S. 3438

Clean Transmission for Rural Communities Act of 2010

Latest
Raw Text PDF XML

II

111th CONGRESS

2d Session

S. 3438

IN THE SENATE OF THE UNITED STATES

May 27 (legislative day, May 26), 2010

Mr. Reid (for himself, Mr. Ensign, Mr. Harkin, Mr. Tester, Mr. Bennet, and Ms. Klobuchar) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To promote clean energy infrastructure for rural communities.

1.

Short title

This Act may be cited as the Clean Transmission for Rural Communities Act of 2010.

2.

Transmission for renewables

(a)

Clarification of qualified facilities for clean renewable energy bonds

(1)

In general

Section 54C(d)(1) of the Internal Revenue Code of 1986 is amended by inserting , or a facility primarily for the purpose of interconnecting one or more such qualified facilities to a high-voltage transmission line after electric company.

(2)

Effective date

The amendment made by this subsection shall apply to bonds issued after the date of enactment of this Act.

(b)

Tax-Exempt financing of certain electric transmission facilities

(1)

In general

Subsection (a) of section 142 of the Internal Revenue Code of 1986 is amended—

(A)

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

(B)

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

(C)

by adding at the end the following new paragraph:

(16)

qualified electric transmission facilities.

.

(2)

Definition

Section 142 of such Code is amended by adding at the end the following new subsection:

(n)

Qualified electric transmission facilities

(1)

In general

For purposes of subsection (a)(16), the term qualified electric transmission facility means any electric transmission facility which is—

(A)

owned by—

(i)

a State or political subdivision of a State, or any agency, authority, or instrumentality of any of the foregoing, providing electric service, directly or indirectly to the public, or

(ii)

a State or political subdivision of a State expressly authorized under State law to finance and own electric transmission facilities, and

(B)

primarily for the purpose of interconnecting one or more renewable energy facilities to a high-voltage transmission line.

(2)

Termination

Subsection (a)(16) shall not apply with respect to any bond issued after December 31, 2011.

.

(3)

Effective date

The amendments made by this subsection shall apply to bonds issued after the date of enactment of this Act.