[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 724 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 724
To amend the Internal Revenue Code of 1986 to extend the qualifying
advanced energy project credit.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 15, 2011
Mr. Rothman of New Jersey introduced the following bill; which was
referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend the qualifying
advanced energy project credit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Security in Energy and Manufacturing
Act of 2011'' or the ``SEAM Act of 2011''.
SEC. 2. EXTENSION OF THE ADVANCED ENERGY PROJECT CREDIT.
(a) In General.--Subsection (d) of section 48C of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
``(6) Additional 2011 allocations.--
``(A) In general.--Not later than 180 days after
the date of the enactment of this paragraph, the
Secretary, in consultation with the Secretary of
Energy, shall establish a program to consider and award
certifications for qualified investments eligible for
credits under this section to qualifying advanced
energy project sponsors with respect to applications
received on or after the date of the enactment of this
paragraph.
``(B) Limitation.--The total amount of credits that
may be allocated under the program described in
subparagraph (A) shall not exceed the 2011 allocation
amount reduced by so much of the 2011 allocation amount
as is taken into account as an increase in the
limitation described in paragraph (1)(B).
``(C) Application of certain rules.--Rules similar
to the rules of paragraphs (2), (3), (4), and (5) shall
apply for purposes of the program described in
subparagraph (A), except that--
``(i) Certification.--Applicants shall have
2 years from the date that the Secretary
establishes such program to submit
applications.
``(ii) Selection criteria.--In determining
which qualifying advanced energy projects to
certify under such program, the Secretary, in
consultation with the Secretary of Energy,
shall give the highest priority to projects
which manufacture (other than assembly of
components) property described in a subclause
of subsection (c)(1)(A)(i) (or components
thereof).
``(iii) Review and redistribution.--The
Secretary shall conduct a separate review and
redistribution under paragraph (5) with respect
to such program not later than 4 years after
the date of the enactment of this paragraph.
``(D) 2011 allocation amount.--For purposes of this
subsection, the term `2011 allocation amount' means
$5,000,000,000.
``(E) Direct payments.--In lieu of any qualifying
advanced energy project credit which would otherwise be
determined under this section with respect to an
allocation to a taxpayer under this paragraph, the
Secretary shall, upon the election of the taxpayer,
make a grant to the taxpayer in the amount of such
credit as so determined. Rules similar to the rules of
section 50 shall apply with respect to any grant made
under this subparagraph.''.
(b) Portion of 2011 Allocation Allocated Toward Pending
Applications Under Original Program.--Subparagraph (B) of section
48C(d)(1) of such Code is amended by inserting ``(increased by so much
of the 2011 allocation amount (not in excess of $1,500,000,000) as the
Secretary determines necessary to make allocations to qualified
investments with respect to which qualifying applications were
submitted before the date of the enactment of paragraph (6))'' after
``$2,300,000,000''.
(c) Conforming Amendment.--Paragraph (2) of section 1324(b) of
title 31, United States Code, is amended by inserting ``48C(d)(6)(E),''
after ``36C,''.
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