S.Amdt. 4922

1. Adds TITLE XVIII--NUCLEAR POWER at the end of the bill

   Adds a title

   In S. 3036 · Placed on Calendar Senate

   (3) in subparagraph (A), by striking "air pollution which" and inserting "air pollution or water pollution (including any degradation in the quality of groundwater) that".

   Inserted: TITLE XVIII--NUCLEAR POWER

   Inserted: SEC. 1801. AUTHORIZATION FOR NUCLEAR POWER 2010 PROGRAM.

   Inserted: Section 952(c) of the Energy Policy Act of 2005 (42 U.S.C. 16014) is amended by striking paragraphs (1) and (2) and inserting the following:

   Inserted: "(1) In general.--The Secretary shall carry out a Nuclear Power 2010 Program to position the nation to start construction of new nuclear power plants by 2010 or as close to 2010 as achievable.

   Inserted: "(2) Scope of program.--The Nuclear Power 2010 Program shall be cost-shared with the private sector and shall support the following objectives:

   Inserted: "(A) Demonstrating the licensing process for new nuclear power plants, including the Nuclear Regulatory Commission process for obtaining early site permits (ESPs), combined construction/operating licenses (COLs), and design certifications.

   Inserted: "(B) Conducting first-of-a-kind design and engineering work on at least two advanced nuclear reactor designs sufficient to bring those designs to a state of design completion sufficient to allow development of firm cost estimates.

   Inserted: "(3) Authorization of appropriations.--There are authorized to be appropriated to the Secretary to carry out the Nuclear Power 2010 Program--

   Inserted: "(A) $159,600,000 for fiscal year 2009

   Inserted: "(B) $135,600,000 for fiscal year 2010

   Inserted: "(C) $46,900,000 for fiscal year 2011

   Inserted: "(D) $2,200,000 for fiscal year 2012.".

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   Inserted: SEC. 1802. DOMESTIC MANUFACTURING BASE FOR NUCLEAR COMPONENTS AND EQUIPMENT.

   Inserted: (a) Establishment of Interagency Working Group.--

   Inserted: (1) Purposes.--The purposes of this section are--

   Inserted: (A) to increase the competitiveness of the United States nuclear energy products and services industries;

   Inserted: (B) to identify the stimulus or incentives necessary to cause U.S. manufacturers of nuclear energy products to expand manufacturing capacity;

   Inserted: (C) to facilitate the export of United States nuclear energy products and services;

   Inserted: (D) to reduce the trade deficit of the United States through the export of United States nuclear energy products and services;

   Inserted: (E) to retain and create nuclear energy manufacturing and related service jobs in the United States;

   Inserted: (F) to integrate the objectives in paragraphs (1) through (4) in a manner consistent with the interests of the United States, into the foreign policy of the United States;

   Inserted: (G) to authorize funds for increasing United States capacity to manufacture nuclear energy products and supply nuclear energy services.

   Inserted: (2) Establishment.--

   Inserted: (A) There shall be established an interagency working group that, in consultation with representative industry organizations and manufacturers of nuclear energy products, shall make recommendations to coordinate the actions and programs of the Federal Government in order to promote increasing domestic manufacturing capacity and export of domestic nuclear energy products and services.

   Inserted: (B) The Interagency Working Group shall be composed of --

   Inserted: (i) The Secretary of Energy, or the Secretary's designee, shall chair the interagency working group. The Secretary of Energy shall provide staff for carrying out the functions of the interagency working group established under this section.

   Inserted: (ii) Representatives of --

   Inserted: (I) the Department of Energy;

   Inserted: (II) the Department of Commerce;

   Inserted: (III) the Department of Defense;

   Inserted: (IV) the Department of Treasury;

   Inserted: (V) the Department of State;

   Inserted: (VI) the Environmental Protection Agency;

   Inserted: (VII) the United States Agency for International Development;

   Inserted: (VIII) the Export-Import Bank of the United States;

   Inserted: (IX) the Trade and Development Agency;

   Inserted: (X) the Small Business Administration;

   Inserted: (XI) the Office of the U.S. Trade Representative; and

   Inserted: (XII) other Federal agencies, as determined by the President.

   Inserted: (iii) The heads of appropriate agencies shall detail such personnel and furnish such services to the interagency group, with or without reimbursement, as may be necessary to carry out the group's functions.

   Inserted: (3) Duties of the interagency working group.--

   Inserted: (A) Within 6 months of enactment, the interagency working group established under section (1)(A) shall identify the actions necessary to promote the safe development and application in foreign countries of nuclear energy products and services in order to--

   Inserted: (i) increase electricity generation from nuclear energy sources through development of new generation facilities;

   Inserted: (ii) improve the efficiency, safety and/or reliability of existing nuclear generating facilities through modifications; and

   Inserted: (iii) enhance the safe treatment, handling, storage and disposal of used nuclear fuel.

   Inserted: (B) Within 6 months of enactment, the interagency working group shall identify mechanisms (including, but not limited to, tax stimulus for investment, loans and loan guarantees, and grants) necessary for U.S. companies to increase their capacity to produce or provide nuclear energy products and services, and to increase their exports of nuclear energy products and services. The interagency working group shall identify administrative or legislative initiatives necessary to--

   Inserted: (i) encourage United States companies to increase their manufacturing capacity for nuclear energy products;

   Inserted: (ii) provide technical and financial assistance and support to small and mid-sized businesses to establish quality assurance programs in accordance with domestic and international nuclear quality assurance code requirements;

   Inserted: (iii) encourage, through financial incentives, private sector capital investment to expand manufacturing capacity; and

   Inserted: (iv) provide technical assistance and financial incentives to small and mid-sized businesses to develop the workforce necessary to increase manufacturing capacity and meet domestic and international nuclear quality assurance code requirements.

   Inserted: (C) Within 9 months of enactment, the interagency working group shall provide a report to Congress on its findings under section (2)(A) and (B), including recommendations for new legislative authority where necessary.

   Inserted: (4) Trade assistance.--The interagency working group shall encourage the member agencies of the interagency working group to--

   Inserted: (A) provide technical training and education for international development personnel and local users in their own country;

   Inserted: (B) provide financial and technical assistance to nonprofit institutions that support the marketing and export efforts of domestic companies that provide nuclear energy products and services;

   Inserted: (C) develop nuclear energy projects in foreign countries;

   Inserted: (D) provide technical assistance and training materials to loan officers of the World Bank, international lending institutions, commercial and energy attaches at embassies of the United States and other appropriate personnel in order to provide information about nuclear energy products and services to foreign governments or other potential project sponsors;

   Inserted: (E) support, through financial incentives, private sector efforts to commercialize and export nuclear energy products and services in accordance with the subsidy codes of the World Trade Organization; and

   Inserted: (F) augment budgets for trade and development programs in order to support pre-feasibility or feasibility studies for projects that utilize nuclear energy products and services.

   Inserted: (5) Authorization of appropriations.--There are authorized to be appropriated to the Secretary for purposes of carrying out this title $20,000,000 for fiscal years 2008 and 2009.

   Inserted: (b) Credit for Qualifying Nuclear Power Manufacturing.--Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48B the following new section:

   Inserted: "SEC. 48C. QUALIFYING NUCLEAR POWER MANUFACTURING CREDIT.

   Inserted: "(a) In General.--For purposes of section 46, the qualifying nuclear power manufacturing credit for any taxable year is an amount equal to 20 percent of the qualified investment for such taxable year.

