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

This Act may be cited as the ''Clean Renewable Energy for Public
Power Act of 2007''.

SEC. 2. MODIFICATIONS RELATING TO CLEAN RENEWABLE ENERGY BONDS.

(a) Clean Renewable Energy Bond.--Paragraph (1) of section 54(d) of
the Internal Revenue Code of 1986 (defining clean renewable energy
bond) is amended--
(1) in subparagraph (A) by striking ''pursuant'' and all
that follows through ''subsection (f)(2)'',
(2) in subparagraph (B) by striking ''95 percent or more of
the proceeds'' and inserting ''90 percent or more of the net
proceeds'', and
(3) in subparagraph (D) by striking ''subsection (h)'' and
inserting ''subsection (g)''.
(b) Qualified Project.--Subparagraph (A) of section 54(d)(2) of
such Code (defining qualified project) is amended to read as follows:
''(A) In general.--The term 'qualified project'
means any qualified facility (as determined under
section 45(d) without regard to paragraphs (8) and (10)
thereof and to any placed in service requirement) owned
by a qualified borrower and also without regard to the
following--
''(i) in the case of a qualified facility
described in section 45(d)(9) (regarding
incremental hydropower production), any
determination of incremental hydropower
production and related calculations shall be
determined by the qualified borrower based on a
methodology that meets Federal Energy
Regulatory Commission standards; and
''(ii) in the case of a qualified facility
described in section 45(d)(9) (regarding non-
hydropower production), the facility need not
be licensed by the Federal Energy Regulation
Commission if the facility, when constructed,
will meet Federal Energy Regulatory Commission
licensing requirements and other applicable
environmental, licensing, and regulatory
requirements.''.
(c) Reimbursement.--Subparagraph (C) of section 54(d)(2) of such
Code (relating to reimbursement) is amended to read as follows:
''(C) Reimbursement.--For purposes of paragraph
(1)(B), proceeds of a clean renewable energy bond may
be issued to reimburse a qualified borrower for amounts
paid after the date of the enactment of this section in
the same manner as proceeds of State and local
government obligations the interest upon which is
exempt from tax under section 103.''.
(d) Change in Use.--Subparagraph (D) of section 54(d)(2) of such
Code (relating to treatment of changes in use) is amended by striking
''or qualified issuer''.
(e) Maximum Term.--Paragraph (2) of section 54(e) of such Code
(relating to maximum term) is amended by striking ''without regard to
the requirements of subsection (1)(6) and''.
(f) Repeal of Limitation on Amount of Bonds Designated.--Section 54
of such Code is amended by striking subsection (f) (relating to repeal
of limitation on amount of bonds designated).
(g) Special Rules Relating to Expenditures.--Subsection (h) of
section 54 of such Code (relating to special rules relating to
expenditures) is amended--
(1) in paragraph (1)(A) by striking ''95 percent of the
proceeds'' and inserting ''90 percent of the net proceeds'',
(2) in paragraph (1)(B)--
(A) by striking ''10 percent of the proceeds'' and
inserting ''5 percent of the net proceeds'', and
(B) by striking ''the 6-month period beginning on''
both places it appears and inserting ''1 year of'', and
(3) in paragraph (1)(C) by inserting ''net'' before
''proceeds'',
(4) in paragraph (3) by striking ''95 percent of the
proceeds'' and inserting ''90 percent of the net proceeds''.
(h) Repeal of Special Rules Relating to Arbitrage.--Section 54 of
such Code is amended by striking subsection (i) (relating to repeal of
special rules relating to arbitrage).
(i) Public Power Entity.--Subsection (j) of section 54 of such Code
(defining Cooperative electric company; qualified energy tax credit
bond lender; governmental body; qualified borrower) is amended--
(1) by redesignating paragraphs (4) and (5) as paragraph
(5) and (6) and by inserting after paragraph (3) the following
new paragraph:
''(4) Public power entity.--The term 'public power entity'
means a State utility with a service obligation, as such terms
