New clean renewable energy bonds. 
Sec. 119. Extension and modification of credit for residential energy efficient 
property. 
Subtitle C—Coal-to-Liquid Fuel 
Sec. 121. Extension of alternative fuel credit for fuel derived from coal. 
Subtitle D—Energy Efficiency 
Sec. 131. Extension of new energy efficient home credit. 
Sec. 132. Modification and extension of energy efficient commercial buildings 
deduction. 
Subtitle E—Alternative Vehicle Fuels 
Sec. 141. Consumer credit for purchase of flexible fuel motor vehicle. 
Sec. 142. Repeal of prohibition on procurement and acquisition of alternative 
fuels. 
Subtitle F—Biofuel Production 
Sec. 151. Extension and modification of credits for biodiesel and renewable die-
sel. 
Subtitle G—Oil and Gas Provisions 
Sec. 161. Expensing for crude oil refineries. 
Sec. 162. Extension of suspension of taxable income limit on percentage deple-
tion for oil and natural gas produced from marginal properties. 
Sec. 163. Increase in depletion rate for marginal oil or gas production. 
Sec. 164. Suspension of taxable income limitation on percentage depletion. 
Sec. 165. Study on fair and transparent fuel pricing. 
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Subtitle H—Carbon Capture and Sequestration 
Sec. 171. Expansion and modification of advanced coal project investment cred-
it. 
TITLE II—AMERICAN-MADE ENERGY TRUST FUND 
Sec. 201. Establishment of American-Made Energy Trust Fund. 
TITLE III—DEVELOPMENT OF OIL AND GAS RESOURCES OF THE 
COASTAL PLAIN OF ALASKA 
Sec. 301. Definitions. 
Sec. 302. Leasing program for lands within the Coastal Plain. 
Sec. 303. Lease sales. 
Sec. 304. Grant of leases by the Secretary. 
Sec. 305. Lease terms and conditions. 
Sec. 306. Coastal plain environmental protection. 
Sec. 307. Expedited judicial review. 
Sec. 308. Federal and State distribution of revenues. 
Sec. 309. Rights-of-way across the Coastal Plain. 
Sec. 310. Conveyance. 
Sec. 311. Local government impact aid and community service assistance. 
TITLE IV—COAL-TO-LIQUID FUEL PROMOTION 
Sec. 401. Strategic Petroleum Reserve. 
Sec. 402. Procurement of unconventional fuels by the Department of Defense. 
Sec. 403. Government auction of long term put option contracts on coal-to-liq-
uid fuel produced by qualified coal-to-liquid facilities. 
Sec. 404. Definitions. 
TITLE V—BIOFUEL PROGRAM 
Sec. 501. Grants for cellulosic ethanol production. 
Sec. 502. Loan guarantees for biorefineries and biofuel production plants. 
Sec. 503. Biomass Research and Development Act of 2000. 
Sec. 504. Forest bioenergy research program. 
Sec. 505. Early action renewable fuel marketing. 
TITLE VI—ALTERNATIVE VEHICLE FUELS 
Sec. 601. Credit for plug-in hybrid vehicles. 
Sec. 602. Use of credits. 
TITLE VII—OFFSHORE OIL AND GAS LEASING 
Sec. 701. Termination of prohibitions on expenditures for, and withdrawals 
from, offshore leasing. 
Sec. 702. Outer Continental Shelf leasing program. 
Sec. 703. Sharing of revenues. 
TITLE VIII—INCREASING NUCLEAR GENERATED ELECTRIC 
ENERGY 
Sec. 801. Increasing nuclear generated electric energy. 
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TITLE I—TAX INCENTIVES FOR 
ALTERNATIVE ENERGY AND 
CONSERVATION 
Subtitle A—Alternative Energy 
SEC. 101. CREDIT FOR INVESTMENT IN CELLULOSIC BIO-
MASS ETHANOL PROJECTS. 
(a) QUALIFYING CELLULOSIC BIOMASS ETHANOL 
PROJECT INVESTMENT.— 
(1) IN GENERAL.—Subpart E of part IV of 
subchapter A of chapter 1 of the Internal Revenue 
Code of 1986 (relating to rules for computing invest-
ment credit) is amended by inserting after section 
48B the following new section: 
‘‘SEC. 48C. QUALIFYING CELLULOSIC BIOMASS ETHANOL 
PROJECT CREDIT. 
‘‘(a) IN GENERAL.—For purposes of section 46, the 
qualifying cellulosic biomass ethanol project credit for any 
taxable year is an amount equal to 50 percent of the quali-
fied investment for such taxable year. 
‘‘(b) DOLLAR LIMITATION.—The amount of the cred-
it determined under this section for any taxable year shall 
not exceed $100,000,000. 
‘‘(c) QUALIFIED INVESTMENT.—For purposes of sub-
section (a), the qualified investment for any taxable year 
is the basis of property placed in service by the taxpayer 
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during the taxable year which is part of a qualifying cel-
lulosic biomass ethanol project— 
‘‘(1)(A) the construction, reconstruction, or 
erection of which is completed by the taxpayer, or 
‘‘(B) which is acquired by the taxpayer if the 
original use of such property commences with the 
taxpayer, and 
‘‘(2) with respect to which depreciation (or am-
ortization in lieu of depreciation) is allowable. 
‘‘(d) QUALIFYING CELLULOSIC BIOMASS ETHANOL 
PROJECT.—For purposes of this section, the term ‘quali-
fying cellulosic biomass ethanol project’ means any domes-
tic project which produces not less than 5,000,000 gallons 
of ethanol per year by enzymatic hydrolysis of any 
lignocellulosic or hemicellulosic feedstock that is available 
on a renewable or recurring basis, including agricultural 
residues, agricultural fibers, dedicated energy crops, 
grasses, plants, and wood and wood residues. 
‘‘(e) QUALIFYING CELLULOSIC BIOMASS ETHANOL 
PROJECT PROGRAM.— 
‘‘(1) IN GENERAL.—The Secretary, in consulta-
tion with the Secretary of Energy, shall establish a 
qualifying cellulosic biomass ethanol project program 
to consider and award certifications for qualified in-
vestment eligible for credits under this section to 
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qualifying cellulosic biomass ethanol project sponsors 
under this section. The total amounts of credit that 
may be allocated under this program shall not ex-
ceed $2,000,000,000. 
