Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem: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.--
''(i) In general.--The term 'advanced
biofuel project' means a project certified by
the Secretary of Energy as meeting the
following requirements:
''(I) The sole and exclusive
purpose of the project is to produce
advanced biofuels for sale to unrelated
persons (within the meaning of section
45(e)(4)).
''(II) The advanced biofuels
produced will meet the requirements of
section 211(o)(1)(B) of the Clean Air
Act (42 U.S.C. 7545(o)(1)(B)).
''(III) 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 biofuels.
''(IV) Such other requirements as
the Secretary of Energy by rule or
regulation deems necessary to carry out
the objectives 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.
''(ii) Rule or regulation.--Rules or
regulations issued by the Secretary of Energy
under this subparagraph shall be issued not
later than 120 days after the date of the
enactment of this section.
''(C) Termination.--The term 'qualified advanced
biofuel production property' shall not include any
property placed in service after December 31, 2014.''.
(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)''.
(3) Reinvestment of grant.--Section 1603 of such Act is
amended by redesignating subsections (i) and (j) as subsections
(j) and (k), respectively, and by inserting after subsection
(h) the following new subsection:
''(i) Reinvestment of Certain Grants.--No grant for specified
energy property described in subsection (d)(9) shall be made under
subsection (a) unless the grant applicant certifies in the application
that such payment shall be reinvested in such property not later than
12 months after the date of such payment.''.
(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).
Solution:
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 exclusively to produce advanced biofuels for sale to unrelated persons. Terminates such credit after 2014.

Amends the American Recovery and Reinvestment Tax Act of 2009 to allow investors in advanced biofuel production property a grant in lieu of a tax credit for investment in such property. Requires grant recipients to reinvest in advanced biofuel production property within 12 months after receipt of a grant payment.