   Inserted: "(b) Qualified Investment.--

   Inserted: "(1) In general.--For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year -

   Inserted: "(A) which is either part of a qualifying nuclear power manufacturing project or is qualifying nuclear power manufacturing equipment;

   Inserted: "(B)(i) the construction, reconstruction, or erection of which is completed by the taxpayer; or

   Inserted: "(ii) which is acquired by the taxpayer if the original use of such property commences with the taxpayer;

   Inserted: "(C) with respect to which depreciation (or amortization in lieu of depreciation) is allowable; and

   Inserted: "(D) which is placed in service on or before December 31, 2015.

   Inserted: "(2) Special rule for certain subsidized property.--Rules similar to section 48(a)(4) shall apply for purposes of this section.

   Inserted: "(3) Certain qualified progress expenditures rules made applicable.--Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section.

   Inserted: "(c) Definitions.--For purposes of this section--

   Inserted: "(1) Qualifying nuclear power manufacturing project.--The term 'qualifying nuclear power manufacturing project' means any project which is designed primarily to enable the taxpayer to produce or test equipment necessary for the construction or operation of a nuclear power plant.

   Inserted: "(2) Qualifying nuclear power manufacturing equipment.--The term 'qualifying nuclear power manufacturing equipment' means machine tools and other similar equipment, including computers and other peripheral equipment, acquired or constructed primarily to enable the taxpayer to produce or test equipment necessary for the construction or operation of a nuclear power plant.

   Inserted: "(3) Project.--The term 'project' includes any building constructed to house qualifying nuclear power manufacturing equipment.".

   Inserted: (c) Conforming Amendments.--

   Inserted: (1) Additional investment credit.--Section 46 of the Internal Revenue Code of 1986 is amended by--

   Inserted: (A) striking "and" at the end of paragraph (3);

   Inserted: (B) striking the period at the end of paragraph (4) and inserting ", and"; and

   Inserted: (C) inserting after paragraph (4) the following new paragraph:

   Inserted: "(5) the qualifying nuclear power manufacturing credit.".

   Inserted: (2) Application of section 49.--Subparagraph (C) of section 49(a)(1) of such Code is amended by--

   Inserted: (A) striking "and" at the end of clause (iii);

   Inserted: (B) striking the period at the end of clause (iv) and inserting ", and"; and

   Inserted: (C) inserting after clause (iv) the following new clause:

   Inserted: "(v) the basis of any property which is part of a qualifying nuclear power equipment manufacturing project under section 48C.".

   Inserted: (3) Table of sections.--The table of sections for subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 48B the following new item:

   Inserted: "Sec. 48C. Qualifying nuclear power manufacturing credit.".

   Inserted: (d) Effective Date.--The amendments made by this section shall apply to periods after the date of the enactment of this Act, 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).

   Inserted: SEC. 1803. NUCLEAR ENERGY WORKFORCE.

   Inserted: Section 1101 of the Energy Policy Act of 2005 (42 U.S.C. 16411) is amended (1) by redesignating subsection (d) as subsection (e); and by inserting after subsection (c) the following:

   Inserted: "(d) Workforce Training.--

   Inserted: "(1) In general.--The Secretary of Labor, in cooperation with the Secretary of Energy, shall promulgate regulations to implement a program to provide workforce training to meet the high demand for workers skilled in the nuclear utility and nuclear energy products and services industries.

   Inserted: "(2) Consultation.--In carrying out this subsection, the Secretary of Labor shall consult with representatives of the nuclear utility and nuclear energy products and services industries, and organized labor, concerning skills that are needed in those industries.

   Inserted: "(3) Authorization of appropriations.--There are authorized to be appropriated to the Secretary of Labor, working in coordination with the Secretaries of Education and Energy $20,000,000 for each of fiscal years 2008 through 2012 for use in implementing a program to provide workforce training to meet the high demand for workers skilled in the nuclear utility and nuclear energy products and services industries.".

   Inserted: SEC. 1804. CONSTRUCTION PERMITS AND OPERATING LICENSES.

   Inserted: Section 185 of the Atomic Energy Act of 1954 (42 U.S.C. 2235) is amended by striking subsection (b) and inserting the following:

   Inserted: "(b) Issuance of Licenses.--

   Inserted: "(1) In general.--After a public hearing under section 189a.(1)(A), the Commission shall issue to the applicant a combined construction and operating license, if--

   Inserted: "(A) the application contains sufficient information to support the issuance of a combined license; and

   Inserted: "(B) the Commission determines that there is reasonable assurance that the facility--

   Inserted: "(i) will be constructed; and

   Inserted: "(ii) will operate in conformity with the license, the requirements of this Act, and the rules and regulations of the Commission.

   Inserted: "(2) Inclusions.--The Commission shall identify in the combined license--

   Inserted: "(A) each inspection, test, and analysis (including as applicable to emergency planning) that the licensee shall be required to perform; and

   Inserted: "(B) the acceptance criteria that, if met, are necessary and sufficient to provide reasonable assurance that the facility--

   Inserted: "(i) has been constructed; and

   Inserted: "(ii) will be operated in conformity with the license, he requirements of this Act, and the rules and regulations of the Commission.

   Inserted: "(3) Action by commission.--

   Inserted: "(A) In general.--After issuing a combined license under this subsection, the Commission shall--

   Inserted: "(i) ensure that each required inspection, test, and analysis is performed; and

   Inserted: "(ii) prior to operation of the applicable facility, issue a determination that those requirements have been met.

   Inserted: "(B) No hearing required.--Except as otherwise provided in section 189a.(1)(B), a determination of the Commission under this paragraph shall not require a hearing.

   Inserted: "(4) New licensing goals.--For each 6 successful issuances by the Commission of licenses under this subsection, not later than 180 days after the date on which the final such license is issued, the Commission shall publish a report, including recommendations, that describes--

   Inserted: "(A) potential impediments or improvements that could enhance the regulatory review process of constructing new civilian nuclear power plants;

   Inserted: "(B) workforce and technology needs of the Commission; and

   Inserted: "(C) requirements that would be required for the Commission to safely license not more than 6 new nuclear plants per year through 2050.".

   Inserted: SEC. 1805. HEARINGS AND JUDICIAL REVIEW.

   Inserted: Section 189 of the Atomic Energy Act of 1954 (42 U.S.C. 2239) is amended by striking "a.(1)(A)" and all that follows through the end of subparagraph (A) and inserting the following:

   Inserted: "(a) Hearings; Review.--

   Inserted: "(1) Hearings.--

   Inserted: "(A) Parties.--

   Inserted: "(i) In general.--In any proceeding under this Act for the granting, suspending, revoking, or amending of any license or construction permit or application to transfer control, in any proceeding for the issuance or modification of rules and regulations regarding the activities of licensees, and in any proceeding for the payment of compensation, an award, or royalties under section 153, 157, 186c., or 188, the Commission shall--

   Inserted: "(I) grant a hearing on request of any person the interests of which may be affected by the proceeding; and

   Inserted: "(II) admit any such person as a party to the proceeding.

   Inserted: "(ii) No request.--

   Inserted: "(I) In general.--In the absence of a request by a person described in clause (i), the Commission may issue a construction permit, an operating license, or an amendment to a construction permit or an amendment to an operating license without a hearing by publishing in the Federal Register a notice of the intended issuance not later than 30 days before the date of issuance.

   Inserted: "(II) Exception.--The notice requirement under subclause (I) shall not apply with respect to any application for an amendment to a construction permit or an amendment to an operating license on a determination by the Commission that the amendment involves no significant hazard consideration.".