‘‘(2) SELECTION
CRITERIA.—The Secretary 
shall not make a competitive certification award for 
qualified investment for credit eligibility under this 
section unless the recipient has documented to the 
satisfaction of the Secretary that— 
‘‘(A) the proposal of the award recipient is 
financially viable, 
‘‘(B) the recipient will provide sufficient 
information to the Secretary for the Secretary 
to ensure that the qualified investment is spent 
efficiently and effectively, 
‘‘(C) the award recipient’s project team is 
competent in the planning and construction of 
cellulosic biomass ethanol facilities, and 
‘‘(D) the award recipient has met other 
criteria established and published by the Sec-
retary. 
‘‘(3) PERIOD
OF
CERTIFICATION.—The Sec-
retary may issue the certifications described in para-
graph (1) during the 10-year period beginning on 
October 1, 2008. 
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‘‘(f) DENIAL OF DOUBLE BENEFIT.—No deduction 
or other credit shall be allowed with respect to the basis 
of any property taken into account in determining the 
credit allowed under this section.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 46 of such Code is amended by 
striking ‘‘and’’ at the end of paragraph (3), by strik-
ing the period at the end of paragraph (4) and in-
serting ‘‘, and’’, and by adding at the end the fol-
lowing new paragraph: 
‘‘(5) the qualifying cellulosic biomass ethanol 
project credit.’’. 
(2) The table of sections for subpart E of part 
IV of subchapter A of chapter 1 of such Code is 
amended by inserting after the item relating to sec-
tion 48B the following new item: 
‘‘Sec. 48C. Qualifying cellulosic biomass ethanol project.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to qualified investment made after 
the date of the enactment of this Act. 
SEC. 102. INVESTMENT TAX CREDIT FOR INVESTMENTS IN 
NUCLEAR POWER FACILITIES. 
(a) NEW CREDIT
FOR NUCLEAR POWER FACILI-
TIES.—Section 46 of the Internal Revenue Code of 1986, 
as amended by this Act, is amended by— 
(1) striking ‘‘and’’ at the end of paragraph (4); 
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(2) striking the period at the end of paragraph 
(5) and inserting ‘‘, and’’; and 
(3) inserting after paragraph (5) the following 
new paragraph: 
‘‘(6) the nuclear power facility construction 
credit.’’. 
(b) NUCLEAR
POWER
FACILITY
CONSTRUCTION 
CREDIT.—Subpart E of part IV of subchapter A of chap-
ter 1 of such Code, as amended by this Act, is amended 
by inserting after section 48C the following new section: 
‘‘SEC. 48D. NUCLEAR POWER FACILITY CONSTRUCTION 
CREDIT. 
‘‘(a) IN GENERAL.—For purposes of section 46, the 
nuclear power facility construction credit for any taxable 
year is 20 percent of the qualified nuclear power facility 
expenditures with respect to a qualified nuclear power fa-
cility. 
‘‘(b) WHEN
EXPENDITURES
TAKEN
INTO
AC-
COUNT.— 
‘‘(1) IN GENERAL.—Qualified nuclear power fa-
cility expenditures shall be taken into account for 
the taxable year in which the qualified nuclear power 
facility is placed in service. 
‘‘(2) COORDINATION WITH SUBSECTION (C).— 
The amount which would (but for this paragraph) be 
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taken into account under paragraph (1) with respect 
to any qualified nuclear power facility shall be re-
duced (but not below zero) by any amount of quali-
fied nuclear power facility expenditures taken into 
account under subsection (c) by the taxpayer or a 
predecessor of the taxpayer (or, in the case of a sale 
and leaseback described in section 50(a)(2)(C), by 
the lessee), to the extent any amount so taken into 
account has not been required to be recaptured 
under section 50(a). 
‘‘(c) PROGRESS EXPENDITURES.— 
‘‘(1) IN GENERAL.—A taxpayer may elect to 
take into account qualified nuclear power facility ex-
penditures— 
‘‘(A) SELF-CONSTRUCTED PROPERTY.—In 
the case of a qualified nuclear power facility 
which is a self-constructed facility, in the tax-
able year for which such expenditures are prop-
erly chargeable to capital account with respect 
to such facility. 
‘‘(B) ACQUIRED FACILITY.—In the case of 
a qualified nuclear facility which is not self-con-
structed property, in the taxable year in which 
such expenditures are paid. 
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‘‘(2) SPECIAL
RULES
FOR
APPLYING
PARA-
GRAPH (1).—For purposes of paragraph (1)— 
‘‘(A) COMPONENT PARTS, ETC.—Property 
which is not self-constructed property and 
which is to be a component part of, or is other-
wise to be included in, any facility to which this 
subsection applies shall be taken into account in 
accordance with paragraph (1)(B). 
‘‘(B) 
CERTAIN
BORROWING
DIS-
REGARDED.—Any amount borrowed directly or 
indirectly by the taxpayer on a nonrecourse 
basis from the person constructing the facility 
for the taxpayer shall not be treated as an 
amount expended for such facility. 
‘‘(C) LIMITATION FOR FACILITIES OR COM-
PONENTS
WHICH
ARE
NOT
SELF-CON-
STRUCTED.— 
‘‘(i) IN GENERAL.—In the case of a 
facility or a component of a facility which 
is not self-constructed, the amount taken 
into account under paragraph (1)(B) for 
any taxable year shall not exceed the 
amount which represents the portion of the 
overall cost to the taxpayer of the facility 
or component of a facility which is prop-
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erly attributable to the portion of the facil-
ity or component which is completed dur-
ing such taxable year. 
‘‘(ii) 
CARRY-OVER
OF
CERTAIN 
AMOUNTS.—In the case of a facility or 
component of a facility which is not self- 
constructed— 
‘‘(I) if the amount which (but for 
clause (i)) would have been taken into 
account under paragraph (1)(B) for 
the taxable year exceeds the limitation 
of clause (i), then the amount of such 
excess shall be taken into account 
under paragraph (1)(B) for the suc-
ceeding taxable year, and 
‘‘(II) if the limitation of clause 
(i) for the taxable year exceeds the 
amount taken into account under 
paragraph (1)(B), then the amount of 
such excess shall increase the limita-
tion of clause (i) for the succeeding 
taxable year. 
