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period at the end of clause (ii) and inserting a comma, and 
by inserting after clause (ii) the following new clauses: 
‘‘(iii) any qualified smart electric 
meter, and 
‘‘(iv) any qualified smart electric grid 
system.’’. 
(b) DEFINITIONS.—Section 168(i) is amended by in-
serting at the end the following new paragraph: 
‘‘(18) QUALIFIED SMART ELECTRIC METERS.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
smart electric meter’ means any smart electric 
meter which— 
‘‘(i) is placed in service by a taxpayer 
who is a supplier of electric energy or a 
provider of electric energy services, and 
‘‘(ii) does not have a class life (deter-
mined without regard to subsection (e)) of 
less than 10 years. 
‘‘(B) SMART ELECTRIC METER.—For pur-
poses of subparagraph (A), the term ‘smart elec-
tric meter’ means any time-based meter and re-
lated communication equipment which is capable 
of being used by the taxpayer as part of a system 
that—
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‘‘(i) measures and records electricity 
usage data on a time-differentiated basis in 
at least 24 separate time segments per day, 
‘‘(ii) provides for the exchange of infor-
mation between supplier or provider and 
the customer’s electric meter in support of 
time-based rates or other forms of demand 
response, 
‘‘(iii) provides data to such supplier or 
provider so that the supplier or provider 
can provide energy usage information to 
customers electronically, and 
‘‘(iv) provides net metering. 
‘‘(19) QUALIFIED SMART ELECTRIC GRID SYS-
TEMS.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
smart electric grid system’ means any smart 
grid property which— 
‘‘(i) is used as part of a system for 
electric distribution grid communications, 
monitoring, and management placed in 
service by a taxpayer who is a supplier of 
electric energy or a provider of electric en-
ergy services, and
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‘‘(ii) does not have a class life (deter-
mined without regard to subsection (e)) of 
less than 10 years. 
‘‘(B) SMART GRID PROPERTY.—For the pur-
poses of subparagraph (A), the term ‘smart grid 
property’ means electronics and related equip-
ment that is capable of— 
‘‘(i) sensing, collecting, and monitoring 
data of or from all portions of a utility’s 
electric distribution grid, 
‘‘(ii) providing real-time, two-way 
communications to monitor or manage such 
grid, and 
‘‘(iii) providing real time analysis of 
and event prediction based upon collected 
data that can be used to improve electric 
distribution system reliability, quality, and 
performance.’’. 
(c) CONTINUED APPLICATION OF 150 PERCENT DE-
CLINING BALANCE METHOD.—Paragraph (2) of section 
168(b) is amended by striking ‘‘or’’ at the end of subpara-
graph (B), by redesignating subparagraph (C) as subpara-
graph (D), and by inserting after subparagraph (B) the fol-
lowing new subparagraph:
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‘‘(C) any property (other than property de-
scribed in paragraph (3)) which is a qualified 
smart electric meter or qualified smart electric 
grid system, or’’. 
(d) EFFECTIVE DATE.—The amendments made by this 
section shall apply to property placed in service after the 
date of the enactment of this Act. 
SEC. 307. QUALIFIED GREEN BUILDING AND SUSTAINABLE 
DESIGN PROJECTS. 
(a) IN GENERAL.—Paragraph (8) of section 142(l) is 
amended by striking ‘‘September 30, 2009’’ and inserting 
‘‘September 30, 2012’’. 
(b) TREATMENT OF CURRENT REFUNDING BONDS.— 
Paragraph (9) of section 142(l) is amended by striking ‘‘Oc-
tober 1, 2009’’ and inserting ‘‘October 1, 2012’’. 
(c) ACCOUNTABILITY.—The second sentence of section 
701(d) of the American Jobs Creation Act of 2004 is amend-
ed by striking ‘‘issuance,’’ and inserting ‘‘issuance of the 
last issue with respect to such project,’’. 
SEC. 308. SPECIAL DEPRECIATION ALLOWANCE FOR CER-
TAIN REUSE AND RECYCLING PROPERTY. 
(a) IN GENERAL.—Section 168 is amended by adding 
at the end the following new subsection: 
‘‘(m) SPECIAL ALLOWANCE FOR CERTAIN REUSE AND 
RECYCLING PROPERTY.—
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‘‘(1) IN GENERAL.—In the case of any qualified 
reuse and recycling property— 
‘‘(A) the depreciation deduction provided by 
section 167(a) for the taxable year in which such 
property is placed in service shall include an al-
lowance equal to 50 percent of the adjusted basis 
of the qualified reuse and recycling property, 
and 
‘‘(B) the adjusted basis of the qualified reuse 
and recycling property shall be reduced by the 
amount of such deduction before computing the 
amount otherwise allowable as a depreciation de-
duction under this chapter for such taxable year 
and any subsequent taxable year. 
‘‘(2) QUALIFIED REUSE AND RECYCLING PROP-
ERTY.—For purposes of this subsection— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
reuse and recycling property’ means any reuse 
and recycling property— 
‘‘(i) to which this section applies, 
‘‘(ii) which has a useful life of at least 
5 years, 
‘‘(iii) the original use of which com-
mences with the taxpayer after August 31, 
2008, and