Text: S.3438 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in Senate (05/27/2010)


111th CONGRESS
2d Session
S. 3438


To promote clean energy infrastructure for rural communities.


IN THE SENATE OF THE UNITED STATES

May 27 (legistlative 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.

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 “Clean Transmission for Rural Communities Act of 2010”.

SEC. 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.