‘‘(D) DETERMINATION OF PERCENTAGE OF 
COMPLETION.—The determination under sub-
paragraph (C)(i) of the portion of the overall 
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cost to the taxpayer of the construction which 
is properly attributable to construction com-
pleted during any taxable year shall be made on 
the basis of engineering or architectural esti-
mates or on the basis of cost accounting 
records. Unless the taxpayer establishes other-
wise by clear and convincing evidence, the con-
struction shall be deemed to be completed not 
more rapidly than ratably over the normal con-
struction period. 
‘‘(E) NO
PROGRESS
EXPENDITURES
FOR 
CERTAIN PRIOR PERIODS.—No qualified nuclear 
facility expenditures shall be taken into account 
under this subsection for any period before the 
first day of the first taxable year to which an 
election under this subsection applies. 
‘‘(F) NO
PROGRESS
EXPENDITURES
FOR 
PROPERTY FOR YEAR IT IS PLACED IN SERVICE, 
ETC.—In the case of any qualified nuclear facil-
ity, no qualified nuclear facility expenditures 
shall be taken into account under this sub-
section for the earlier of— 
‘‘(i) the taxable year in which the fa-
cility is placed in service, or 
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election, once made, may be revoked only with the 
consent of the Secretary. 
‘‘(d) NATIONAL LIMITATION ON AMOUNT OF INVEST-
MENTS DESIGNATED.—Subsection (a) shall not apply to 
the extent that the aggregate nuclear power facility con-
struction credit allowed under such subsection exceeds 
$2,000,000,000. 
‘‘(e) DEFINITIONS AND SPECIAL RULES.—For pur-
poses of this section— 
‘‘(1) QUALIFIED NUCLEAR POWER FACILITY.— 
The term ‘qualified nuclear power facility’ means an 
advanced nuclear power facility (as defined in sec-
tion 45J), the construction of which was approved 
by the Nuclear Regulatory Commission on or before 
December 31, 2013. 
‘‘(2) QUALIFIED
NUCLEAR
POWER
FACILITY 
EXPENDITURES.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
nuclear power facility expenditures’ means any 
amount properly chargeable to capital ac-
count— 
‘‘(i) with respect to a qualified nuclear 
power facility, 
‘‘(ii) for which depreciation is allow-
able under section 168, and 
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‘‘(iii) which are incurred before the 
qualified nuclear power facility is placed in 
service or in connection with the placement 
of such facility in service. 
‘‘(B) PRE-EFFECTIVE
DATE
EXPENDI-
TURES.—Qualified nuclear power facility ex-
penditures do not include any expenditures in-
curred by the taxpayer before January 1, 2008, 
unless such expenditures constitute less than 20 
percent of the total qualified nuclear power fa-
cility expenditures (determined without regard 
to this subparagraph) for the qualified nuclear 
power facility. 
‘‘(3) DELAYS AND SUSPENSION OF CONSTRUC-
TION.— 
‘‘(A) IN GENERAL.—For purposes of ap-
plying this section and section 50, a nuclear 
power facility that is under construction shall 
cease to be treated as a facility that will be a 
qualified nuclear power facility as of the earlier 
of— 
‘‘(i) the date on which the taxpayer 
decides to terminate construction of the fa-
cility, or 
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‘‘(ii) the last day of any 24 month pe-
riod in which the taxpayer has failed to 
incur qualified nuclear power facility ex-
penditures totaling at least 20 percent of 
the expected total cost of the nuclear 
power facility. 
‘‘(B) AUTHORITY
TO
WAIVE.—The Sec-
retary may waive the application of clause (ii) 
of subparagraph (A) if the Secretary deter-
mines that the taxpayer intended to continue 
the construction of the qualified nuclear power 
facility and the expenditures were not incurred 
for reasons outside the control of the taxpayer. 
‘‘(C) RESUMPTION OF CONSTRUCTION.—If 
a nuclear power facility that is under construc-
tion ceases to be a qualified nuclear power facil-
ity by reason of paragraph (2) and work is sub-
sequently resumed on the construction of such 
facility— 
‘‘(i) the date work is subsequently re-
sumed shall be treated as the date that 
construction began for purposes of para-
graph (1), and 
‘‘(ii) if the facility is a qualified nu-
clear power facility, the qualified nuclear 
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power facility expenditures shall be deter-
mined without regard to any delay or tem-
porary termination of construction of the 
facility.’’. 
(c) PROVISIONS
RELATING
TO
CREDIT
RECAP-
TURE.— 
(1) 
PROGRESS
EXPENDITURE
RECAPTURE 
RULES.— 
(A) BASIC RULES.—Subparagraph (A) of 
section 50(a)(2) of such Code is amended to 
read as follows: 
‘‘(A) IN GENERAL.—If during any taxable 
year any building to which section 47(d) applied 
or any facility to which section 48D(c) applied 
ceases (by reason of sale or other disposition, 
cancellation or abandonment of contract, or 
otherwise) to be, with respect to the taxpayer, 
property which, when placed in service, will be 
a qualified rehabilitated building or a qualified 
nuclear power facility, then the tax under this 
chapter for such taxable year shall be increased 
by an amount equal to the aggregate decrease 
in the credits allowed under section 38 for all 
prior taxable years which would have resulted 
solely from reducing to zero the credit deter-
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mined under this subpart with respect to such 
building or facility.’’. 
(B) AMENDMENT TO EXCESS CREDIT RE-
CAPTURE RULE.—Subparagraph (B) of section 
50(a)(2) of such Code is amended by— 
(i) inserting ‘‘or paragraph (2) of sec-
tion 48D(b)’’ after ‘‘paragraph (2) of sec-
tion 47(b)’’, 
(ii) inserting ‘‘or section 48D(b)(1)’’ 
after ‘‘section 47(b)(1)’’, and 
(iii) 
inserting 
‘‘or 
facility’’ 
after 
‘‘building’’. 
