H.R.2794 - Clean Energy Bonds Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Lewis, Ron [R-KY-2] (Introduced 06/08/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||06/08/2005 Referred to the House Committee on Ways and Means.|
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Summary: H.R.2794 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (06/08/2005)
Clean Energy Bonds Act of 2005 - Amends the Internal Revenue Code to allow holders of clean energy bonds a nonrefundable tax credit of 25 percent of an annual credit amount as determined by the Secretary of the Treasury. Defines "clean energy bond" as any bond issued by a clean energy bond lender, a cooperative electric company, a governmental body, or the Tennessee Valley Authority (TVA) that is used for capital expenditures for specified projects for producing electricity from certain renewable resources, such as wind, biomass, solar energy, small irrigation power, and municipal solid waste.
Sets forth rules for maturity limitations, arbitrage, and expenditures, including a requirement that 95 percent of proceeds from the sale of a bond issue be spent on a renewable resource project within five years from the date of a bond issuance. Terminates the authority to issue clean energy bonds after 2008.