S.Amdt. 320

SA 320. Mr. MENENDEZ 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 456, after line 24, add the following:

SEC. ___. QUALIFIED ENERGY EFFICIENCY PROPERTY TREATED AS
ENERGY PROPERTY.

(a) In General.--Subparagraph (A) of section 48(a)(3) 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 energy efficiency property,''.
(b) Qualified Energy Efficiency Property.--Section 48(c) is
amended by adding at the end the following new paragraph:
``(5) Qualified energy efficiency property.--
``(A) In general.--The term `qualified energy efficiency
property' means any property which--
``(i) is residential rental property or nonresidential real
property,
``(ii) is a qualified building, and
``(iii) achieves a minimum energy savings of 50 percent or
more in comparison to a reference building which meets the
minimum requirements of Standard 90.1-2001 (as defined by
section 179D(c)(2)), determined under rules similar to the
rules of section 179D(d)(2).
``(B) Qualified building.--The term `qualified building'
means any building--
``(i) which is more than 250,000 square feet,
``(ii) which is located not more than one-half mile from a
location in which there is direct access to public bus, rail,
light rail, street car, or ferry system,
``(iii) which meets the requirements of subchapter IV of
chapter 31 of title 40, United States Code, and
``(iv) for which the site work and construction is
commenced not later than 120 days after the date of the
enactment of this paragraph.
``(C) Special rule for residential rental property.--In the
case of a qualified building in which the majority of the
building is devoted to residential use--
``(i) subparagraph (A)(iii) shall be applied by
substituting `25percent' for `50 percent', and
``(ii) any mechanical systems which meet the requirements
of Standard 90.1-2001 may be used in lieu of appendix G to
such Standard in modeling energy use of a reference
building.''.
(c) Effective Date.--The amendment 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 on the day
before the date of the enactment of the Revenue
Reconciliation Act of 1990).
______