(C) AMENDMENT
OF
SALE
AND
LEASE-
BACK
RULE.—Subparagraph (C) of section 
50(a)(2) of such Code is amended by— 
(i) inserting ‘‘or qualified nuclear 
power facility expenditures’’ after ‘‘quali-
fied rehabilitation expenditures’’, and 
(ii) inserting ‘‘or section 48D(c)’’ 
after ‘‘section 47(d)’’. 
(D) OTHER AMENDMENT.—Subparagraph 
(D) of section 50(a)(2) of such Code is amend-
ed by inserting ‘‘or section 48D(c)’’ after ‘‘sec-
tion 47(d)’’. 
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(d) NO BASIS ADJUSTMENT.—Section 50(c) of such 
Code is amended by inserting at the end thereof the fol-
lowing new paragraph: 
‘‘(6) NUCLEAR
POWER
FACILITY
CONSTRUC-
TION CREDIT.—Paragraphs (1) and (2) shall not 
apply to the nuclear power facility construction cred-
it.’’. 
(e) TECHNICAL AMENDMENTS.—The table of sec-
tions for subpart E of part IV of subchapter A of chapter 
1 of such Code is amended by inserting after the item 
relating to section 48C the following new item: 
‘‘Sec. 48D. Nuclear power facility construction credit.’’. 
(f) EFFECTIVE DATE.—The amendments made by 
this section shall be effective for expenditures incurred and 
property placed in service in taxable years beginning after 
the date of the enactment of this Act. 
SEC. 103. EXPANSION OF SPECIAL ALLOWANCE TO CEL-
LULOSIC BIOMASS ALCOHOL FUEL PLANT 
PROPERTY. 
(a) IN GENERAL.—Paragraph (3) of section 168(l) 
of the Internal Revenue Code of 1986 (relating to special 
allowance for cellulosic biomass ethanol plant property) is 
amended to read as follows: 
‘‘(3) CELLULOSIC
BIOMASS
ALCOHOL.—For 
purposes of this subsection, the term ‘cellulosic bio-
mass alcohol’ means any alcohol produced from any 
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lignocellulosic or hemicellulosic matter that is avail-
able on a renewable or recurring basis.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Subsection (l) of section 168 of such Code 
is amended by striking ‘‘cellulosic biomass ethanol’’ 
each place it appears and inserting ‘‘cellulosic bio-
mass alcohol’’. 
(2) The heading of section 168(l) of such Code 
is amended by striking ‘‘CELLULOSIC BIOMASS ETH-
ANOL’’ and inserting ‘‘CELLULOSIC BIOMASS ALCO-
HOL’’. 
(3) The heading of paragraph (2) of section 
168(l) of such Code is amended by striking ‘‘CEL-
LULOSIC BIOMASS ETHANOL’’ and inserting ‘‘CEL-
LULOSIC BIOMASS ALCOHOL’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
the date of the enactment of this Act, in taxable years 
ending after such date. 
Subtitle B—Electricity and 
Renewables 
SEC. 111. EXTENSION AND MODIFICATION OF ENERGY IN-
VESTMENT TAX CREDIT. 
(a) EXTENSION OF CREDIT.— 
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(1) SOLAR
ENERGY
PROPERTY.—Paragraphs 
(2)(A)(i)(II) and (3)(A)(ii) of section 48(a) of the 
Internal Revenue Code of 1986 (relating to energy 
credit) are each amended by striking ‘‘January 1, 
2009’’ and inserting ‘‘January 1, 2017’’. 
(2) FUEL CELL PROPERTY.—Subparagraph (E) 
of section 48(c)(1) of such Code (relating to quali-
fied fuel cell property) is amended by striking ‘‘De-
cember 31, 2008’’ and inserting ‘‘December 31, 
2016’’. 
(b) ALLOWANCE OF ENERGY CREDIT AGAINST AL-
TERNATIVE MINIMUM TAX.—Subparagraph (B) of section 
38(c)(4) of such Code (relating to specified credits) is 
amended by striking ‘‘and’’ at the end of clause (iii), by 
striking the period at the end of clause (iv) and inserting 
‘‘, and’’, and by adding at the end the following new 
clause: 
‘‘(v) the credit determined under section 46 to the 
extent that such credit is attributable to the energy credit 
determined under section 48.’’. 
(c) INCREASE OF CREDIT LIMITATION FOR FUEL 
CELL PROPERTY.—Subparagraph (B) of section 48(c)(1) 
of such Code is amended by striking ‘‘$500’’ and inserting 
‘‘$1,500’’. 
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(d) PUBLIC ELECTRIC UTILITY PROPERTY TAKEN 
INTO ACCOUNT.— 
(1) IN
GENERAL.—Paragraph (3) of section 
48(a) of such Code is amended by striking the sec-
ond sentence thereof. 
(2) CONFORMING AMENDMENTS.— 
(A) Paragraph (1) of section 48(c) of such 
Code is amended by striking subparagraph (D) 
and redesignating subparagraph (E) as sub-
paragraph (D). 
(B) Paragraph (2) of section 48(c) of such 
Code is amended by striking subparagraph (D) 
and redesignating subparagraph (E) as sub-
paragraph (D). 
(e) CLERICAL AMENDMENTS.—Paragraphs (1)(B) 
and (2)(B) of section 48(c) of such Code are each amend-
ed by striking ‘‘paragraph (1)’’ and inserting ‘‘subsection 
(a)’’. 
(f) EFFECTIVE DATE.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall take effect on the date of the en-
actment of this Act. 
(2) ALLOWANCE AGAINST ALTERNATIVE MIN-
IMUM TAX.—The amendments made by subsection 
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(b) shall apply to credits determined under section 
46 of the Internal Revenue Code of 1986 in taxable 
years beginning after the date of the enactment of 
this Act and to carrybacks of such credits. 
(3) INCREASE IN LIMITATION FOR FUEL CELL 
PROPERTY.—The amendment made by subsection 
(c) shall apply to periods after the date of the enact-
ment of this Act, in taxable years ending after such 
date, under rules similar to the rules of section 
48(m) of the Internal Revenue Code of 1986 (as in 
effect on the day before the date of the enactment 
of the Revenue Reconciliation Act of 1990). 
