S. 3855Senate111th Congress (2009-2011)In Committee

Clean Renewable Energy Investment Act of 2010

Introduced September 28, 2010

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

September 28, 2010

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SenateIntro Referral

Introduced in Senate

September 28, 2010

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S7632-7633)

September 28, 2010

SenateIntro Referral

Read twice and referred to the Committee on Finance.

September 28, 2010

Floor Debate

14 members

What members said about S. 3855 on the floor

2 Republicans12 Democrats
Mark R. Warner
Sen. Mark R. WarnerD-VA · Sep 28, 2010

Mr. President, I rise to offer new legislation that I urge all my colleagues from both sides of the aisle to support. I am pleased to be joined by Senators Carper, Akaka, Lieberman, Collins, and…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Sep 28, 2010

Mr. President, today, I am pleased to introduce the Honest Services Restoration Act with Senator Whitehouse and Senator Kaufman. The legislation will restore critical tools used by investigators and…

Maria Cantwell
Sen. Maria CantwellD-WA · Sep 28, 2010

Mr. President, today I am introducing legislation that will unleash a wave of investment in clean renewable energy. The Clean Renewable Energy Investment Act of 2010 will remove the arbitrary cap on…

Maria Cantwell
Sen. Maria CantwellD-WA · Sep 28, 2010

Mr. President, today I am introducing legislation that will unleash a wave of investment in clean renewable energy. The Clean Renewable Energy Investment Act of 2010 will remove the arbitrary cap on…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Sep 28, 2010

Mr. President, I thank my colleague from the Commonwealth of Pennsylvania for speaking out for this important program. I know there are many jobs in his State which are at stake with this decision by…

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John F. Kerry
Sen. John F. KerryD-MA · Sep 28, 2010

Mr. President, I come to the floor today to support extending a critically needed program that provides hope to 250,000 of our poorest families. I am joined by Senators Durbin, Casey, Sherrod Brown,…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Sep 28, 2010

Mr. President, I am pleased to join Senators Carper, Warner, Collins, Lieberman, and Voinovich in introducing the GPRA Modernization Act of 2010. As an original cosponsor of the Government…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Sep 28, 2010

Mr. President, today I rise to recognize the need for a health care professional skilled in caring for the specific needs of a growing elderly population. In the next 30 years we will see a unique…

Scott P. Brown
Sen. Scott P. Brown R-MA · Sep 28, 2010

Mr. President, I come to the floor today to speak about a bill that I am introducing today along with several of my Senate colleagues. My bill protects the lives of the most vulnerable among us our…

Thomas R. Carper
Sen. Thomas R. CarperD-DE · Sep 28, 2010

Mr. President, today, as Chairman of the Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security, I offer a piece of legislation, along with…

Kay  R. Hagan
Sen. Kay R. HaganD-NC · Sep 28, 2010

Mr. President, today I am proud to introduce the Healthy Media for Youth Act. The purpose of this bill is to promote positive media depictions of girls and women among our nation's youth. The…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Sep 28, 2010

Mr. President, I rise today to introduce a bill which will protect the great American traditions of hunting, fishing, and recreational shooting from actions that will drive up the costs of…

Robert P. Casey Jr.
Sen. Robert P. Casey Jr.D-PA · Sep 28, 2010

Mr. President, I rise to speak about a piece of legislation just introduced, S. 3849, the Job Preservation for Parents in Poverty Act, which is simply an extension of a program that has placed tens…

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John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Sep 28, 2010

Mr. President, I rise today to introduce the Monongahela Conservation Legacy Act of 2010. This important piece of legislation sets aside 6,042 acres of the Monongahela National Forest on North Fork…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Sep 28, 2010

Mr. President, reserving the right to object, and I will object, the majority has known this program was going to expire at the end of this month all year and has taken no steps to reauthorize this…

Bill Text

Latest available legislative text

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Introduced in SenateIssued September 28, 2010

II

111th CONGRESS

2d Session

S. 3855

IN THE SENATE OF THE UNITED STATES

September 28, 2010

Ms. Cantwell (for herself, Mr. Nelson of Nebraska, Mrs. Murray, and Mr. Sanders) 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 repeal the limitation on the issuance of new clean renewable energy bonds and to terminate eligibility of governmental bodies to issue such bonds, and for other purposes.

1.

Short title

This Act may be cited as the Clean Renewable Energy Investment Act of 2010.

2.

New clean energy renewable bonds

(a)

Repeal of limitation on amount of bonds designated

Section 54C of the Internal Revenue Code of 1986 is amended by striking subsection (c).

(b)

Termination

Subsection (a) of section 54C of such Code is amended by striking and at the end of paragraph (2), by striking the period at the end of paragraph (3), and by adding at the end the following new paragraph:

(4)

such bond is issued before January 1, 2014.

.

(c)

Rules relating to expenditures

(1)

In general

Paragraph (1) of section 54C(a) of such Code is amended by inserting and meet the requirements of subsection (c) before the comma at the end.

(2)

Requirements

Section 54C of such Code (as amended by subsection (a) of this section) is amended by inserting after subsection (b) the following new subsection:

(c)

Rules relating to expenditures

An issue shall be treated as meeting the requirements of this subsection if, as of the date of issuance of such issue, the issuer reasonably expects—

(1)

95 percent or more of the available project proceeds to be spent for 1 or more purposes specified in subsection (a)(1) within the 3-year period beginning on such date of issuance, and

(2)

a binding commitment with a third party to spend at least 10 percent of such available project proceeds will be incurred within the 6-month period beginning on such date of issuance.

.

(d)

Governmental bodies not eligible

Section 54C of such Code, as amended by the preceding provisions of this section, is amended—

(1)

in subsection (a) by striking governmental bodies, public power providers, or cooperative electric companies and inserting public power providers, tribal utilities, or cooperative electric companies,

(2)

in subsection (d)(1) by striking public power provider, a governmental body, or a cooperative electric company and inserting public power provider, a tribal utility, or a cooperative electric company,

(3)

in subsection (d) by striking paragraph (3) and redesignating paragraphs (4), (5), and (6) as paragraphs (3), (4), and (5), respectively, and

(4)

in subsection (d)(6), by striking a governmental body,.

(e)

Tribal utilities eligible as qualified issuer

(1)

In general

Paragraph (5) of section 54C(d) of such Code (as amended by subsection (d)(3)) is amended by inserting a tribal utility, after bond lender,.

(2)

Tribal utility defined

Subsection (d) of section 54C of such Code (as so amended) is amended by adding at the end the following new paragraph:

(6)

Tribal utility

The term tribal utility means any enterprise, agency, authority, or instrumentality of any Indian tribe (as defined in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 450b(e)) with a service obligation or right under tribal law and which provides electric service to end-users.

.

(f)

Reimbursement with proceeds of tax credit bonds

Subparagraph (D) of section 54A(d)(2) of such Code is amended by striking for amounts paid and all that follows and inserting under rules governing obligations the interest on which is excluded from gross income by section 103..

(g)

Conforming amendment

Section 54A(d)(1) of such Code is amended by adding at the end the following flush sentence: Subparagraphs (A) and (B) of paragraph (2) shall not apply to an issue of new clean renewable energy bonds..

(h)

Effective dates

(1)

In general

Except as provided by paragraph (2), the amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.

(2)

Allocations made before date of enactment

The amendments made by subsections (b), (d), and (e) of this section shall not apply to bonds issued after the date of the enactment of this Act pursuant to any allocation of new clean renewable energy bond limitation made on or before such date.