   Inserted: SEC. 1806. SENSE OF SENATE.

   Inserted: It is the sense of the Senate that the Nuclear Regulatory Commission should be given all necessary funding and assistance required by the Commission to meet the increasing demand of license applications before the Commission.

   Inserted: SEC. 1807. INVESTMENT TAX CREDIT FOR INVESTMENTS IN NUCLEAR POWER FACILITIES.

   Inserted: (a) New Credit for Nuclear Power Facilities.--Section 46 of the Internal Revenue Code of 1986, as amended by this title, is amended by:

   Inserted: (1) striking "and" at the end of paragraph (5);

   Inserted: (2) striking the period at the end of paragraph (5) and inserting ", and"; and

   Inserted: (3) inserting after paragraph (5) the following new paragraph:

   Inserted: "(6) the nuclear power facility construction credit.".

   Inserted: (b) Nuclear Power Facility Construction Credit.--Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as amended by this title, is amended by inserting after section 48C the following new section:

   Inserted: "SEC. 48D. NUCLEAR POWER FACILITY CONSTRUCTION CREDIT.

   Inserted: "(a) In General.--For purposes of section 46, the nuclear power facility construction credit for any taxable year is 10 percent of the qualified nuclear power facility expenditures with respect to a qualified nuclear power facility.

   Inserted: "(b) When Expenditures Taken Into Account.--

   Inserted: "(1) In general.--Qualified nuclear power facility expenditures shall be taken into account for the taxable year in which the qualified nuclear power facility is placed in service.

   Inserted: "(2) Coordination with subsection (c).--The amount which would (but for this paragraph) be taken into account under paragraph (1) with respect to any qualified nuclear power facility shall be reduced (but not below zero) by any amount of qualified nuclear power facility expenditures taken into account under subsection (c) by the taxpayer or a predecessor of the taxpayer (or, in the case of a sale and leaseback described in section 50(a)(2)(C), by the lessee), to the extent any amount so taken into account has not been required to be recaptured under section 50(a).

   Inserted: "(c) Progress Expenditures.--

   Inserted: "(1) In general.--A taxpayer may elect to take into account qualified nuclear power facility expenditures--

   Inserted: "(A) Self-constructed property.--In the case of a qualified nuclear power facility which is a self-constructed facility, in the taxable year for which such expenditures are properly chargeable to capital account with respect to such facility; and

   Inserted: "(B) Acquired facility.--In the case of a qualified nuclear facility which is not self-constructed property, in the taxable year in which such expenditures are paid.

   Inserted: "(2) Special rules for applying paragraph (1).--For purposes of paragraph (1)--

   Inserted: "(A) Component parts, etc.--Property which is not self-constructed property and which is to be a component part of, or is otherwise to be included in, any facility to which this subsection applies shall be taken into account in accordance with paragraph (1)(B);

   Inserted: "(B) Certain borrowing disregarded.--Any amount borrowed directly or indirectly by the taxpayer on a nonrecourse basis from the person constructing the facility for the taxpayer shall not be treated as an amount expended for such facility; and

   Inserted: "(C) Limitation for facilities or components which are not self-constructed.--

   Inserted: "(i) In general.--In the case of a facility or a component of a facility which is not self-constructed, the amount taken into account under paragraph (1)(B) for any taxable year shall not exceed the amount which represents the portion of the overall cost to the taxpayer of the facility or component of a facility which is properly attributable to the portion of the facility or component which is completed during such taxable year.

   Inserted: "(ii) Carry-over of certain amounts.--In the case of a facility or component of a facility which is not self constructed, if for the taxable year--

   Inserted: "(I) the amount which (but for clause (i)) would have been taken into account under paragraph (1)(B) exceeds the limitation of clause (i), then the amount of such excess shall be taken into account under paragraph (1)(B) for the succeeding taxable year; or

   Inserted: "(II) the limitation of clause (i) exceeds the amount taken into account under paragraph (1)(B), then the amount of such excess shall increase the limitation of clause (i) for the succeeding taxable year.

   Inserted: "(D) Determination of percentage of completion.--The determination under subparagraph (C)(i) of the portion of the overall cost to the taxpayer of the construction which is properly attributable to construction completed during any taxable year shall be made on the basis of engineering or architectural estimates or on the basis of cost accounting records. Unless the taxpayer establishes otherwise by clear and convincing evidence, the construction shall be deemed to be completed not more rapidly than ratably over the normal construction period.

   Inserted: "(E) No progress expenditures for certain prior periods.--No qualified nuclear facility expenditures shall be taken into account under this subsection for any period before the first day of the first taxable year to which an election under this subsection applies.

   Inserted: "(F) No progress expenditures for property for year it is placed in service, etc.--In the case of any qualified nuclear facility, no qualified nuclear facility expenditures shall be taken into account under this subsection for the earlier of--

   Inserted: "(i) the taxable year in which the facility is placed in service, or

   Inserted: "(ii) the first taxable year for which recapture is required under section 50(a)(2) with respect to such facility, or for any taxable year thereafter.

   Inserted: "(3) Self-constructed.--For purposes of this subsection--

   Inserted: "(A) The term 'self-constructed facility' means any facility if it is reasonable to believe that more than half of the qualified nuclear facility expenditures for such facility will be made directly by the taxpayer.

   Inserted: "(B) A component of a facility shall be treated as not self-constructed if the cost of the component is at least 5 percent of the expected cost of the facility and the component is acquired by the taxpayer.

   Inserted: "(4) Election.--An election shall be made under this section for a qualified nuclear power facility by claiming the nuclear power facility construction credit for expenditures described in paragraph (1) on a tax return filed by the due date for such return (taking into account extensions). Such an election shall apply to the taxable year for which made and all subsequent taxable years. Such an election, once made, may be revoked only with the consent of the Secretary.

   Inserted: "(d) Definitions and Special Rules.--For purposes of this section--

   Inserted: "(1) Qualified nuclear power facility.--The term 'qualified nuclear power facility' means an advanced nuclear power facility, as defined in section 45J, the construction of which was approved by the Nuclear Regulatory Commission on or before December 31, 2013.

   Inserted: "(2) Qualified nuclear power facility expenditures.--

   Inserted: "(A) In general.--The term 'qualified nuclear power facility expenditures' means any amount properly chargeable to capital account--

   Inserted: "(i) with respect to a qualified nuclear power facility;

   Inserted: "(ii) for which depreciation is allowable under section 168; and

   Inserted: "(iii) which are incurred before the qualified nuclear power facility is placed in service or in connection with the placement of such facility in service.

   Inserted: "(B) Pre-effective date expenditures.--Qualified nuclear power facility expenditures do not include any expenditures incurred by the taxpayer before January 1, 2007, unless such expenditures constitute less than 20 percent of the total qualified nuclear power facility expenditures (determined without regard to this subparagraph) for the qualified nuclear power facility.

   Inserted: "(3) Delays and suspension of construction.--

   Inserted: "(A) In general.--For purposes of applying this section and section 50, a nuclear power facility that is under construction shall cease to be treated as a facility that will be a qualified nuclear power facility as of the earlier of--

   Inserted: "(i) the date on which the taxpayer decides to terminate construction of the facility, or

   Inserted: "(ii) the last day of any 24 month period in which the taxpayer has failed to incur qualified nuclear power facility expenditures totaling at least 20 percent of the expected total cost of the nuclear power facility.

