S.Amdt. 503

SA 503. Mr. BINGAMAN (for himself, Mr. Carper, 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 518, beginning on line 1, strike through page 521,
line 23, and insert the following:
``(2) 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.
``(3) 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,
including storage of such 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) other advanced energy property designed to reduce
greenhouse gas emissions as may be determined by the
Secretary, 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.--In determining which qualifying
advanced energy projects to certify under this section, the
Secretary--
``(A) shall take into consideration only those projects
where there is a reasonable expectation of commercial
viability, and
``(B) shall take into consideration which projects--
``(i) will provide the greatest domestic job creation (both
direct and indirect) during the credit period,
``(ii) will provide the greatest net impact in avoiding or
reducing air pollutants or anthropogenic emissions of
greenhouse gases,
``(iii) have the greatest readiness for commercial
employment, replication, and further commercial use in the
United States,
``(iv) will provide the greatest benefit in terms of
newness in the commercial market,
``(v) have the lowest levelized cost of generated or stored
energy, or of measured reduction in energy consumption or
greenhouse gas emission (based on costs of the full supply
chain), and
``(vi) have the shortest project time from certification to
completion.''.
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