S.Amdt. 170

SA 170. Mr. CARPER (for himself and Mr. Crapo) submitted an amendment
intended to be proposed to amendment SA 98 proposed by Mr. Inouye (for
himself and Mr. Baucus) to the bill H.R. 1, making supplemental
appropriations for job preservation and creation, infrastructure
investment, energy efficiency and science, assistance to the
unemployed, and State and local fiscal stabilization, for fiscal year
ending September 30, 2009, and for other purposes; which was ordered to
lie on the table; as follows:

On page 517, beginning on line 3, strike through page 523,
line 9, and insert the following:

``SEC. 48C. QUALIFYING ADVANCED ENERGY PROJECT CREDIT.

``(a) In General.--For purposes of section 46, the
qualifying advanced energy project credit for any taxable
year is an amount equal to 30 percent of the qualified
investment for such taxable year with respect to any
qualifying advanced energy project of the taxpayer.
``(b) Qualified Investment.--
``(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 which is part of a qualifying advanced
energy project--
``(A)(i) the construction, reconstruction, or erection of
which is completed by the taxpayer after October 31, 2008, or
``(ii) which is acquired by the taxpayer if the original
use of such eligible property commences with the taxpayer
after October 31, 2008, and
``(B) with respect to which depreciation (or amortization
in lieu of depreciation) is allowable.
``(2) Special rule for certain subsidized property.--Rules
similar to section 48(a)(4) (without regard to subparagraph
(D) thereof) shall apply for purposes of this section.
``(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.
``(4) Limitation.--The amount which is treated for all
taxable years with respect to any qualifying advanced energy
project shall not exceed the amount designated by the
Secretary as eligible for the credit under this section.
``(c) Definitions.--
``(1) Qualifying advanced energy project.--
``(A) In general.--The term `qualifying advanced energy
project' means a project--
``(i) which re-equips, expands, or establishes a
manufacturing facility for the production of property which
is--

``(I) designed to be used to produce energy from the sun,
wind, geothermal deposits (within the meaning of section
613(e)(2)), or other renewable resources,
``(II) designed to manufacture fuel cells, microturbines,
or an energy storage system for use with electric or hybrid-
electric motor vehicles,
``(III) designed to manufacture electric grids to support
the transmission of intermittent sources of renewable energy,
``(IV) designed to capture and sequester carbon dioxide
emissions,
``(V) designed to refine or blend renewable fuels or to
produce energy conservation technologies (including energy-
conserving lighting technologies and smart grid
technologies), or
``(VI) otherwise determined by the Secretary, after
consultation with the Secretary of Energy, to be new or
significantly improved advanced energy technology as compared
to commercial technologies in service in the United States at
the time of the certification of the project under subsection
(d), and

``(ii) any portion of the qualified investment of which is
certified by the Secretary under subsection (d) as eligible
for a credit under this section.
``(B) Exception.--Such term shall not include any portion
of a project for the production of any property which is used
in the refining or blending of any transportation fuel (other
than renewable fuels).
``(2) Eligible property.--The term `eligible property'
means any property which is part of a qualifying advanced
energy project and is necessary for the production of
property described in paragraph (1)(A)(i).
``(d) Qualifying Advanced Energy Project Program.--
``(1) Establishment.--
``(A) In general.--Not later than 180 days after the date
of enactment of this section, the Secretary, in consultation
with the Secretary of Energy, shall establish a qualifying
advanced energy project program to consider and award
certifications for qualified investments eligible for credits
under this section to qualifying advanced energy project
sponsors.
``(B) Limitation.--The total amount of credits that may be
allocated under the program shall not exceed $2,000,000,000.
``(2) Certification.--
``(A) Application period.--Each applicant for certification
under this paragraph shall submit an application containing
such information as the Secretary may require during the 3-
year period beginning on the date the Secretary establishes
the program under paragraph (1).
``(B) Time to meet criteria for certification.--Each
applicant for certification shall have 2 years from the date
of acceptance by the Secretary of the application during
which to provide to the Secretary evidence that the
requirements of the certification have been met.
``(C) Period of issuance.--An applicant which receives a
certification shall have 5 years from the date of issuance of
the certification in order to place the project in service
and if such project is not placed in service by that time
period then the certification shall no longer be valid.
``(3) Selection criteria.--
``(A) In general.--In determining which qualifying advanced
energy projects to certify under this section, the Secretary
shall consult with the Secretary of Energy and shall take
into consideration only those projects where there is a
reasonable expectation of commercial viability.
``(B) Priority.--The Secretary shall give priority under
this section to projects that--
``(i) can create the greatest number of jobs in the United
States, and
``(ii) can begin before January 1, 2011.
``(4) Review and redistribution.--
``(A) Review.--Not later than 6 years after the date of
enactment of this section, the Secretary shall review the
credits allocated under this section as of the date which is
6 years after the date of enactment of this section.
``(B) Redistribution.--The Secretary may reallocate credits
awarded under this section if the Secretary determines that--
``(i) there is an insufficient quantity of qualifying
applications for certification pending at the time of the
review, or
``(ii) any certification made pursuant to paragraph (2) has
been revoked pursuant to paragraph (2)(B) because the project
subject to the certification has been delayed as a result of
third party opposition or litigation to the proposed project.
``(C) Reallocation.--If the Secretary determines that
credits under this section are available for reallocation
pursuant to the requirements set forth in paragraph (2), the
Secretary is authorized to conduct an additional program for
applications for certification.
``(5) Disclosure of allocations.--The Secretary shall, upon
making a certification under this subsection, publicly
disclose the identity of the applicant and the amount of the
credit with respect to such applicant.

[[Page S1462]]

``(e) Denial of Double Benefit.--A credit shall not be
allowed under this section for any qualified investment for
which a credit is allowed under section 48, 48A, or 48B.''.
______