To enhance the energy security of the United States by encouraging investments in renewable and alternative energy and to authorize appropriations for research in and development of fungible biofuels.

SECTION 1. SHORT TITLE; ETC.

    (a) Short Title.--This Act may be cited as the ``Renewable Energy 
Investment Act of 2009''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this subtitle an amendment or repeal is expressed 
in terms of an amendment to, or repeal of, a section or other 
provision, the reference shall be considered to be made to a section or 
other provision of the Internal Revenue Code of 1986.
    (c) Table of Contents.--

Sec. 1. Short title; etc.
                TITLE I--INVESTMENT IN RENEWABLE ENERGY

Sec. 101. Extension of renewable electricity production credit.
Sec. 102. Expansion and extension of new clean renewable energy bonds.
Sec. 103. Extension of investment tax credit for certain energy 
                            property.
Sec. 104. Increase in credit for investment in advanced energy 
                            facilities.
           TITLE II--INVESTMENT IN ALTERNATIVE FUEL PROPERTY

Sec. 201. Extension of credits for alcohol fuels.
Sec. 202. Extension of credits for biodiesel and renewable diesel.
                    TITLE III--INVESTMENT IN ETHANOL

Sec. 301. Research in and development of fungible biofuels.

                TITLE I--INVESTMENT IN RENEWABLE ENERGY

SEC. 101. EXTENSION OF RENEWABLE ELECTRICITY PRODUCTION CREDIT.

    (a) In General.--Subsection (d) of section 45 is amended--
            (1) by striking ``January 1, 2013'' in paragraph (1) and 
        inserting ``January 1, 2015'', and
            (2) by striking ``January 1, 2014'' each place it appears 
        in paragraphs (2), (3), (4), (6), (7), (9), and (11)(B) and 
        inserting ``January 1, 2015''.
    (b) 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. 102. EXPANSION AND EXTENSION OF NEW CLEAN RENEWABLE ENERGY BONDS.

    (a) In General.--Paragraph (2) of section 54C(c) is amended by 
inserting ``, for calendar years 2011, 2012, 2013, and 2014, an 
additional $500,000,000 for each year, and, except as provided in 
paragraph (5) for years after 2014, zero,'' after ``$800,000,000''.
    (b) Carryover of Unused Limitation.--Subsection (c) of section 54C 
is amended by adding at the end the following new paragraph:
            ``(5) Carryover of unused limitation.--If for any calendar 
        year--
                    ``(A) the amount allocated under paragraph (2) for 
                such calendar year, exceeds
                    ``(B) the amount of bonds issued during such year 
                which are designated under subsection (a) pursuant to 
                such allocation,
        then the limitation amount under paragraph (2) for the 
        following calendar year shall be increased by the amount of 
        such excess.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after December 31, 2010.

SEC. 103. EXTENSION OF INVESTMENT TAX CREDIT FOR CERTAIN ENERGY 
              PROPERTY.

    (a) Solar Energy Property.--Paragraphs (2)(A)(i)(II) and (3)(A)(ii) 
of section 48(a) are each amended by striking ``January 1, 2017'' and 
inserting ``January 1, 2019''.
    (b) Fuel Cell Property.--Subparagraph (D) of section 48(c)(1) is 
amended by striking ``December 31, 2016'' and inserting ``December 31, 
2018''.
    (c) Qualified Small Wind Energy Property.--Subparagraph (C) of 
section 48(c)(4) is amended by striking ``December 31, 2016'' and 
inserting ``December 31, 2018''.
    (d) Geothermal Heat Pump Systems.--Clause (vii) of section 
48(a)(3)(A) is amended by striking ``January 1, 2017'' and inserting 
``January 1, 2019''.
    (e) 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. 104. INCREASE IN CREDIT FOR INVESTMENT IN ADVANCED ENERGY 
              FACILITIES.

    (a) In General.--Subparagraph (B) of section 48C(d)(1) is amended 
by striking ``$2,300,000,000'' and inserting ``$4,000,000,000''.
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in the amendments made by section 1302 of the 
American Recovery and Reinvestment Tax Act of 2009.

           TITLE II--INVESTMENT IN ALTERNATIVE FUEL PROPERTY

SEC. 201. EXTENSION OF CREDITS FOR ALCOHOL FUELS.

    (a) In General.--Sections 40, 6426(b)(6), and 6427(e)(6)(A) are 
each amended by striking ``2010'' each place it appears and inserting 
``2011''.
    (b) Conforming Amendment.--Section 40(e)(1)(B) is amended by 
striking ``2011'' and inserting ``2012''.
    (c) Effective Date.--The amendments made by this section shall 
apply to sales and uses after the date of the enactment of this Act.

SEC. 202. EXTENSION OF CREDITS FOR BIODIESEL AND RENEWABLE DIESEL.

    (a) In General.--Sections 40A(g), 6426(c)(6), and 6427(e)(6)(B) are 
each amended by striking ``December 31, 2009'' each place it appears 
and inserting ``December 31, 2011''.
    (b) Effective Date.--The amendments made by this section shall 
apply to sales and uses after the date of the enactment of this Act.

                    TITLE III--INVESTMENT IN ETHANOL

SEC. 301. RESEARCH IN AND DEVELOPMENT OF FUNGIBLE BIOFUELS.

    There is authorized to be appropriated for advanced biofuels 
research, development, and demonstration that will create fuels that 
are fungible in existing infrastructure $100,000,000.

Summary: Renewable Energy Investment Act of 2009 - Amends the Internal Revenue Code to: (1) extend through 2014 the tax credit for producing electricity from renewable resources; (2) increase and extend through 2014 the authority for issuing new clean renewable energy bonds; (3) extend through 2018 the energy tax credit for investment in solar energy and fuel cell property, small wind energy property, and geothermal heat pump systems; (4) increase the energy tax credit for investment in advanced energy facilities; and (5) extend through 2011 the income and excise tax credits for alcohol fuels, biodiesel, and renewable diesel.

Authorizes appropriations for advanced biofuels research, development, and demonstration that will create fuels that are fungible in existing infrastructure.