   Inserted: "(B) Authority to waive.--The Secretary may waive the application of clause (ii) of subparagraph (A) if the Secretary determines that the taxpayer intended to continue the construction of the qualified nuclear power facility and the expenditures were not incurred for reasons outside the control of the taxpayer.

   Inserted: "(C) Resumption of construction.--If a nuclear power facility that is under construction ceases to be a qualified nuclear power facility by reason of paragraph (2) and work is subsequently resumed on the construction of such facility--

   Inserted: "(i) the date work is subsequently resumed shall be treated as the date that construction began for purposes of paragraph (1); and

   Inserted: "(ii) if the facility is a qualified nuclear power facility, the qualified nuclear power facility expenditures shall be determined without regard to any delay or temporary termination of construction of the facility.".

   Inserted: (c) Provisions Relating to Credit Recapture.--

   Inserted: (1) Progress expenditure recapture rules.--

   Inserted: (A) Basic rules.--Subparagraph (A) of section 50(a)(2) of the Internal Revenue Code of 1986 is amended to read as follows:

   Inserted: "(A) In general.--If during any taxable year any building to which section 47(d) applied or any facility to which section 48C(c) applied ceases (by reason of sale or other disposition, cancellation or abandonment of contract, or otherwise) to be, with respect to the taxpayer, property which, when placed in service, will be a qualified rehabilitated building or a qualified nuclear power facility, then the tax under this chapter for such taxable year shall be increased by an amount equal to the aggregate decrease in the credits allowed under section 38 for all prior taxable years which would have resulted solely from reducing to zero the credit determined under this subpart with respect to such building or facility.".

   Inserted: (B) Amendment to excess credit recapture rule.--Subparagraph (B) of section 50(a)(2) of such Code is amended by--

   Inserted: (i) inserting "or paragraph (2) of section 48D(b)" after "paragraph (2) of section 47(b)";

   Inserted: (ii) inserting "or section 48D(b)(1)" after "section 47(b)(1)"; and

   Inserted: (iii) inserting "or facility" after "building".

   Inserted: (C) Amendment of sale and leaseback rule.--Subparagraph (C) of section 50(a)(2) of such Code is amended by--

   Inserted: (i) inserting "or section 48D(c)" after "section 47(d)"; and

   Inserted: (ii) inserting "or qualified nuclear power facility expenditures" after "qualified rehabilitation expenditures".

   Inserted: (D) Other amendment.--Subparagraph (D) of section 50(a)(2) of such Code is amended by inserting "or section 48D(c)" after "section 47(d)".

   Inserted: (d) No Basis Adjustment.--Section 50(c) of the Internal Revenue Code of 1986 is amended by inserting at the end thereof the following new paragraph:

   Inserted: "(6) Nuclear power facility construction credit.--Paragraphs (1) and (2) shall not apply to the nuclear power facility construction credit.".

   Inserted: (e) Clerical Amendment.--The table of sections for subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as amended by this title, is amended by inserting after the item relating to section 48C the following new item:

   Inserted: "Sec. 48D. Nuclear power facility construction credit.".

   Inserted: (f) Effective Date.--The amendments made by this section shall apply to periods after the date of the enactment of this Act, 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).

   Inserted: SEC. 1808. CONTRACTING AND NUCLEAR WASTE FUND.

   Inserted: Section 302 of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222) is amended--

   Inserted: (1) in subsection (a)(1), by adding at the end the following: "For any civilian nuclear power reactor a license application for which is filed with the Commission, pursuant to its authority under section 103 or 104 of the Atomic Energy Act of 1954, after the date of enactment of this Act, contracts entered into under this section shall--

   Inserted: "(A) except as provided in subsections 302(a)(1)(B), (C), (D), and (E), below, be generally consistent with the terms and conditions of the 'Standard Contract for Disposal of Spent Nuclear Fuel and/or High-Level Radioactive Waste,' as codified at part 961 of title 10, Code of Federal Regulation, and in effect on January 1, 2007;

   Inserted: "(B) provide for the taking of title to, and for the Secretary to dispose of, the high-level waste or spent nuclear fuel involved beginning no later than 15 years following the start of commercial operation;

   Inserted: "(C) contain no provisions providing for adjustment of the 1.0 mil per kilowatt-hour fee established by paragraph (2);

   Inserted: "(D) be entered into no later than 60 days following the docketing of the license application by the Commission, or the date of enactment of this Act, whichever is later;

   Inserted: "(E) provide that, on a schedule consistent with the Secretary's acceptance of spent nuclear fuel from each civilian nuclear power reactor or site, and completed not later than the Secretary's completing the acceptance of all spent nuclear fuel from that commercial nuclear power reactor or site, the Secretary shall accept from each such reactor or site, all low-level radioactive waste defined in section 3(b)(1)(D) of the Low-level Radioactive Waste Policy Act (42 U.S.C. 2021c(b)(1)(D)), as amended."; and

   Inserted: (2) in subsection (a)(4), by striking all after "herein." in the second sentence; and

   Inserted: (3) in subsection (a)(6), by adding at the end the following: "Further, the Secretary shall offer to settle any actions pending on the date of enactment of this Act for damages resulting from failure to commence accepting spent nuclear fuel or high-level radioactive waste on or before January 31, 1998. Each offer to settle shall provide for the payment of $150 to the other party to a contract for disposal of spent nuclear fuel and high-level radioactive waste for each kilogram of spent nuclear fuel which such party was or shall be entitled to deliver to the Department in a particular year, based on the following aggregate acceptance rates: 400 MTU for 1998; 600 MTU for 1999; 1,200 MTU for 2000; 2,000 MTU for 2001; and 3,000 MTU for 2002 and thereafter; provided that the Secretary shall adjust the payment amount per kilogram of spent nuclear fuel under this subsection(a)(6) annually according to the most recent Producer Price Index published by the Department of Labor. Such aggregate acceptance rates shall be allocated among parties to contracts with the United States based upon the age of spent nuclear fuel, as measured by the date of the discharge of such spent nuclear fuel from the civilian nuclear power reactor. Such offer to settle also shall include an annual payment of $150 per kilogram uranium to any such party where a civilian nuclear power reactor has been decommissioned, except for those portions of the facility that cannot be decommissioned until removal of spent nuclear fuel and high-level radioactive waste. The Secretary also shall offer like compensation to parties to contracts entered into pursuant to section 302 of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222) who brought actions for damages prior to the date of enactment of this Act, but which were no longer pending as of said date, provided that such compensation shall be reduced by the amount of any settlement or judgment received by such party."; and

   Inserted: (4) in subsection (d), by adding at the end the following: "No amount may be expended by the Secretary from the Waste Fund to carry out research and development activities on advanced nuclear fuel cycle technologies.".

   Inserted: SEC. 1809. CONFIDENCE IN AVAILABILITY OF WASTE DISPOSAL.

   Inserted: (a) Congressional Determination.--Congress finds that--

   Inserted: (1) there is reasonable assurance that high-level radioactive waste and spent nuclear fuel generated in reactors licensed by the Nuclear Regulatory Commission in the past, currently, or in the future will be managed in a safe manner without significant environmental impact until capacity for ultimate disposal is available; and

   Inserted: (2) the Federal Government is responsible and has an established a policy for the ultimate safe and environmentally sound disposal of such high-level radioactive waste and spent nuclear fuel.

