S. 672Senate110th Congress (2007-2009)In Committee

Rural Community Renewable Energy Bonds Act

A bill to amend the Internal Revenue Code of 1986 to provide tax-exempt financing for qualified renewable energy facilities, and for other purposes.

Introduced February 16, 2007

Legislative Activity

Stay on top of the latest movement without scrolling through every action

3 earlier actions
SenateIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR S3733-3735)

March 26, 2007

View full timeline
SenateIntro Referral

Introduced in Senate

February 16, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2179)

February 16, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance.

February 16, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S3733-3735)

March 26, 2007

Floor Debate

10 members

What members said about S. 672 on the floor

4 Republicans6 Democrats
Ken Salazar
Sen. Ken SalazarD-CO · Mar 26, 2007

Mr. President, I come to the Senate floor to speak about the issue of energy and the importance of this Senate and this Congress and this country moving forward with an authentic picture with respect…

Ken Salazar
Sen. Ken SalazarD-CO · Feb 16, 2007

Mr. President, today I am introducing two bills that will help drive the renewable energy revolution that is currently underway in our rural communities. The Rural Community Renewable Energy Bonds…

Jack Reed
Sen. Jack ReedD-RI · Feb 16, 2007

Mr. President, I am pleased to join my colleague, Senator Roberts, along with Senators Kennedy, Burr, Murray, Clinton, Brown, Bingaman, Collins, Isakson, and Biden in introducing the Trauma Care…

Tom Harkin
Sen. Tom HarkinD-IA · Feb 16, 2007

Mr. President, today I am introducing legislation, the Training for Realtime Writers Act of 2007, on behalf of myself and my colleagues, Senators Grassley, Cochran, Dodd, Durbin, Kerry, Kohl, Murray,…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Feb 16, 2007

Mr. President, I rise today to co-sponsor the American National Red Cross Governance Modernization Act of 2007. This legislation, a product of close cooperation with my colleagues Senator Grassley…

Show 6 more
Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Feb 16, 2007

Mr. President, I am pleased to re-introduce the Kinship Caregiver Support Act today with my friend and colleague, Senator Olympia Snowe. The growth of kinship care is a phenomenon that is quietly…

John McCain
Sen. John McCainR-AZ · Feb 16, 2007

Mr. President, today I am introducing legislation to fix a serious problem that has recently come to light with respect to the administration of the so-called Death Gratuity. The legislation is…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Feb 16, 2007

Mr. President. I rise today with my distinguished colleagues Senators Harry Reid, Daniel Inouye, Barbara Boxer, Maria Cantwell, and Edward Kennedy to introduce a bill which will award special…

Robert C. Byrd
Sen. Robert C. ByrdD-WV · Mar 26, 2007

Mr. President, I do have an amendment, and I will speak to that amendment. Very well. Madam President, I ask unanimous consent that the order for the quorum call be rescinded.

Christopher S. Bond
Sen. Christopher S. BondR-MO · Feb 16, 2007

Mr. President, I ask unanimous consent, on behalf of myself and Senator Hillary Rodham Clinton, that the text of the Education Begins at Home Act be printed in the Record.

Chuck Grassley
Sen. Chuck GrassleyR-IA · Feb 16, 2007

Mr. President, I ask unanimous consent that the text of The American National Red Cross Governance Modernization Act of 2007 be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued February 16, 2007

II

110th CONGRESS

1st Session

S. 672

IN THE SENATE OF THE UNITED STATES

February 16, 2007

Mr. Salazar (for himself and Mr. Smith) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide tax-exempt financing for qualified renewable energy facilities, and for other purposes.

1.

Short title

This Act may be cited as the Rural Community Renewable Energy Bonds Act.

2.

Tax-exempt financing of qualified renewable energy facilities

(a)

In general

Subsection (a) of section 142 of the Internal Revenue Code of 1986 (relating to exempt facility bond) is amended—

(1)

by striking or at the end of paragraph (14),

(2)

by striking the period at the end of paragraph (15) and inserting , or, and

(3)

by inserting at the end the following new paragraph:

(16)

qualified renewable energy facilities.

.

(b)

Definition

Section 142 of the Internal Revenue Code of 1986 is amended by inserting at the end the following new subsection:

(n)

Qualified renewable energy facilities

For purposes of subsection (a)(16)—

(1)

In general

The term qualified renewable energy facility means any facility—

(A)

described in paragraph (1), (2), (3), (4), (5), (6), or (9) of section 45(d) (relating to facilities using wind, closed-loop biomass, open-loop biomass, geothermal, solar, small irrigation, land fill gas, or qualified hydropower to produce electricity),

(B)

except in the case of a facility described in section 45(d)(5), the nameplate capacity rating of which is not more than 40 megawatts, and

(C)

at least—

(i)

49 percent of which is owned and controlled, including unrestricted voting rights, by 1 or more persons who are residents of the State in which such facility is located, and

(ii)

10 percent of which is owned and controlled, including unrestricted voting rights, by 1 or more persons who are residents of the local area in which such facility is located.

(2)

Determination of ownership

For purposes of paragraph (1)(C), ownership sufficient to meet the requirement of clause (ii) thereof may be taken into account for purposes of determining if the requirement of clause (i) thereof is met.

(3)

Definitions

For purposes of this subsection—

(A)

Resident

The term resident means—

(i)

in the case of an individual, an individual whose primary residence is in the State or local area in which the facility is located, and

(ii)

in the case of an entity, at least 50 percent of such entity is owned by individuals who are treated as residents of such State or local area under clause (i).

For purposes of clause (ii), section 318 (relating to constructive ownership of stock), as modified by section 382(l)(3)(A), shall apply for purposes of determining ownership of stock in a corporation. Similar principles shall apply for purposes of determining ownership of interests in any other entity.
(B)

Local area

The term local area means, with respect to any facility, an area within the 200-mile radius of such facility.

.

(c)

Exemption from volume cap

Paragraph (3) of section 146(g) of the Internal Revenue Code of 1986 (exempting certain exempt facility bonds from the state volume caps) is amended by striking or (15) and inserting (15), or (16).

(d)

Effective date

The amendments made by this section shall apply with respect to bonds issued on or after the date of the enactment of this Act.