S.Amdt. 4913

SA 4913. Mr. SMITH (for himself and Ms. Cantwell) submitted an
amendment intended to be proposed to amendment SA 4825 proposed by Mrs.
Boxer (for herself, Mr. Warner, and Mr. Lieberman) to the bill S. 3036,
to direct the Administrator of the Environment Protection Agency to
establish a program to decrease emissions of greenhouse gases, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. TAX CREDIT FOR GREEN ROOFS.

(a) Findings and Purpose.--
(1) Findings.--Congress makes the following findings:
(A) Green roofs reduce storm water run off.
(B) Green roofs reduce heating and cooling loads on a
building.
(C) Green roofs filter pollutants and carbon dioxide out of
the air.
(D) Green roofs filter pollutants and heavy metals out of
rainwater.
(E) Construction of green roofs has the potential to reduce
the size of heating, ventilation, and air conditioning
equipment on new or retrofitted buildings resulting in
capital and operational savings.
(F) Green roofs have the potential to reduce the amount of
standard insulation used.
(G) After installation, green roofs can reduce sewage
system loads by assimilating large amounts of rainwater.
(H) Green roofs absorb air pollution, collect airborne
particulates, and store carbon.
(I) Green roofs protect underlying roof material by
eliminating exposure to the sun's ultraviolet radiation and
extreme daily temperature fluctuations.
(J) Green roofs reduce noise transfer from the outdoors.
(K) Green roofs insulate a building from extreme
temperatures, mainly by keeping the building interior cool in
the summer.
(2) Purpose.--The purpose of this section is to encourage
the construction of green roofs thereby--
(A) reducing rooftop temperatures and heat transfer;
decreasing summertime indoor temperatures;
(B) lessening pressure on sewer systems through the
absorption of rainwater;
(C) filtering pollution - including heavy metals and excess
nutrients;
(D) protecting underlying roof material;
(E) reducing noise;
(F) providing a habitat for birds and other small animals;
(G) improving the quality of life for building inhabitants;
and
(H) reducing the urban heat island effect by decreasing
rooftop temperatures.
(b) Green Roofs Eligible for Energy Credit.--
(1) In general.--Subparagraph (A) of section 48(a)(3) of
the Internal Revenue Code of 1986 is amended by striking
``or'' at the end of clause (iii), by striking the period at
the end of clause (iv) and inserting ``, or'', and by adding
at the end the following new clause:
``(v) a qualified green roof (as defined in section
25D(d)(4)(B)).''.
(2) Credit allowed against alternative minimum tax.--
Subparagraph (B) of section 38(c)(4) of such Code is amended
by striking ``and'' at the end of clause (iii), by
redesignating clause (iv) as clause (v), and by inserting
after clause (iii) the following new clause:
``(iv) so much of the credit determined under section 46 as
is attributable to the credit determined under section 48,
and''.
(3) Effective date.--The amendments made by this subsection
shall apply to periods after December 31, 2008, under rules
similar to the rules of section 48(m) of the Internal Revenue
Code of 1986 (as in effect before the date of the enactment
of the Revenue Reconciliation Act of 1990).
(c) Credit for Residential Green Roofs.--
(1) In general.--
(A) Allowance of credit.--Section 25D(a) of the Internal
Revenue Code of 1986 (relating to allowance of credit) is
amended by striking ``and'' at the end of paragraph (2), by
striking the period at the end of paragraph (3) and inserting
``, and'', and by adding at the end the following new
paragraph:
``(4) 30 percent of the qualified green roof property
expenditures made by the taxpayer during such year.''.
(B) Limitation.--Section 25D(b)(1) of such Code (relating
to maximum credit) is amended by striking ``and'' at the end
of subparagraph (B), by striking the period at the end of
subparagraph (C) and inserting ``, and'', and by adding at
the end the following new subparagraph:
``(D) $2,000 with respect to any qualified green roof
property expenditures.''.
(C) Qualified green roof property expenditures.--Section
25D(d) of such Code (relating to definitions) is amended by
adding at the end the following new paragraph:
``(4) Qualified green roof property expenditure.--
``(A) In general.--The term `qualified green roof property
expenditure' means an expenditure for a qualified green roof
which is installed on a building located in the United States
and used as a residence by the taxpayer.
``(B) Qualified green roof.--The term `qualified green
roof' means any green roof at least 40 percent of which is
vegetated.
``(C) Green roof.--The term `green roof' means any roof
which consists of vegetation and soil, or a growing medium,
planted over a waterproofing membrane and its associated
components, such as a protection course, a root barrier, a
drainage layer, or thermal insulation and an aeration
layer.''.
(D) Maximum expenditures in case of joint occupancy.--
Section 25D(e)(4)(A) of such Code (relating to maximum
expenditures) is amended by striking ``and'' at the end of
clause (ii), by striking the period at the end of clause
(iii) and inserting ``, and'', and by adding at the end the
following new clause:
``(iv) $1,667 in the case of any qualified green roof
property expenditures.''.
(2) Credit allowed against alternative minimum tax.--
(A) In general.--Subsection (c) of section 25D of the
internal Revenue Code of 1986 is amended to read as follows:
``(c) Limitation Based on Amount of Tax; Carryforward of
Unused Credit.--
``(1) Limitation based on amount of tax.--In the case of a
taxable year to which section 26(a)(2) does not apply, the
credit allowed under subsection (a) for the taxable year
shall not exceed the excess of--
``(A) the sum of the regular tax liability (as defined in
section 26(b)) plus the tax imposed by section 55, over
``(B) the sum of the credits allowable under this subpart
(other than this section) and section 27 for the taxable
year.
``(2) Carryforward of unused credit.--
``(A) Rule for years in which all personal credits allowed
against regular and alternative minimum tax.--In the case of
a taxable year to which section 26(a)(2) applies, if the
credit allowable under subsection (a) exceeds the limitation
imposed by section 26(a)(2) for such taxable year reduced by
the sum of the credits allowable under this subpart (other
than this section), such excess shall be carried to the
succeeding taxable year and added to the credit allowable
under subsection (a) for such succeeding taxable year.
``(B) Rule for other years.--In the case of a taxable year
to which section 26(a)(2) does not apply, if the credit
allowable under subsection (a) exceeds the limitation imposed
by paragraph (1) for such taxable year, such excess shall be
carried to the succeeding taxable year and added to the
credit allowable under subsection (a) for such succeeding
taxable year.''.
(B) Conforming amendments.--
(i) Section 23(b)(4)(B) of the Internal Revenue Code of
1986 is amended by inserting ``and section 25D'' after ``this
section''.
(ii) Section 24(b)(3)(B) of such Code is amended by
striking ``and 25B'' and inserting ``, 25B, and 25D''.
(iii) Section 25B(g)(2) of such Code is amended by striking
``section 23'' and inserting ``sections 23 and 25D''.
(iv) Section 26(a)(1) of such Code is amended by striking
``and 25B'' and inserting ``25B, and 25D''.
(3) Effective date.--
(A) In general.--The amendments made by this subsection
shall apply to property placed in service after December 31,
2008, in taxable years ending after such date.
(B) Application of egtrra sunset.--The amendments made by
clauses (i) and (ii) of paragraph (2)(B) shall be subject to
title IX of the Economic Growth and Tax Relief Reconciliation
Act of 2001 in the same manner as the provisions of such Act
to which such amendments relate.

[[Page S5273]]

______