Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Financing Advanced and
Superconducting Transmission Act of 2009''.

SEC. 2. 5-YEAR DEPRECIATION FOR ADVANCED ELECTRIC TRANSMISSION
PROPERTY.

(a) In General.--Subparagraph (B) of section 168(e)(3) of the
Internal Revenue Code of 1986 (defining 5-year property) is amended by
striking ''and'' at the end of clause (vi), by striking the period at
the end of clause (vii) and inserting '', and'', and by inserting after
clause (vii) the following new clause:
''(viii) is qualified advanced electric
transmission property (as described in section
48(c)(6)) which is placed in service before
January 1, 2017''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to property placed in service after the date of the enactment of
this Act.

SEC. 3. INVESTMENT TAX CREDIT FOR HIGH EFFICIENCY TRANSMISSION PROPERTY
AND ADVANCED ELECTRIC TRANSMISSION PROPERTY.

(a) In General.--Subparagraph (A) of section 48(a)(3) of the
Internal Revenue Code of 1986 (defining energy property) is amended by
striking ''or'' at the end of clause (vi) and by inserting after clause
(vii) the following new clauses:
''(viii) qualified high efficiency
transmission property, or
''(ix) qualified advanced electric
transmission property,''.
(b) 30 Percent Credit.--Clause (i) of section 48(a)(2)(A) of the
Internal Revenue Code of 1986 is amended by striking ''and'' at the end
of subclause (III) and by inserting after subclause (IV) the following:
''(V) qualified advanced electric
transmission property, and''.
(c) Definitions.--Subsection (c) of section 48 of such Code is
amended by adding at the end the following new paragraphs:
''(5) Qualified high efficiency transmission property.--
''(A) In general.--The term 'qualified high
efficiency transmission property' means any high
voltage overhead electric transmission line, related
substation, or other integrated facility that--
''(i) utilizes advanced conductor core
technology that has been determined by the
Secretary of Energy as--
''(I) reasonably likely to become
commercially viable within ten (10)
years of the date of enactment of the
Financing Advanced and Superconducting
Transmission Act of 2009,
''(II) is suitable for use on
transmission lines up to 765kV, and
''(III) exhibits power losses at
least 30 percent lower than that of
transmission lines using conventional
'ACSR' conductors,
''(ii) has been determined by an
appropriate energy regulatory body, upon
application, to be in the public interest and
thereby eligible for inclusion in regulated
rates, and
''(iii) can be located safely and
economically in a right of way not to exceed
that used by conventional 'ACSR' conductors.
''(B) Termination.--The term 'qualified high
efficiency transmission property' shall not include any
property placed in service after December 31, 2016.
''(6) Qualified advanced electric transmission property.--
''(A) In general.--The term 'qualified advanced
electric transmission property' means any high voltage
electric transmission cable, related substation,
converter station, or other integrated facility that--
''(i) utilizes advanced ultra low
resistance superconductive material or other
advanced technology that has been determined by
the Secretary of Energy as--
''(I) reasonably likely to become
commercially viable within 10 years
after the date of enactment of the
Financing Advanced and Superconducting
Transmission Act of 2009,
''(II) capable of reliably
transmitting at least 5 gigawatts of
high-voltage electric energy for
distances greater than 300 miles with
energy losses not exceeding 3 percent
of the total power transported, and
''(III) not creating an
electromagnetic field,
''(ii) has been determined by an
appropriate energy regulatory body, upon
application, to be in the public interest and
thereby eligible for inclusion in regulated
rates, and
''(iii) can be located safely and
economically in a permanent underground right
of way not to exceed 25 feet in width.
''(B) Energy percentage.--In the case of any
qualified advanced electric transmission property
placed in service before January 1, 2015, with a length
of not less than 150 miles, subsection (a)(2)(A)(i)
shall be applied by substituting '50 percent' for '30
percent'.
''(C) Termination.--The term 'qualified advanced
electric transmission property' shall not include any
property placed in service after December 31, 2016.''.
(d) Effective Date.--The amendments made by this section shall
apply to periods after the date of the enactment 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).
A:
Financing Advanced and Superconducting Transmission Act of 2009 - Amends the Internal Revenue Code to allow: (1) accelerated depreciation of qualified advanced electric transmission property placed in service before January 1, 2017; and (2) an energy tax credit for investment in qualified high efficiency transmission property or qualified advanced electric transmission property.