are defined in section 217 of the Federal Power Act (as in
effect on the date of enactment of this paragraph).'',
(2) in paragraph (5), as so redesignated, by striking
''or'' at the end of subparagraph (B), by striking the period
at the end of subparagraph (C) and inserting '', or'', and by
adding at the end the following:
''(D) a public power entity.'', and
(3) in paragraph (6), as so redesignated, by striking
''or'' at the end of subparagraph (A), by striking the period
at the end of subparagraph (B) and inserting '', or'', and by
adding at the end the following:
''(C) a public power entity.''.
(j) Repeal of Ratable Principal Amortization Requirement.--
Subsection (l) of section 54 of such Code (relating to other
definitions and special rules) is amended by striking paragraph (5) and
redesignating paragraph (6) as paragraph (5).
(k) Net Proceeds.--Subsection (i) of section 54 of such Code
(relating to other definitions and special rules), as amended by
subsection (j), is amended by redesignating paragraphs (2), (3), (4),
and (5) as paragraphs (4), (5), (6), and (7), respectively, and by
inserting after paragraph (1) the following new paragraphs:
''(2) Net proceeds.--The term 'net proceeds' means, with
respect to an issue, the proceeds of such issue reduced by
amounts in a reasonably required reserve or replacement fund.
''(3) Limitation on amount in reserve or replacement fund
which may be financed by issue.--A bond issued as part of an
issue shall not be treated as a clean renewable energy bond if
the amount of the proceeds from the sale of such issue which is
part of any reserve or replacement fund exceeds 10 percent of
the proceeds of the issue (or such higher amount which the
issuer establishes is necessary to the satisfaction of the
Secretary).''.
(l) Other Special Rules.--Subsection (i) of section 54 of such Code
((relating to other definitions and special rules), as amended by
subsections (j) and (k)) is amended by adding at the end the following
new paragraphs:
''(8) Credits may be separated.--There may be a separation
(including at issuance) of the ownership of a clean renewable
energy bond and the entitlement to the credit under this
section with respect to such bond. In case of any such
separation, the credit under this section shall be allowed to
the person who on the credit allowance date holds the
instrument evidencing the entitlement to the credit and not to
the holder of the bond.
''(9) Treatment for estimated tax purposes.--Solely for the
purposes of sections 6654 and 6655, the credit allowed by this
section to a taxpayer by reason of holding a qualified energy
tax credit bond on a credit allowance date (or the credit in
the case of a separation as provided in paragraph (8)) shall be
treated as if it were a payment of estimated tax made by the
taxpayer on such date.
''(10) Carryback and carryforward of unused credits.--If
the sum of the credit exceeds the limitation imposed by
subsection (c) for any taxable year, any credits may be applied
in a manner similar to the rules set forth in section 39.''.
(m) Termination.--Subsection (m) of section 54 of such Code
(relating to termination) is amended by striking ''2008'' and inserting
''2013''.
(n) Clerical Redesignations.--Section 54 of such Code, as amended
by the preceding provisions of this section, is amended by
redesignating subsections (g), (h), (j), (k), (l), and (m) as
subsections (f), (g), (h), (i), (j), and (k), respectively.
(o) Effective Date.--The amendments made by this section shall
apply to obligations issued after the date of the enactment of this
Act.
Output:
Clean Renewable Energy for Public Power Act of 2007 - Amends Internal Revenue Code provisions allowing a tax credit for holders of clean renewable energy bonds (CREBs) to: (1) eliminate allocation limitations on such bonds; (2) reduce from 95 to 90% the amount of CREB proceeds required for capital expenditures; (3) redefine "qualified project" and "public power entity" for CREB purposes; (4) repeal the national limitation on CREBs and arbitrage rules applicable to such bonds; and (5) extend through 2013 the authority for issuing CREBs.