(4) PUBLIC
ELECTRIC
UTILITY
PROPERTY.— 
The amendments made by subsection (d) shall apply 
to periods after June 20, 2008, in taxable years end-
ing after such date, under rules similar to the rules 
of section 48(m) of the Internal Revenue Code of 
1986 (as in effect on the day before the date of the 
enactment of the Revenue Reconciliation Act of 
1990). 
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SEC. 112. CREDIT RATE PARITY FOR ALL RENEWABLE RE-
SOURCES UNDER ELECTRICITY PRODUCTION 
CREDIT. 
(a) IN GENERAL.—Section 45(b)(4)(A) of the Inter-
nal Revenue Code of 1986 (relating to credit rate) is 
amended by inserting ‘‘and before 2008’’ after ‘‘2003’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to electricity produced and sold 
after December 31, 2007. 
SEC. 113. EXTENSION OF CREDIT FOR PRODUCING ELEC-
TRICITY FROM CERTAIN RENEWABLE RE-
SOURCES. 
Subsection (d) of section 45 of the Internal Revenue 
Code of 1986 is amended by striking ‘‘January 1, 2009’’ 
each place it appears and inserting ‘‘January 1, 2014’’. 
SEC. 114. EXPANSION OF CREDIT FOR ELECTRICITY PRO-
DUCED FROM AGRICULTURAL LIVESTOCK 
WASTE NUTRIENTS. 
(a) INCREASE IN CREDIT RATE.—Subparagraph (A) 
of section 45(b)(4) of the Internal Revenue Code of 1986 
(relating to credit rate) is amended by striking ‘‘para-
graph (3),’’ and inserting ‘‘paragraph (3) (other than sub-
paragraph (A)(i) thereof),’’. 
(b) BIOGAS
AND THERMAL ENERGY PRODUCED 
FROM AGRICULTURAL LIVESTOCK WASTE NUTRIENTS.— 
Section 45(e) of such Code (relating to definitions and 
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special rules) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(12) BIOGAS
AND
THERMAL
ENERGY
PRO-
DUCED FROM AGRICULTURAL LIVESTOCK WASTE NU-
TRIENTS.— 
‘‘(A) IN
GENERAL.—In the case of an 
open-loop biomass facility, the term ‘kilowatt 
hour of electricity’ in paragraph (2) of sub-
section (a) shall mean kilowatt hours of elec-
tricity and kilowatt-equivalent hours of biogas, 
synthesis gas, and thermal energy produced 
from agricultural livestock waste nutrients. 
‘‘(B) CLARIFICATION.—Any requirements 
related to electricity production under para-
graph (3) of subsection (d) shall not cause a fa-
cility producing biogas, synthesis gas, or ther-
mal energy from agricultural livestock waste 
nutrients to fail to be treated as a qualified fa-
cility under subsection (d).’’. 
(c) CREDIT ALLOWED FOR ON-SITE USE.—Section 
45(e) of such Code (relating to definitions and special 
rules) is amended by adding at the end the following new 
paragraph: 
‘‘(13) CREDIT ALLOWED FOR ON-SITE USE.—In 
the case of electricity or biogas, synthesis gas, or 
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thermal energy produced at any facility described in 
paragraph (3) of subsection (d) which is equipped 
with net metering to determine electricity consump-
tion or sale (such consumption or sale to be verified 
by a third party as determined by the Secretary), 
subsection (a)(2) shall be applied without regard to 
subparagraph (B) thereof.’’. 
(d) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply to taxable years ending after December 
31, 2006. 
(2) SUBSECTION (c).—The amendment made 
by subsection (c) shall apply to facilities placed in 
service after the date of the enactment of this Act. 
SEC. 115. CREDIT FOR INSTALLATION OF WIND ENERGY 
PROPERTY INCLUDING BY RURAL HOME-
OWNERS, FARMERS, RANCHERS, AND SMALL 
BUSINESSES. 
(a) IN GENERAL.—Subpart B of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
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‘‘SEC. 30D. WIND ENERGY PROPERTY. 
‘‘(a) ALLOWANCE OF CREDIT.—There shall be al-
lowed as a credit against the tax imposed by this chapter 
for the taxable year an amount equal to $1,500 with re-
spect to each half kilowatt of capacity of qualified wind 
energy property placed in service or installed by the tax-
payer during such taxable year. 
‘‘(b) LIMITATION.—No credit shall be allowed under 
subsection (a) unless at least 50 percent of the energy pro-
duced annually by the qualified wind energy property is 
consumed on the site on which the property is placed in 
service or installed. 
‘‘(c) QUALIFIED WIND ENERGY PROPERTY.—For 
purposes of this section, the term ‘qualified wind energy 
property’ means a wind turbine of 100 kilowatts of rated 
capacity or less if— 
‘‘(1) such turbine is placed in service or in-
stalled on or in connection with property located in 
the United States, 
‘‘(2) in the case of an individual, the property 
on or in connection with which such turbine is in-
stalled is a dwelling unit, and 
‘‘(3) the original use of such turbine commences 
with the taxpayer. 
‘‘(d) LIMITATION BASED ON AMOUNT OF TAX.— 
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‘‘(1) IN GENERAL.—The credit allowed under 
subsection (a) for any taxable year shall not exceed 
the excess of— 
‘‘(A) the sum of the regular tax liability 
(as defined in section 26(b)) plus the tax im-
posed by section 55, over 
‘‘(B) the sum of the credits allowable 
under this part (other than under this section 
and subpart C thereof, relating to refundable 
credits) and section 1397E. 
‘‘(2) CARRYOVER OF UNUSED CREDIT.—If the 
credit allowable under subsection (a) exceeds the 
limitation imposed by paragraph (1) for such taxable 
year, such excess shall be carried to the succeeding 
taxable year and added to the credit allowable under 
subsection (a) for such taxable year. 
‘‘(e) SPECIAL RULES.—For purposes of this sec-
tion— 
‘‘(1) TENANT-STOCKHOLDER IN COOPERATIVE 
HOUSING CORPORATION.—In the case of an indi-
vidual who is a tenant-stockholder (as defined in sec-
tion 216(b)(2)) in a cooperative housing corporation 
(as defined in section 216(b)(1)), such individual 
shall be treated as having paid his tenant-stock-
holder’s proportionate share (as defined in section 
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216(b)(3)) of any expenditures paid or incurred for 
qualified wind energy property by such corporation, 
and such credit shall be allocated appropriately to 
such individual. 
