A bill to amend the Internal Revenue Code of 1986 to increase the national limitation on qualified energy conservation bonds and to clarify that certain programs constitute a qualified conservation purpose, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Revitalization Energy 
Conservation Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Although conservation measures and energy efficiency 
        technologies have shown significant gains in usage over the 
        past three decades, there remains the need and opportunity for 
        widespread adoption of energy conservation measures and 
        utilization of new energy efficiency technologies.
            (2) Energy efficiency is in the national interest for our 
        long-term economic well being, for the health and safety of our 
        citizens and the world as we mitigate the effects of climate 
        change, and for our independence and security.
            (3) Energy inefficiencies account for at least 50 percent 
        of all United States energy use.
            (4) United States electricity use could be reduced by 70 
        percent through efficiency gains alone.
            (5) Estimates indicate that although the average United 
        States household's energy costs are equal to seven percent of 
        household income, low-income households spend 17 percent of 
        household earnings on energy.
            (6) The rehabilitation, retrofitting, and construction of 
        residential, commercial, and public facilities will create jobs 
        that benefit community residents, facility owners, facilities, 
        and the environment.
            (7) The energy saving benefit of such programs, if they can 
        be implemented on a national basis, would contribute 
        significantly to our energy independence and security. 
        Buildings account for 40 percent of total United States energy 
        consumption; 70 percent of United States electricity 
        consumption; and 43 percent of United States carbon emissions, 
        a larger share than either transportation or industry.
            (8) Research, development, and deployment of renewable 
        energy, advanced battery technologies, technologies to reduce 
        fossil fuel consumption, and technologies to reduce energy 
        consumption in buildings are vital to the rebuilding of the 
        economy of the United States.

SEC. 3. INCREASE IN NATIONAL LIMITATION FOR QUALIFIED ENERGY 
              CONSERVATION BONDS.

    (a) In General.--Section 54D(d) of the Internal Revenue Code of 
1986 is amended by striking ``$800,000,000'' and inserting 
``$3,600,000,000''.
    (b) Effective Date.--The amendment made by this section shall apply 
to obligations issued after the date of the enactment of this Act.

SEC. 4. CLARIFICATION OF QUALIFIED CONSERVATION PURPOSES WITH RESPECT 
              TO QUALIFIED ENERGY CONSERVATION BONDS.

    (a) In General.--For purposes of section 54D(f)(A)(ii) of the 
Internal Revenue Code of 1986, capital expenditures for green community 
programs include programs that--
            (1) reduce energy consumption in privately owned buildings, 
        such as programs described in subsection (b); and
            (2) cover recruiting and training local workers for the 
        jobs created by activities described in subsection (b) or by 
        other green community programs.
    (b) Program Described.--
            (1) In general.--A program described in this subsection is 
        a program which is implemented by a State or local government, 
        or a designee, and in which the costs of identifying and making 
        building improvements and related efficiency services are 
        repayable by property owners or renters over time through a 
        periodic fee.
            (2) Improvements.--Improvements described in paragraph (1) 
        may include heating, cooling, lighting, water-saving, or 
        stormwater-reducing measures or other measures that result in 
        reduced energy use.
            (3) Periodic fee.--The periodic fee described in paragraph 
        (1) is a fee which--
                    (A) is equal to or approximates the savings in 
                energy costs associated with the building improvements 
                and achieved during the fee period; and
                    (B) is assessed on a government bill, such as a 
                bill issued for municipal services or for property 
                taxes, or on a private utility bill, such as a bill 
                issued for electricity, water, or natural gas service.

SEC. 5. REPORTING REQUIREMENT.

    The Secretary of the Treasury shall submit to Congress and publish 
in the Federal Register an annual report on projects for which 
qualified energy conservation bonds (as defined in section 54D of the 
Internal Revenue Code of 1986) are issued. Such report shall include--
            (1) the name and address of the issuer,
            (2) the date of the issue, the amount of net proceeds of 
        the issue, the stated interest rate, term, and the face amount 
        of each bond which is part of such issue, the amount of 
        issuance costs of the issue, and the amount of reserves of the 
        issue,
            (3) the name and address of--
                    (A) each initial principal user of any facility 
                provided with the proceeds of the issue, and
                    (B) the common parent of any affiliated group of 
                corporations (within the meaning of section 1504(a) of 
                such Code) of which such initial principal user is a 
                member, and
            (4) a description of any property to be finance from the 
        proceeds of the issue.

SEC. 6. OFFSET.

    (a) Prohibition.--Except as provided in subsection (b), no amounts 
appropriated or otherwise made available for fiscal year 2009 (or for a 
fiscal year before fiscal year 2009 that remain available for 
obligation) may be obligated or expended, and no obligated amounts that 
remain available for expenditure may be expended, for the F-22A Raptor 
Fighter Aircraft.
    (b) Exception for Windup of Program.--Amounts covered by the 
prohibition under subsection (a) may be utilized solely for purposes in 
connection with the winding up of the program described in that 
subsection.
    (c) Repeal of Multiyear Procurement Authority for F-22A Raptor 
Fighter Aircraft.--Effective as of October 17, 2006, section 134 of the 
John Warner National Defense Authorization Act for Fiscal Year 2007 
(Public Law 109-364), relating to multiyear procurement authority for 
F-22A Raptor fighter aircraft, is repealed.

Summary: Community Revitalization Energy Conservation Act - Amends the Internal Revenue Code to increase to $3.6 billion the national limitation on the issuance of qualified energy conservation bonds.

Expands the purposes of green community programs to include the reduction of energy consumption in privately owned buildings and the recruiting and training of local workers in green community program jobs.

Requires the Secretary of the Treasury to submit to Congress and publish in the Federal Register an annual report on projects for which qualified energy conservation bonds are issued.

Provides for offsets to the cost of this Act by prohibiting FY2009 expenditures (except for program windup costs) and repealing multiyear procurement authority for the F-22A Raptor fighter aircraft.