S.Amdt. 4363

SA 4363. Ms. CANTWELL (for herself, Mr. LeMieux, Mrs. Feinstein, Ms.
Stabenow, Mr. Merkley, Mr. Nelson of Nebraska, and Mr. Menendez)
submitted an amendment intended to be proposed to amendment SA 4301
proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal
Revenue Code of 1986 to extend certain expiring provisions, and for
other purposes; which was ordered to lie on the table; as follows:

At the end of subtitle A of title II, insert the following:

SEC. 2__. EXTENSION AND EXPANSION OF GRANTS FOR SPECIFIED
ENERGY PROPERTY IN LIEU OF TAX CREDITS.

(a) Extension.--
(1) In general.--Subsection (a) of section 1603 of division
B of the American Recovery and Reinvestment Act of 2009 is
amended--
(A) in paragraph (1), by striking ``2009 or 2010'' and
inserting ``2009, 2010, 2011, or 2012'', and
(B) in paragraph (2)--
(i) by striking ``after 2010'' and inserting ``after
2012'', and
(ii) by striking ``2009 or 2010'' and inserting ``2009,
2010, 2011, or 2012''.
(2) Conforming amendment.--Subsection (j) of section 1603
of division B of such Act is amended by striking ``2011'' and
inserting ``2013''.
(b) Expansion of Grants to Certain Governmental Units and
Co-operative Electric Companies.--
(1) In general.--
(A) Expansion.--Section 1603(g) of division B of the
American Recovery and Reinvestment Act of 2009 is amended--
(i) in paragraph (1), by inserting ``other than a
governmental unit which is a State utility with a service
obligation (as such terms are defined in section 217 of the
Federal Power Act)'' after ``thereof),'',
(ii) in paragraph (2), by inserting ``other than a mutual
or cooperative electric company described in section
501(c)(12) of such Code'' after ``such Code'', and
(iii) by striking paragraph (3) and redesignating paragraph
(4) as paragraph (3).
(B) Conforming amendment.--Paragraph (3) of section 1603(g)
of division B of such Act, as redesignated by subparagraph
(A)(iii), is amended by striking ``paragraph (1), (2), or
(3)'' and inserting ``paragraph (1) or (2)''.
(2) Special rule with respect to power marketing
administrations and tva.--Section 1603 of division B of such
Act, as amended by subsection (a), is amended by
redesignating subsections (h), (i), and (j) as subsections
(i), (j), and (k), respectively, and by inserting after
subsection (g) the following new subsection:
``(h) Certain Persons Deemed Eligible.--Notwithstanding any
other provision of this section--
``(1) the Tennessee Valley Authority shall be eligible for
a grant under this subsection, and
``(2) no person shall be considered to be ineligible for a
grant under this section on the basis that such person has a
contract or other business arrangement relating to the
specified energy property with a power marketing
administration (within the meaning of section 2605(a)(2) of
the Energy Policy Act of 1992) or the Tennessee Valley
Authority, including any contract to sell or assign the
rights to the output from such specified energy property or
any other contract or business arrangement under which the
specified energy property is considered to be used by the
power marketing administration or the Tennessee Valley
Authority.''.
(c) No Grants for Property for Which CREBs Have Been
Issued.--Section 1603 of division B of such Act, as amended
by this section, is amended by redesignating subsections (h),
(i), (j), and (k) as subsections (i), (j), (k) and (l),
respectively, and by inserting after subsection (g) the
following new subsection:
``(h) Exception for Certain Projects.--The Secretary of the
Treasury shall not make any grant under this section to any
governmental unit or cooperative electric company (as defined
in section 54(j)(1)) with respect to any specified energy
property described in subsection (d)(1) if such entity has
issued any bond--
``(1) which is designated as a clean renewable energy bond
under section 54 of the Internal Revenue Code of 1986 or as a
new clean renewable energy bond under section 54C of such
Code, and
``(2) the proceeds of which are used for expenditures in
connection with the same qualified facility with respect to
which such specified energy property is a part.''.
(d) Treatment of Grants for Cooperative Electric
Companies.--Section 501(c)(12) of the Internal Revenue Code
of 1986 is amended by adding at the end the following new
subparagraph:
``(I) In the case of a mutual or cooperative electric
company described in this paragraph or an organization
described in section 1381(a)(2)(C), subparagraph (A) shall be
applied without taking into account any grant received under
section 1603 of division B of the American Recovery and
Reinvestment Act of 2009.''.
(e) Application of Grants for Specified Energy Property to
Certain Regulated Companies.--The first sentence of section
1603(f) of division B of the American Recovery and
Reinvestment Act of 2009 is amended by inserting ``(other
than paragraph (2) of subsection (d) thereof)'' after
``section 50 of the Internal Revenue Code of 1986''.
(f) Application of Grants to REITs.--The first sentence of
section 1603(f) of division B of the American Recovery and
Reinvestment Act of 2009, as amended by subsection (e), is
amended by striking ``paragraph (2)'' and inserting
``paragraphs (1) and (2)''.
(g) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to property
placed in service after the date of the enactment of this
Act.
(2) Application to certain regulated companies.--The
amendment made by subsections (b)(1), (d), and (e) shall take
effect as if included in section 1603 of division B the
American Recovery and Reinvestment Act of 2009.

SEC. 2__. TAXES ATTRIBUTABLE TO OIL SPILL LIABILITY TRUST
FUND FINANCING RATE NOT DEDUCTIBLE FOR CERTAIN
TAXPAYERS.

(a) In General.--Section 275 is amended by redesignating
subsection (b) as subsection (c) and by inserting after
subsection (a) the following new subsection:
``(b) Taxes on Petroleum Paid by Certain Taxpayers.--
``(1) In general.--In the case of any taxpayer who is a
disqualified taxpayer for a taxable year, no deduction shall
be allowed for such taxable year for so much of the taxes
imposed under section 4611 as are attributable to the Oil
Spill Liability trust Fund financing rate determined under
section 4611(c)(2)(B).
``(2) Disqualified taxpayer.--For purposes of this
subsection, the term `disqualified taxpayer' means, with
respect to any taxable year, any taxpayer who has gross
revenues in excess of $100,000,000 for such taxable year.''.
(b) Effective Date.--The amendments made by this section
shall apply to taxes on crude oil received at a United States
refinery and petroleum products entered into the United
States after the date of the enactment of this Act.
______