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

This Act may be cited as the ''Advanced Biofuel Investment Act of
2010''.

SEC. 2. INVESTMENT TAX CREDIT FOR QUALIFIED ADVANCED BIOFUEL PRODUCTION
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), by inserting ''or'' at the
end of clause (vii), and by inserting after clause (vii) the following
new clause:
''(viii) qualified advanced biofuel
production 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
new subclause:
''(V) qualified advanced biofuel
production property, and''.
(c) Definitions.--Subsection (c) of section 48 of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
''(5) Qualified advanced biofuel production property.--
''(A) In general.--The term 'qualified advanced
biofuel production property' means property used in an
advanced biofuel project.
''(B) Advanced biofuel project.--The term 'advanced
biofuel project' means a project certified by the
Secretary of Energy as meeting the following
requirements:
''(i) The property is used to produce
advanced biofuel for sale to unrelated persons
(within the meaning of section 45(e)(4)).
''(ii) The project will rely primarily on
new or significantly improved technologies as
compared to commercial technologies currently
in service in the United States and used to
produce advanced biofuel.
''(iii) Such other requirements as the
Secretary of Energy, not later than 120 days
after the date of the Advanced Biofuel
Investment Act of 2010, may by regulation
prescribe to the extent necessary to carry out
the purposes of this section, including
encouraging private investment in projects
which provide the greatest net impact in
avoiding or reducing air pollutants or
anthropogenic emissions of greenhouse gases,
have the greatest readiness for commercial
employment, replication, and further commercial
use in the United States, and will introduce
new technologies and fuel production processes
in the commercial market.
''(C) Advanced biofuel.--The term 'advanced
biofuel' means fuel that--
''(i) meets the definition of advanced
biofuel in section 9001(3) of the Farm Security
and Rural Investment Act of 2002, and
''(ii) has lifecycle greenhouse gas
emissions that are at least 50 percent less
than baseline lifecycle greenhouse gas
emissions, as required under section
211(o)(1)(B)(i) of the Clean Air Act.
''(D) Termination.--The term 'qualified advanced
biofuel production property' shall not include any
property placed in service after December 31, 2015.''.
(d) Grants in Lieu of Tax Credit.--
(1) In general.--Section 1603(d) of the American Recovery
and Reinvestment Tax Act of 2009 is amended by inserting after
paragraph (8) the following new paragraph:
''(9) Qualified advanced biofuel production property.--Any
property described in clause (viii) of section 48(a)(3)(A).''.
(2) Applicable percentage.--Section 1603(b)(2)(A) of such
Act is amended by inserting ''and (9)'' after ''through (4)''.
(e) Grant Includible in Income.--Section 48(d)(3) of the Internal
Revenue Code of 1986 is amended by striking ''Any such grant'' and
inserting ''Except for a grant for specified energy property described
in subsection (d)(9) of such section 1603, any such grant''.
(f) 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:
Advanced Biofuel Investment Act of 2010 - Amends the Internal Revenue Code to allow a 30% energy tax credit for investment in qualified advanced biofuel production property. Defines "qualified advanced biofuel production property" as property used to produce biofuel which meets the definition of advanced biofuel in the Farm Security and Rural Investment Act of 2002 and has lifecycle greenhouse gas emissions that are at least 50% less than baseline lifecycle greenhouse gas emissions required by the Clean Air Act. Terminates such credit after 2015.

Amends the American Recovery and Reinvestment tax Act of 2009 to allow investors in qualified advanced biofuel production property a grant in lieu of a tax credit for investment in such property.