   Inserted: (b) Regulatory Consideration.--Notwithstanding any other provision of law, for the period following the licensed operation of a civilian nuclear power reactor or any facility for the treatment or storage of spent nuclear fuel or high-level radioactive waste, no consideration of the public health and safety, common defense and security, or environmental impacts of the storage of high-level radioactive waste and spent nuclear fuel generated in reactors licensed by the Nuclear Regulatory Commission in the past, currently, or in the future, is required by the Department of Energy or the Nuclear Regulatory Commission in connection with the development, construction, and operation of, or any permit, license, license amendment, or siting approval for, a civilian nuclear power reactor or any facility for the treatment or storage of spent nuclear fuel or high-level radioactive waste. Nothing in this section shall affect the Department of Energy's and Nuclear Regulatory Commission's obligation to consider the public health and safety, common defense and security, and environmental impacts of storage during the period of licensed operation of a civilian nuclear power reactor or facility for the treatment or storage of spent nuclear fuel or high-level radioactive waste.

   Inserted: SEC. 1810. TEMPORARY SPENT NUCLEAR FUEL STORAGE AGREEMENTS.

   Inserted: (a) Authorization and Location.--The Secretary of Energy (Secretary) is authorized to initiate spent nuclear fuel storage agreements as provided herein.

   Inserted: (1) No later than 180 days from the date of enactment of this Act, representatives of a community may submit written notice to the Secretary that the community is willing to host a temporary spent nuclear fuel storage facility within its jurisdiction.

   Inserted: (2) Within 90 days of the receipt of the notification under subsection (a)(1), the Secretary shall determine whether the identified site is suitable for a temporary storage facility. In determining the site's suitability, the Secretary will evaluate technical feasibility and consider favorably local support for collocating a temporary spent nuclear fuel storage facility with facilities intended to develop and implement advanced nuclear fuel cycle technologies.

   Inserted: (b) Content of Agreements.--If the Secretary determines one or more sites to be suitable in accordance with subsection (a)(2), negotiation of a temporary spent nuclear fuel storage facility agreement shall proceed.

   Inserted: (1) Any temporary spent nuclear fuel storage agreement shall contain such terms and conditions, including financial, institutional and such other arrangements as the Secretary and community determine to be reasonable and appropriate.

   Inserted: (2) Any temporary spent nuclear fuel storage agreement may be amended only with the mutual consent of the parties to the agreement.

   Inserted: SEC. 1811. IMPLEMENTATION OF TEMPORARY SPENT NUCLEAR FUEL STORAGE AGREEMENTS.

   Inserted: (a) In General.--Any temporary spent nuclear fuel storage agreement or agreements entered into under this title shall enter into force with respect to the United States if (and only if)_

   Inserted: (1) the Secretary, at least 60 days before the day on which he or she enters into the temporary spent nuclear fuel storage agreement or agreements notifies the House of Representatives and the Senate of his intention to enter into the agreement or agreements, and promptly thereafter publishes notice of such intention in the Federal Register; and

   Inserted: (2) the Governor of the state or states in which the facility is proposed to be located submits written notice to the Secretary that the Governor supports the temporary spent nuclear fuel storage agreement.

   Inserted: TITLE XIX--CLEAN ENERGY INVESTMENT BANK

   Inserted: SEC. 1901. SHORT TITLE.

   Inserted: This title may be cited as the "Clean Energy Investment Bank Act of 2008".

   Inserted: SEC. 1902. DEFINITIONS.

   Inserted: In this title:

   Inserted: (1) Bank.--The term "Bank" means the Clean Energy Investment Bank of the United States established by section 1903(a).

   Inserted: (2) Board.--The term "Board" means the Board of Directors of the Bank established under section 1904(b).

   Inserted: (3) Clean energy investment bank fund.--The term "Clean Energy Investment Bank Fund" means the revolving fund account established under section 1906(b).

   Inserted: (4) Commercial technology.--The term "commercial technology" means a technology in general use in the commercial marketplace.

   Inserted: (5) Eligible project.--The term "eligible project" means a project in a State related to the production or use of energy that uses a commercial technology that the Bank determines avoids, reduces, or sequesters 1 or more air pollutants or anthropogenic emissions of greenhouse gases more effectively than other technology options available to the project developer.

   Inserted: (6) Investment.--The term "investment" includes any contribution or commitment to an eligible project in the form of--

   Inserted: (A) loans or loan guarantees;

   Inserted: (B) the purchase of equity shares in the project;

   Inserted: (C) participation in royalties, earnings, or profits; or

   Inserted: (D) furnishing commodities, services or other rights under a lease or other contract.

   Inserted: (7) State.--The term "State" means--

   Inserted: (A) a State;

   Inserted: (B) the District of Columbia;

   Inserted: (C) the Commonwealth of Puerto Rico; and

   Inserted: (D) any other territory or possession of the United States.

   Inserted: SEC. 1903. ESTABLISHMENT OF BANK.

   Inserted: (a) Establishment.--

   Inserted: (1) In general.--There is established in the Executive branch a bank to be known as the "Clean Energy Investment Bank of the United States," which shall be an agency of the United States.

   Inserted: (2) Government corporation.--The Bank shall be--

   Inserted: (A) a Government corporation (as defined in section 103 of title 5, United States Code); and

   Inserted: (B) subject to chapter 91 of title 31, United States Code, except as expressly provided in this title.

   Inserted: (b) Authority.--

   Inserted: (1) In general.--The Bank shall assist in the financing, and facilitate the commercial use, of clean energy and energy efficient technologies within the United States.

   Inserted: (2) Assistance for eligible projects.--The Bank may make investments--

   Inserted: (A) in eligible projects on such terms and conditions as the Bank considers appropriate in accordance with this title; or

   Inserted: (B) under title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.), and any of the regulations promulgated under that Act, as the Bank considers appropriate.

   Inserted: (3) Repayment.--No loan or loan guarantee shall be made under this subsection unless the Bank determines that there is a reasonable prospect of repayment of the principal and interest by the borrower.

   Inserted: (4) Project diversity.--The Bank shall ensure that a reasonable diversity of projects, technologies, and energy sectors receive assistance under this subsection.

   Inserted: (c) Powers.--In carrying out this title, the Bank may--

   Inserted: (1) conduct a general banking business (other than currency circulation), including--

   Inserted: (A) borrowing and lending money;

   Inserted: (B) issuing letters of credit;

   Inserted: (C) accepting bills and drafts drawn upon the Bank;

   Inserted: (D) purchasing, discounting, rediscounting, selling, and negotiating, with or without endorsement or guaranty, and guaranteeing, notes, drafts, checks, bills of exchange, acceptances (including bankers' acceptances), cable transfers, and other evidences of indebtedness;

   Inserted: (E) issuing guarantees, insurance, coinsurance, and reinsurance;

   Inserted: (F) purchasing and selling securities; and

   Inserted: (G) receiving deposits;

   Inserted: (2) make investments in eligible projects on a self-sustaining basis, taking into account the financing operations of the Bank and the economic and financial soundness of projects;

   Inserted: (3) use private credit, investment institutions, and the guarantee authority of the Bank as the principal means of mobilizing capital investment funds;

   Inserted: (4) broaden private participation and revolve the funds of the Bank through selling the direct investments of the Bank to private investors whenever the Bank can appropriately do so on satisfactory terms;

   Inserted: (5) conduct the insurance operations of the Bank with due regard to principles of risk management, including efforts to share the insurance risks of the Bank;

   Inserted: (6) foster private initiative and competition and discourage monopolistic practices; and

   Inserted: (7) advise and assist interested agencies of the United States and other organizations, public and private and national and international, with respect to projects and programs relating to the development of private enterprise in the market sector in accordance with this title.

