S.Amdt. 4791

SA 4791. Mrs. FEINSTEIN (for herself and Mrs. Shaheen) submitted an
amendment intended to be proposed to amendment SA 4753 proposed by Mr.
Reid (for himself and Mr. McConnell) to the bill H.R. 4853, to amend
the Internal Revenue Code of 1986 to extend the funding and expenditure
authority of the Airport and Airway Trust Fund, to amend title 49,
United States Code, to extend authorizations for the airport
improvement program, and for other purposes; which was ordered to lie
on the table; as follows:

Beginning on page 41, line 16, strike all through page 43,
line 13, and insert:

SEC. 708. EXTENSION OF PROVISIONS RELATED TO ALCOHOL USED AS
FUEL.

(a) Extension of Income Tax Credit for Alcohol Used as
Fuel.--
(1) In general.--Paragraph (1) of section 40(e) is
amended--
(A) by striking ``December 31, 2010'' in subparagraph (A)
and inserting ``December 31, 2011'', and
(B) by striking ``January 1, 2011'' in subparagraph (B) and
inserting ``January 1, 2012''.
(2) Reduced amount for ethanol blenders.--Subsection (h) of
section 40 is amended--

[[Page S8887]]

(A) by striking ``2010'' in paragraph (1) and inserting
``2011'', and
(B) by striking the period at the end of the table
contained in paragraph (2) and adding the following new item:

------------------------------------------------------------------------

------------------------------------------------------------------------
``2011..........................  36 cents           26.66 cents.''.
------------------------------------------------------------------------

(3) Reduced rate for small ethanol producers.--Section
40(b)(4)(A) is amended by striking ``10 cents'' and inserting
``8 cents''.
(4) Effective date.--
(A) In general.--Except as provided in subparagraph (B),
the amendments made by this subsection shall apply to periods
after December 31, 2010.
(B) Rate for small ethanol producers.--The amendment made
by paragraph (3) shall apply to the sale or use of alcohol
after December 31, 2010.
(b) Extension of Excise Tax Credit for Alcohol Used as
Fuel.--
(1) In general.--Paragraph (6) of section 6426(b) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(2) Reduced applicable amount for ethanol.--Subparagraph
(A) of section 6426(b)(2) is amended--
(A) by striking ``and'' at the end of clause (i),
(B) in clause (ii)--
(i) by inserting ``and before 2011'' after ``after 2008'',
and
(ii) by striking the period and inserting ``, and'', and
(C) by adding at the end the following new clause:
``(iii) in the case of calendar years beginning after 2010,
36 cents.''.
(3) Effective date.--The amendments made by this subsection
shall apply to periods after December 31, 2010.
(c) Extension of Payment for Alcohol Fuel Mixture.--
(1) In general.--Subparagraph (A) of section 6427(e)(6) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(2) Effective date.--The amendment made by this subsection
shall apply to sales and uses after December 31, 2010.
(d) Extension of Additional Duties on Ethanol.--
(1) In general.--Headings 9901.00.50 and 9901.00.52 of the
Harmonized Tariff Schedule of the United States are each
amended in the effective period column by striking ``1/1/
2011'' and inserting ``1/1/2012''.
(2) Ethanol tax parity.--Not later than 30 days after the
date of the enactment of this Act, and semiannually
thereafter, the President shall reduce the temporary duty
imposed on ethanol under subheading 9901.00.50 of the
Harmonized Tariff Schedule of the United States by an amount
equal to the reduction in any Federal income or excise tax
credit under section 40(h), 6426(b), or 6427(e)(1) of the
Internal Revenue Code of 1986 and take any other action
necessary to ensure that the combined temporary duty imposed
on ethanol under such subheading 9901.00.50 and any other
duty imposed under the Harmonized Tariff Schedule of the
United States is equal to, or lower than, any Federal income
or excise tax credit applicable to ethanol under the Internal
Revenue Code of 1986.
(3) Effective date.--The amendments made by this subsection
shall take effect on January 1, 2011.

SEC. 708A. EXPANSION OF QUALIFYING ADVANCED ENERGY PROJECT
CREDIT.

(a) In General.--Section 48C(d)(1)(B) is amended by
inserting ``plus the amount of revenues resulting from 50
percent of the reductions in various rates made by the
amendments contained in section 708 of the Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act
of 2010'' after ``$2,300,000,000''.
(b) Effective Date.--The amendment made by this section
shall apply to allocations for applications submitted after
December 31, 2010.
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