‘‘(2) CONDOMINIUMS.— 
‘‘(A) IN GENERAL.—In the case of an indi-
vidual who is a member of a condominium man-
agement association with respect to a condo-
minium which he owns, such individual shall be 
treated as having paid his proportionate share 
of expenditures paid or incurred for qualified 
wind energy property by such association, and 
such credit shall be allocated appropriately to 
such individual. 
‘‘(B) CONDOMINIUM
MANAGEMENT
ASSO-
CIATION.—For purposes of this paragraph, the 
term ‘condominium management association’ 
means an organization which meets the require-
ments of section 528(c)(2) with respect to a 
condominium project of which substantially all 
of the units are used by individuals as dwelling 
units. 
‘‘(f) BASIS ADJUSTMENT.—For purposes of this sub-
title, if a credit is allowed under this section for any ex-
penditure with respect to a dwelling unit or other prop-
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erty, the increase in the basis of such dwelling unit or 
other property which would (but for this subsection) result 
from such expenditure shall be reduced by the amount of 
the credit so allowed. 
‘‘(g) APPLICATION OF CREDIT.—The credit allowed 
under this section shall apply to property placed in service 
or installed after December 31, 2007, and before January 
1, 2012.’’. 
(b) CONFORMING AMENDMENT.—Subsection (a) of 
section 1016 of the Internal Revenue Code of 1986 (relat-
ing to general rule for adjustments to basis) is amended 
by striking ‘‘and’’ at the end of paragraph (36), by strik-
ing the period at the end of paragraph (37) and inserting 
‘‘, and’’, and by adding at the end the following new para-
graph: 
‘‘(38) in the case of a dwelling unit or other 
property with respect to which a credit was allowed 
under section 30D, to the extent provided in section 
30D(f).’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by in-
serting after the item relating to section 30C the following 
new item: 
‘‘Sec. 30D. Wind energy property.’’. 
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(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
SEC. 116. 3-YEAR ACCELERATED DEPRECIATION PERIOD 
FOR WIND ENERGY PROPERTY. 
(a) IN GENERAL.—Subparagraph (A) of section 
168(e)(3) of the Internal Revenue Code of 1986 is amend-
ed by striking ‘‘and’’ at the end of clause (ii), by striking 
the period at the end of clause (iii) and inserting ‘‘, and’’, 
and by inserting after clause (iii) the following new clause: 
‘‘(iv) any property which would be de-
scribed in subparagraph (A) of section 
48(a)(3) if ‘wind energy’ were substituted 
for ‘solar energy’ in clause (i) thereof and 
the last sentence of such section did not 
apply to such subparagraph.’’. 
(b) 
CONFORMING
AMENDMENT.—Section 
168(e)(3)(B)(vi)(I) of such Code is amended to read as 
follows: 
‘‘(I) is described in subparagraph 
(A) of section 48(a)(3) if the last sen-
tence of such section did not apply to 
such subparagraph,’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service in 
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taxable years ending after the date of the enactment of 
this Act. 
SEC. 117. REPEAL OF DOLLAR LIMITATION AND ALLOW-
ANCE AGAINST ALTERNATIVE MINIMUM TAX 
FOR RESIDENTIAL SOLAR AND FUEL CELL 
PROPERTY CREDIT. 
(a) REPEAL OF MAXIMUM DOLLAR LIMITATION.— 
(1) IN
GENERAL.—Subsection (b) of section 
25D of the Internal Revenue Code of 1986 (relating 
to limitations) is amended to read as follows: 
‘‘(b) CERTIFICATION OF SOLAR WATER HEATING 
PROPERTY.—No credit shall be allowed under this section 
for an item of property described in subsection (d)(1) un-
less such property is certified for performance by the non- 
profit Solar Rating Certification Corporation or a com-
parable entity endorsed by the government of the State 
in which such property is installed.’’. 
(2) CONFORMING AMENDMENTS.— 
(A) Subsection (e) of section 25D of such 
Code is amended by striking paragraph (4) and 
by redesignating paragraphs (5) through (9) as 
paragraphs (4) through (8), respectively. 
(B) Paragraph (1) of section 25C(e) of 
such Code is amended by striking ‘‘(8), and 
(9)’’ and inserting ‘‘and (8) (and paragraph (4) 
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as in effect before its repeal by the American- 
Made Energy Act of 2008)’’. 
(b) CREDIT ALLOWED AGAINST ALTERNATIVE MIN-
IMUM TAX.— 
(1) IN
GENERAL.—Subsection (c) of section 
25D of such Code is amended to read as follows: 
‘‘(c) LIMITATION BASED
ON AMOUNT
OF TAX; 
CARRYFORWARD OF UNUSED CREDIT.— 
‘‘(1) LIMITATION
BASED
ON
AMOUNT
OF 
TAX.—In the case of a taxable year to which section 
26(a)(2) does not apply, the credit allowed under 
subsection (a) for the taxable year shall not exceed 
the excess of— 
‘‘(A) the sum of the regular tax liability 
(as defined in section 26(b)) plus the tax im-
posed by section 55, over 
‘‘(B) the sum of the credits allowable 
under this subpart (other than this section) and 
section 27 for the taxable year. 
‘‘(2) CARRYFORWARD OF UNUSED CREDIT.— 
‘‘(A) RULE
FOR
YEARS
IN
WHICH
ALL 
PERSONAL
CREDITS
ALLOWED
AGAINST
REG-
ULAR
AND
ALTERNATIVE
MINIMUM
TAX.—In 
the case of a taxable year to which section 
26(a)(2) applies, if the credit allowable under 
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subsection (a) exceeds the limitation imposed by 
section 26(a)(2) for such taxable year reduced 
by the sum of the credits allowable under this 
subpart (other than this section), such excess 
shall be carried to the succeeding taxable year 
and added to the credit allowable under sub-
section (a) for such succeeding taxable year. 