   Inserted: SEC. 1904. ORGANIZATION AND MANAGEMENT.

   Inserted: (a) Structure of Bank.--The Bank shall have--

   Inserted: (1) a Board of Directors;

   Inserted: (2) a President;

   Inserted: (3) an Executive Vice President; and

   Inserted: (4) such other officers and staff as the Board may determine.

   Inserted: (b) Board of Directors.--

   Inserted: (1) Establishment.--There is established a Board of Directors of the Bank to exercise all powers of the Bank.

   Inserted: (2) Composition.--

   Inserted: (A) In general.--The Board shall be composed of 7 members, of whom--

   Inserted: (i) 5 members shall be independent directors appointed by the President of the United States, by and with the advice and consent of the Senate (referred to in this subsection as "independent directors"; and

   Inserted: (ii) 2 members shall be the President of the Bank and the Executive Vice President of the Bank, appointed by the independent directors.

   Inserted: (B) Federal employment.--An independent director shall not be an officer or employee of the Federal Government at the time of appointment.

   Inserted: (C) Political party.--Not more than 3 of the independent directors shall be members of the same political party.

   Inserted: (3) Term; vacancies.--

   Inserted: (A) Term.--

   Inserted: (i) In general.--Subject to clause (ii), the independent directors shall be appointed for a term of 5 years and may be reappointed.

   Inserted: (ii) Staggered terms.--The terms of not more than 2 independent directors shall expire in any year.

   Inserted: (B) Vacancies.--A vacancy on the Board--

   Inserted: (i) shall not affect the powers of the Board; and

   Inserted: (ii) shall be filled in the same manner as the original appointment was made.

   Inserted: (4) Meetings.--

   Inserted: (A) Initial meeting.--Not later than 30 days after the date on which all members of the Board have been appointed, the Board shall hold the initial meeting of the Board.

   Inserted: (B) Meetings.--The Board shall meet at the call of the Chairman of the Board.

   Inserted: (C) Quorum.--Four members of the Board shall constitute a quorum, but a lesser number of members may hold hearings.

   Inserted: (5) Chairman and vice chairman.--

   Inserted: (A) In general.--The Board shall select a Chairman and Vice Chairman from among the members of the Board.

   Inserted: (B) Eligibility.--The Chairman of the Board shall not be an Executive Director of the Board.

   Inserted: (6) Compensation of members.--An independent director shall be compensated at a rate equal to the daily equivalent of the annual rate of basic pay prescribed for level IV of the Executive Schedule under section 5315 of title 5, United States Code, for each day (including travel time) during which the member is engaged in the performance of the duties of the Board.

   Inserted: (7) Travel expenses.--An independent director shall be allowed travel expenses, including per diem in lieu of subsistence, at rates authorized for an employee of an agency under subchapter I of chapter 57 of title 5, United States Code, while away from the home or regular place of business of the member in the performance of the duties of the Board.

   Inserted: (c) President of the Bank.--

   Inserted: (1) Appointment.--The President of the Bank shall be appointed by the Board.

   Inserted: (2) Duties.--The President of the Bank shall--

   Inserted: (A) be the Chief Executive Officer of the Bank;

   Inserted: (B) be responsible for the operations and management of the Bank, subject to bylaws and policies established by the Board; and

   Inserted: (C) serve as an Executive Director on the Board.

   Inserted: (d) Executive Vice President.--

   Inserted: (1) Appointment.--The Executive Vice President of the Bank shall be appointed by the Board.

   Inserted: (2) Duties.--The Executive Vice President of the Bank shall--

   Inserted: (A) serve as the President of the Bank during the absence or disability, or in the event of a vacancy in the office, of the President of the Bank;

   Inserted: (B) at other times, perform such functions as the President of the Bank may from time to time prescribe; and

   Inserted: (C) serve as an Executive Director on the Board.

   Inserted: (e) Staff.--

   Inserted: (1) In general.--The Board may--

   Inserted: (A) appoint and terminate such officers, attorneys, employees, and agents as are necessary to carry out this title; and

   Inserted: (B) vest the personnel with such powers and duties as the Board may determine.

   Inserted: (2) Civil service laws.--Persons employed by the Bank may be appointed, compensated, or removed without regard to civil service laws (including regulations).

   Inserted: (3) Reappointment.--Under such regulations as the President of the United States may promulgate, an officer or employee of the Federal Government who is appointed to a position under this subsection may be entitled, on removal from the position, except for cause, to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary.

   Inserted: (4) Additional positions.--Positions authorized under this subsection shall be in addition to other positions otherwise authorized by law, including positions authorized by section 5108 of title 5, United States Code.

   Inserted: SEC. 1905. FINANCING, GUARANTIES, INSURANCE, CREDIT SUPPORT, AND OTHER PROGRAMS.

   Inserted: (a) Intergovernmental Agreements.--Subject to the other provisions of this section, the Bank may enter into arrangements with State and local governments (including agencies, instrumentalities, or political subdivisions of State and local governments) for sharing liabilities assumed by providing financial assistance for eligible projects under this title.

   Inserted: (b) Insurance.--

   Inserted: (1) In general.--The Bank may issue insurance, on such terms and conditions as the Bank may determine, to ensure protection in whole or in part against any or all of the risks with respect to eligible projects that the Bank has approved.

   Inserted: (2) Duplication of assistance.--The Bank shall not offer any insurance products under this subsection that duplicate or augment any other similar Federal assistance.

   Inserted: (c) Guarantees.--

   Inserted: (1) In general.--The Bank may issue guarantees of loans and other investments made by investors assuring against loss in eligible projects on such terms and conditions as the Bank may determine.

   Inserted: (2) Budgetary treatment.--Any guarantee issued under this subsection shall, for budgetary purposes, be considered a loan guarantee (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)).

   Inserted: (d) Loans and Credit Assistance.--

   Inserted: (1) In general.--The Bank may make loans, provide letters of credit, issue other credit enhancements, or provide other financing for eligible projects on such terms and conditions as the Bank may determine.

   Inserted: (2) Budgetary treatment.--Any financial instrument issued under this subsection shall, for budgetary purposes, be considered a direct loan (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)).

   Inserted: (e) Eligible Project Development Investment Encouragement.--The Bank may provide financial assistance under this section for development activities for eligible projects, under such terms and conditions as the Bank may determine, if the Board determines that the assistance is necessary to encourage private investment or accelerate project development.

   Inserted: (f) Other Insurance Functions.--The Bank may--

   Inserted: (1) using agreements and contracts that are consistent with this title--

   Inserted: (A) make and carry out contracts of insurance or agreements to associate or share risks with insurance companies, financial institutions, any other person or group of persons; and

   Inserted: (B) employ entities described in subparagraph (A), if appropriate, as the agent of the Bank in--

   Inserted: (i) the issuance and servicing of insurance;

   Inserted: (ii) the adjustment of claims;

   Inserted: (iii) the exercise of subrogation rights;

   Inserted: (iv) the ceding and acceptance of reinsurance; and

   Inserted: (v) any other matter incident to an insurance business; and

   Inserted: (2) enter into pooling or other risk-sharing agreements with other governmental insurance or financing agencies or groups of those agencies.

   Inserted: (g) Equity Finance Program.--

   Inserted: (1) In general.--Subject to the other provisions of this subsection, the Bank may establish an equity finance program under which the Bank may, in accordance with this subsection, purchase, invest in, or otherwise acquire equity or quasi-equity securities of any firm or entity, on such terms and conditions as the Bank may determine, for the purpose of providing capital for any project that is consistent with this title.