‘‘(B) RULE
FOR
OTHER
YEARS.—In the 
case of a taxable year to which section 26(a)(2) 
does not apply, if the credit allowable under 
subsection (a) exceeds the limitation imposed by 
paragraph (1) for such taxable year, such ex-
cess shall be carried to the succeeding taxable 
year and added to the credit allowable under 
subsection (a) for such succeeding taxable 
year.’’. 
(2) CONFORMING AMENDMENTS.— 
(A) Section 23(b)(4)(B) of such Code is 
amended by inserting ‘‘and section 25D’’ after 
‘‘this section’’. 
(B) Section 24(b)(3)(B) of such Code is 
amended by striking ‘‘and 25B’’ and inserting 
‘‘, 25B, and 25D’’. 
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(C) Section 25B(g)(2) of such Code is 
amended by striking ‘‘section 23’’ and inserting 
‘‘sections 23 and 25D’’. 
(D) Section 26(a)(1) of such Code is 
amended by striking ‘‘and 25B’’ and inserting 
‘‘25B, and 25D’’. 
(c) EFFECTIVE DATES.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall apply to expenditures made after 
the date of the enactment of this Act. 
(2) ALLOWANCE AGAINST ALTERNATIVE MIN-
IMUM TAX.— 
(A) IN GENERAL.—The amendments made 
by subsection (b) shall apply to taxable years 
beginning after the date of the enactment of 
this Act. 
(B) APPLICATION OF EGTRRA SUNSET.— 
The amendments made by subparagraphs (A) 
and (B) of subsection (b)(2) shall be subject to 
title IX of the Economic Growth and Tax Relief 
Reconciliation Act of 2001 in the same manner 
as the provisions of such Act to which such 
amendments relate. 
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SEC. 118. NEW CLEAN RENEWABLE ENERGY BONDS. 
(a) IN GENERAL.—Part IV of subchapter A of chap-
ter 1 of the Internal Revenue Code of 1986 (relating to 
credits against tax) is amended by adding at the end the 
following new subpart: 
‘‘Subpart I—Qualified Tax Credit Bonds 
‘‘Sec. 54A. Credit to holders of qualified tax credit bonds. 
‘‘Sec. 54B. New clean renewable energy bonds. 
‘‘SEC. 54A. CREDIT TO HOLDERS OF QUALIFIED TAX CRED-
IT BONDS. 
‘‘(a) ALLOWANCE OF CREDIT.—If a taxpayer holds 
a qualified tax credit bond on one or more credit allowance 
dates of the bond during any taxable year, there shall be 
allowed as a credit against the tax imposed by this chapter 
for the taxable year an amount equal to the sum of the 
credits determined under subsection (b) with respect to 
such dates. 
‘‘(b) AMOUNT OF CREDIT.— 
‘‘(1) IN GENERAL.—The amount of the credit 
determined under this subsection with respect to any 
credit allowance date for a qualified tax credit bond 
is 25 percent of the annual credit determined with 
respect to such bond. 
‘‘(2) ANNUAL CREDIT.—The annual credit de-
termined with respect to any qualified tax credit 
bond is the product of— 
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‘‘(A) the applicable credit rate, multiplied 
by 
‘‘(B) the outstanding face amount of the 
bond. 
‘‘(3) APPLICABLE CREDIT RATE.—For purposes 
of paragraph (2), the applicable credit rate is the 
rate which the Secretary estimates will permit the 
issuance of qualified tax credit bonds with a speci-
fied maturity or redemption date without discount 
and without interest cost to the qualified issuer. The 
applicable credit rate with respect to any qualified 
tax credit bond shall be determined as of the first 
day on which there is a binding, written contract for 
the sale or exchange of the bond. 
‘‘(4) SPECIAL RULE FOR ISSUANCE AND RE-
DEMPTION.—In the case of a bond which is issued 
during the 3-month period ending on a credit allow-
ance date, the amount of the credit determined 
under this subsection with respect to such credit al-
lowance date shall be a ratable portion of the credit 
otherwise determined based on the portion of the 3- 
month period during which the bond is outstanding. 
A similar rule shall apply when the bond is redeemed 
or matures. 
‘‘(c) LIMITATION BASED ON AMOUNT OF TAX.— 
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‘‘(1) IN GENERAL.—The credit allowed under 
subsection (a) for any taxable year shall not exceed 
the excess of— 
‘‘(A) the sum of the regular tax liability 
(as defined in section 26(b)) plus the tax im-
posed by section 55, over 
‘‘(B) the sum of the credits allowable 
under this part (other than subpart C and this 
subpart). 
‘‘(2) CARRYOVER OF UNUSED CREDIT.—If the 
credit allowable under subsection (a) exceeds the 
limitation imposed by paragraph (1) for such taxable 
year, such excess shall be carried to the succeeding 
taxable year and added to the credit allowable under 
subsection (a) for such taxable year (determined be-
fore the application of paragraph (1) for such suc-
ceeding taxable year). 
‘‘(d) QUALIFIED TAX CREDIT BOND.—For purposes 
of this section— 
‘‘(1) QUALIFIED TAX CREDIT BOND.—The term 
‘qualified tax credit bond’ means a new clean renew-
able energy bond which is part of an issue that 
meets the requirements of paragraphs (2), (3), (4), 
(5), and (6). 
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‘‘(2) SPECIAL RULES RELATING TO EXPENDI-
TURES.— 
‘‘(A) IN
GENERAL.—An issue shall be 
treated as meeting the requirements of this 
paragraph if, as of the date of issuance, the 
issuer reasonably expects— 
‘‘(i) 100 percent or more of the avail-
able project proceeds to be spent for 1 or 
more qualified purposes within the 3-year 
period beginning on such date of issuance, 
and 
‘‘(ii) a binding commitment with a 
third party to spend at least 10 percent of 
such available project proceeds will be in-
curred within the 6-month period begin-
ning on such date of issuance. 
‘‘(B) 
FAILURE
TO
SPEND
REQUIRED 
AMOUNT
OF
BOND
PROCEEDS
WITHIN
YEARS.— 
‘‘(i) IN GENERAL.—To the extent that 
less than 100 percent of the available 
project proceeds of the issue are expended 
by the close of the expenditure period for 
1 or more qualified purposes, the issuer 
shall redeem all of the nonqualified bonds 
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within 90 days after the end of such pe-
riod. For purposes of this paragraph, the 
amount of the nonqualified bonds required 
to be redeemed shall be determined in the 
same manner as under section 142. 