   Inserted: (2) Total amount of equity investments.--

   Inserted: (A) Total amount of equity investment under equity finance program.--

   Inserted: (i) In general.--Except as provided in clause (ii), the total amount of the equity investment of the Bank with respect to any project under this subsection shall not exceed 30 percent of the aggregate amount of all equity investment made with respect to the project at the time at which the equity investment of the Bank is made.

   Inserted: (ii) Defaults.--Clause (i) shall not apply to a security acquired through the enforcement of any lien, pledge, or contractual arrangement as a result of a default by any party under any agreement relating to the terms of the investment of the Bank.

   Inserted: (B) Total amount of equity investment under multiple programs.--

   Inserted: (i) In general.--The equity investment of the Bank under this subsection with respect to any project, when added to any other investments made or guaranteed by the Bank under subsection (c) or (d) with respect to the project, shall not cause the aggregate amount of all the investments to exceed, at the time any such investment is made or guaranteed by the Bank, 75 percent of the total investment committed to the project, as determined by the Bank.

   Inserted: (ii) Conclusive determination.--The determination of the Bank under this subparagraph shall be conclusive for purposes of the authority of the Bank to make or guarantee any investment described in clause (i).

   Inserted: (3) Additional criteria.--In making investment decisions under this subsection, the Bank shall consider the extent to which the equity investment of the Bank will assist in obtaining the financing required for the project.

   Inserted: (4) Implementation.--

   Inserted: (A) In general.--The Bank may create such legal vehicles as are necessary for implementation of this subsection.

   Inserted: (B) Non-federal borrowers.--A borrower participating in a legal vehicle created under this paragraph shall be considered a non-Federal borrower for purposes of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).

   Inserted: (C) Securities.--Income and proceeds of investments made under this subsection may be used to purchase equity or quasi-equity securities in accordance with this section.

   Inserted: (h) Relationship to Federal Credit Reform Act of 1990.--

   Inserted: (1) In general.--Any liability assumed by the Bank under subsections (c) and (d) shall be discharged pursuant to the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).

   Inserted: (2) Specific appropriation or contribution.--

   Inserted: (A) In general.--No loan guaranteed under subsection (c) or direct loan under subsection (d) shall be made unless--

   Inserted: (i) an appropriation for the cost has been made; or

   Inserted: (ii) the Bank has received from the borrower a payment in full for the cost of the obligation.

   Inserted: (B) Budgetary treatment.--Section 504(b) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)) shall not apply to a loan or loan guarantee made in accordance with subparagraph (A)(ii).

   Inserted: (3) Apportionment.--Receipts, proceeds, and recoveries realized by the Bank and the obligations and expenditures made by the Bank pursuant to this subsection shall be exempt from apportionment under subchapter II of chapter 15 of title 31, United States Code.

   Inserted: SEC. 1906. ISSUING AUTHORITY; DIRECT INVESTMENT AUTHORITY AND RESERVES.

   Inserted: (a) Maximum Contingent Liability.--The maximum contingent liability outstanding at any time pursuant to actions taken by the Bank under section 1905 shall not exceed a total amount of $100,000,000,000.

   Inserted: (b) Clean Energy Investment Bank Fund.--

   Inserted: (1) Establishment.--There is established in the Treasury of the United States a revolving fund, to be known as the "Clean Energy Investment Bank Fund" (referred to in this section as the "Fund").

   Inserted: (2) Use.--The Clean Energy Investment Bank Fund shall be available for discharge of liabilities under section 1905 (other than subsections (c) and (d) of section 1905) until the earlier of--

   Inserted: (A) the date on which all liabilities of the Bank have been discharged or expire; or

   Inserted: (B) the date on which all amounts in the Fund have been expended in accordance with this section.

   Inserted: (3) Apportionment.--Receipts, proceeds, and recoveries realized by the Bank and the obligations and expenditures made by the Bank pursuant to this subsection shall be exempt from apportionment under subchapter II of chapter 15 of title 31, United States Code.

   Inserted: (c) Payments of Liabilities.--Any payment made to discharge liabilities arising from agreements under section 1905 (other than subsections (c) and (d) of section 1905) shall be paid out of the Clean Energy Investment Bank Fund.

   Inserted: (d) Supplemental Borrowing Authority.--

   Inserted: (1) In general.--In order to maintain sufficient liquidity in the revolving loan fund, the Bank may issue from time to time for purchase by the Secretary of the Treasury notes, debentures, bonds, or other obligations.

   Inserted: (2) Maximum total amount.--The total amount of obligations issued under paragraph (1) that is outstanding at any time shall not exceed $2,000,000,000.

   Inserted: (3) Repayment.--Any obligation issued under paragraph (1) shall be repaid to the Treasury not later than 1 year after the date of issue of the obligation.

   Inserted: (4) Interest rate.--Any obligation issued under paragraph (1) shall bear interest at a rate determined by the Secretary of the Treasury, taking into account the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of any obligation authorized by this subsection.

   Inserted: (5) Purchase of obligations.--

   Inserted: (A) In general.--The Secretary of the Treasury--

   Inserted: (i) shall purchase any obligation of the Bank issued under this subsection; and

   Inserted: (ii) for the purchase, may use as a public debt transaction the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code.

   Inserted: (B) Purposes.--The purpose for which securities may be issued under chapter 31 of title 31, United States Code, shall include any purchase under this paragraph.

   Inserted: SEC. 1907. ADMINISTRATION.

   Inserted: (a) Protection of Interest of Bank.--The Bank shall ensure that suitable arrangements exist for protecting the interest of the Bank in connection with any agreement issued under this title.

   Inserted: (b) Full Faith and Credit.--

   Inserted: (1) Obligation.--A loan guarantee issued by the Bank under section 1905(c) shall constitute an obligation, in accordance with the terms of the guarantee, of the United States.

   Inserted: (2) Payment.--The full faith and credit of the United States is pledged for the full payment and performance of the obligation.

   Inserted: (c) Fees.--

   Inserted: (1) In general.--The Bank shall establish and collect fees for services under this title in amounts to be determined by the Bank.

   Inserted: (2) Availability of fees.--Except as provided in paragraph (3), fees collected by the Bank under paragraph (1) (including fees collected for administrative expenses in carrying out subsections (c) and (d) of section 1905) may be retained by the Bank and may remain available to the Bank, without further appropriation or fiscal year limitation, for payment of administrative expenses incurred in carrying out this title.

   Inserted: (3) Fee transfer authority.--Fees collected by the Bank for the cost (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of a loan or loan guarantee made under subsection (c) or (d) of section 1905 shall be transferred by the Bank to the respective credit program accounts.

   Inserted: SEC. 1908. GENERAL PROVISIONS AND POWERS.

   Inserted: (a) Principal Office.--The Bank shall--

   Inserted: (1) maintain its principal office in the District of Columbia; and

   Inserted: (2) be considered, for purposes of venue in civil actions, to be a resident of the District of Columbia.

   Inserted: (b) Transfer of Functions and Authority.--

   Inserted: (1) In general.--On appointment of a majority of the Board by the President, all of the functions and authority of the Secretary of Energy under predecessor programs and authorities similar to those provided under subsections (c) and (d) of section 1905, including those under title XVII of the Energy Policy Act of 2005 (42 U. S.C. 16511 et seq.), shall be transferred to the Board

   Inserted: (2) Continuation prior to transfer.--Until the transfer, the Secretary of Energy shall continue to administer such programs and activities, including programs and authorities under title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.).

   Inserted: (3) Effect on existing rights and obligations.--The transfer of functions and authority under this subsection shall not affect the rights and obligations of any party that arise under a predecessor program or authority prior to the transfer under this subsection.

   Inserted: (c) Audits.--

   Inserted: (1) In general.--Except as otherwise provided in this title, the Bank shall be subject to the applicable provisions of chapter 91 of title 31, United States Code.

   Inserted: (2) Periodic audits by independent certified public accountants.--

   Inserted: (A) In general.--Except as provided in paragraph (3), an independent certified public accountant shall perform a financial and compliance audit of the financial statements of the Bank at least once every 3 years, in accordance with generally accepted Government auditing standards for a financial and compliance audit, as issued by the Comptroller General of the United States.

   Inserted: (B) Report to board.--The independent certified public accountant shall report the results of the audit to the Board.

   Inserted: (C) Generally accepted accounting principles.--The financial statements of the Bank shall be presented in accordance with generally accepted accounting principles.

   Inserted: (D) Reports.--

   Inserted: (i) In general.--The financial statements and the report of the accountant shall be included in a report that--

   Inserted: (I) contains, to the extent applicable, the information identified in section 9106 of title 31, United States Code; and

   Inserted: (II) the Bank shall submit to Congress not later than 210 days after the end of the last fiscal year covered by the audit.

   Inserted: (ii) Review.--The Comptroller General of the United States may review the audit conducted by the accountant and the report to Congress in such manner and at such times as the Comptroller General considers necessary.

   Inserted: (3) Alternative audits by comptroller general of the united states.--

   Inserted: (A) In general.--In lieu of the financial and compliance audit required by paragraph (2), the Comptroller General of the United States shall, if the Comptroller General considers it necessary, audit the financial statements of the Bank in the manner provided under paragraph (2).

   Inserted: (B) Reimbursement.--The Bank shall reimburse the Comptroller General of the United States for the full cost of any audit conducted under this paragraph.

   Inserted: (4) Availability of records.--All books, accounts, financial records, reports, files, work papers, and property belonging to or in use by the Bank and the accountant who conducts the audit under paragraph (2), that are necessary for purposes of this subsection, shall be made available to the Comptroller General of the United States.

   Inserted: SEC. 1909. REPORTS TO CONGRESS.

   Inserted: As soon as practicable after the end of each fiscal year, the Bank shall submit to Congress a complete and detailed report describing the operations of the Bank during the fiscal year.

   Inserted: SEC. 1910. MODIFICATION TO LOAN GUARANTEE PROGRAM.

   Inserted: (a) Definition of Commercial Technology.--Section 1701(1) of the Energy Policy Act of 2005 (42 U.S.C. 16511(1)) is amended by striking subparagraph (B) and inserting the following:

   Inserted: "(B) Exclusion.--The term 'commercial technology' does not include a technology if the sole use of the technology is in connection with--

   Inserted: "(i) a demonstration plant; or

   Inserted: "(ii) a project for which the Secretary approved a loan guarantee.".

   Inserted: (b) Specific Appropriation or Contribution.--Section 1702 of the Energy Policy Act of 2005 (42 U.S.C. 16512) is amended by striking subsection (b) and inserting the following:

   Inserted: "(b) Specific Appropriation or Contribution.--

   Inserted: "(1) In general.--No guarantee shall be made unless--

   Inserted: "(A) an appropriation for the cost has been made; or

   Inserted: "(B) the Secretary has received from the borrower a payment in full for the cost of the obligation and deposited the payment into the Treasury.

   Inserted: "(2) Limitation.--The source of payments received from a borrower under paragraph (1)(B) shall not be a loan or other debt obligation that is made or guaranteed by the Federal Government.

   Inserted: "(3) Relation to other laws.--Section 504(b) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)) shall not apply to a loan or loan guarantee made in accordance with paragraph (1)(B).".

   Inserted: (c) Amount.--Section 1702 of the Energy Policy Act of 2005 (42 U.S.C. 16512) is amended by striking subsection (c) and inserting the following:

   Inserted: "(c) Amount.--

   Inserted: "(1) In general.--Subject to paragraph (2), the Secretary shall guarantee up to 100 percent of the principal and interest due on 1 or more loans for a facility that are the subject of the guarantee.

   Inserted: "(2) Limitation.--The total amount of loans guaranteed for a facility by the Secretary shall not exceed 80 percent of the total cost of the facility, as estimated at the time at which the guarantee is issued.".

   Inserted: (d) Subrogation.--Section 1702(g)(2) of the Energy Policy Act of 2005 (42 U.S.C. 16512(g)(2)) is amended--

   Inserted: (1) by striking subparagraph (B); and

   Inserted: (2) by redesignating subparagraph (C) as subparagraph (B).

   Inserted: (e) Fees.--Section 1702(h) of the Energy Policy Act of 2005 (42 U.S.C. 16512(h)) is amended by striking paragraph (2) and inserting the following:

   Inserted: "(2) Availability.--Fees collected under this subsection shall--

   Inserted: "(A) be deposited by the Secretary into a special fund in the Treasury to be known as the 'Incentives For Innovative Technologies Fund'; and

   Inserted: "(B) remain available to the Secretary for expenditure, without further appropriation or fiscal year limitation, for administrative expenses incurred in carrying out this title.".

   Inserted: SEC. 1911. INTEGRATION OF LOAN GUARANTEE PROGRAMS.

   Inserted: (a) Definition of Bank.--Section 1701 of the Energy Policy Act of 2005 (42 U.S.C. 16511) is amended--

   Inserted: (1) by redesignating paragraphs (1) through (5) as paragraphs (2) through (6), respectively; and

   Inserted: (2) by inserting before paragraph (2) (as so redesignated) the following:

   Inserted: "(1) Bank.--The term 'Bank' means the Clean Energy Investment Bank of the United States established by section 1903(a) of the Clean Energy Investment Bank Act of 2008.".

   Inserted: (b) Administration.--

   Inserted: (1) In general.--Title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.) is amended by striking "Secretary" each place it appears (other than the last place it appears in section 1702(a)) and inserting "Board".

   Inserted: (2) Conforming amendments.--Section 1702(g) of the Energy Policy Act of 2005 (42 U.S.C. 16512(g)) is amended--

   Inserted: (A) in the heading for paragraph (1), by striking "Secretary" and inserting "Bank"; and

   Inserted: (B) in the heading for paragraph (3), by striking "Secretary" and inserting "Bank".

   Inserted: (c) Application.--The amendments made by this section are effective on the date the President transfers to the Bank under section 1909(b)(1) the authority to carry out title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.).

   Inserted: SEC. 1912. AUTHORIZATION OF APPROPRIATIONS.

   Inserted: (a) In General.--Subject to subsection (b), there are authorized to be appropriated to the Bank, to remain available until expended, such sums as are necessary to--

   Inserted: (1) replenish or increase the Clean Energy Investment Bank Fund; or

   Inserted: (2) discharge obligations of the Bank purchased by the Secretary of the Treasury under this title.

   Inserted: (b) Minimum Levels in the Clean Energy Investment Bank Fund.--No appropriations shall be made to augment the Clean Energy Investment Bank Fund unless the balance in the Clean Energy Investment Bank Fund is projected to be less than $50,000,000 during the fiscal year for which an appropriation is made.

   Original wording

   At the end, add the following:

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As printed