‘‘(ii) 
EXPENDITURE
PERIOD.—For 
purposes of this subpart, the term ‘expend-
iture period’ means, with respect to any 
issue, the 3-year period beginning on the 
date of issuance. Such term shall include 
any extension of such period under clause 
(iii). 
‘‘(iii) EXTENSION OF PERIOD.—Upon 
submission of a request prior to the expira-
tion of the expenditure period (determined 
without regard to any extension under this 
clause), the Secretary may extend such pe-
riod if the issuer establishes that the fail-
ure to expend the proceeds within the 
original expenditure period is due to rea-
sonable cause and the expenditures for 
qualified purposes will continue to proceed 
with due diligence. 
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‘‘(C) QUALIFIED PURPOSE.—For purposes 
of this paragraph, the term ‘qualified purpose’ 
means a purpose specified in section 54B(a)(1). 
‘‘(D) REIMBURSEMENT.—For purposes of 
this subtitle, available project proceeds of an 
issue shall be treated as spent for a qualified 
purpose if such proceeds are used to reimburse 
the issuer for amounts paid for a qualified pur-
pose after the date that the Secretary makes an 
allocation of bond limitation with respect to 
such issue, but only if— 
‘‘(i) prior to the payment of the origi-
nal expenditure, the issuer declared its in-
tent to reimburse such expenditure with 
the proceeds of a qualified tax credit bond, 
‘‘(ii) not later than 60 days after pay-
ment of the original expenditure, the issuer 
adopts an official intent to reimburse the 
original expenditure with such proceeds, 
and 
‘‘(iii) the reimbursement is made not 
later than 18 months after the date the 
original expenditure is paid. 
‘‘(3) REPORTING.—An issue shall be treated as 
meeting the requirements of this paragraph if the 
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issuer of qualified tax credit bonds submits reports 
similar to the reports required under section 149(e). 
‘‘(4) SPECIAL
RULES
RELATING
TO
ARBI-
TRAGE.— 
‘‘(A) IN
GENERAL.—An issue shall be 
treated as meeting the requirements of this 
paragraph if the issuer satisfies the require-
ments of section 148 with respect to the pro-
ceeds of the issue. 
‘‘(B) SPECIAL
RULE
FOR
INVESTMENTS 
DURING EXPENDITURE PERIOD.—An issue shall 
not be treated as failing to meet the require-
ments of subparagraph (A) by reason of any in-
vestment of available project proceeds during 
the expenditure period. 
‘‘(C) 
SPECIAL
RULE
FOR
RESERVE 
FUNDS.—An issue shall not be treated as fail-
ing to meet the requirements of subparagraph 
(A) by reason of any fund which is expected to 
be used to repay such issue if— 
‘‘(i) such fund is funded at a rate not 
more rapid than equal annual installments, 
‘‘(ii) such fund is funded in a manner 
that such fund will not exceed the amount 
necessary to repay the issue if invested at 
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the maximum rate permitted under clause 
(iii), and 
‘‘(iii) the yield on such fund is not 
greater than the discount rate determined 
under paragraph (5)(B) with respect to the 
issue. 
‘‘(5) MATURITY LIMITATION.— 
‘‘(A) IN GENERAL.—An issue shall not be 
treated as meeting the requirements of this 
paragraph if the maturity of any bond which is 
part of such issue exceeds the maximum term 
determined by the Secretary under subpara-
graph (B). 
‘‘(B) MAXIMUM TERM.—During each cal-
endar month, the Secretary shall determine the 
maximum term permitted under this paragraph 
for bonds issued during the following calendar 
month. Such maximum term shall be the term 
which the Secretary estimates will result in the 
present value of the obligation to repay the 
principal on the bond being equal to 50 percent 
of the face amount of such bond. Such present 
value shall be determined using as a discount 
rate the average annual interest rate of tax-ex-
empt obligations having a term of 10 years or 
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more which are issued during the month. If the 
term as so determined is not a multiple of a 
whole year, such term shall be rounded to the 
next highest whole year. 
‘‘(6) PROHIBITION
ON
FINANCIAL
CONFLICTS 
OF INTEREST.—An issue shall be treated as meeting 
the requirements of this paragraph if the issuer cer-
tifies that— 
‘‘(A) applicable State and local law re-
quirements governing conflicts of interest are 
satisfied with respect to such issue, and 
‘‘(B) if the Secretary prescribes additional 
conflicts of interest rules governing the appro-
priate Members of Congress, Federal, State, 
and local officials, and their spouses, such addi-
tional rules are satisfied with respect to such 
issue. 
‘‘(e) OTHER DEFINITIONS.—For purposes of this 
subchapter— 
‘‘(1) CREDIT
ALLOWANCE
DATE.—The term 
‘credit allowance date’ means— 
‘‘(A) March 15, 
‘‘(B) June 15, 
‘‘(C) September 15, and 
‘‘(D) December 15. 
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(A) by striking ‘‘$.60’’ and inserting 
‘‘$.75’’, and 
(B) by striking ‘‘$1.80’’ and inserting 
‘‘$2.25’’. 
(b) EXTENSION.—Section 179D(h) of such Code is 
amended by striking ‘‘December 31, 2007’’ and inserting 
‘‘December 31, 2013’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2006. 
Subtitle E—Alternative Vehicle 
Fuels 
SEC. 141. CONSUMER CREDIT FOR PURCHASE OF FLEXIBLE 
FUEL MOTOR VEHICLE. 
(a) IN GENERAL.—Section 30B of the Internal Rev-
enue Code of 1986 (relating to alternative motor vehicle 
credit) is amended— 
(1) in subsection (a) by striking ‘‘and’’ at the 
end of paragraph (3), by striking the period and in-
serting ‘‘, and’’ at the end of paragraph (4), and by 
adding at the end the following new paragraph: 
‘‘(5) the qualified flexible fuel motor vehicle 
credit determined under subsection (f).’’, and 
(2) by redesignating subsections (f), (g), (h), 
(i), and (j) as subsections (g), (h), (i), (j), and (k), 
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