Public Law 111–5 111th Congress An Act - Loan Programs Office

123 STAT. 322 PUBLIC LAW 111–5—FEB. 17, 2009
PART II—INCREASED ALLOCATIONS OF NEW
CLEAN RENEWABLE ENERGY BONDS AND
QUALIFIED ENERGY CONSERVATION BONDS
26 USC 54C.
SEC. 1111. INCREASED LIMITATION ON ISSUANCE OF NEW CLEAN
RENEWABLE ENERGY BONDS.
Subsection (c) of section 54C is amended by adding at the
end the following new paragraph:
‘‘(4) ADDITIONAL LIMITATION.—The national new clean
renewable energy bond limitation shall be increased by
$1,600,000,000. Such increase shall be allocated by the Secretary
consistent with the rules of paragraphs (2) and (3).’’.
SEC. 1112. INCREASED LIMITATION ON ISSUANCE OF QUALIFIED
ENERGY CONSERVATION BONDS.
(a) IN GENERAL.—Section 54D(d) is amended by striking
‘‘$800,000,000’’ and inserting ‘‘$3,200,000,000’’.
(b) CLARIFICATION WITH RESPECT TO GREEN COMMUNITY PRO-
GRAMS.—
(1) IN GENERAL.—Clause (ii) of section 54D(f)(1)(A) is
amended by inserting ‘‘(including the use of loans, grants, or
other repayment mechanisms to implement such programs)’’
after ‘‘green community programs’’.
(2) SPECIAL RULES FOR BONDS FOR IMPLEMENTING GREEN
COMMUNITY
PROGRAMS.—Subsection (e) of section 54D is
amended by adding at the end the following new paragraph:
‘‘(4) SPECIAL RULES FOR BONDS TO IMPLEMENT GREEN
COMMUNITY
PROGRAMS.—In the case of any bond issued for
the purpose of providing loans, grants, or other repayment
mechanisms for capital expenditures to implement green
community programs, such bond shall not be treated as a
private activity bond for purposes of paragraph (3).’’.
PART III—ENERGY CONSERVATION
INCENTIVES
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SEC. 1121. EXTENSION AND MODIFICATION OF CREDIT FOR NONBUSI-
NESS ENERGY PROPERTY.
(a) IN GENERAL.—Section 25C is amended by striking subsections
(a) and (b) and inserting the following new subsections:
‘‘(a) ALLOWANCE OF CREDIT.—In the case of an individual, there
shall be allowed as a credit against the tax imposed by this chapter
for the taxable year an amount equal to 30 percent of the sum
of—
‘‘(1) the amount paid or incurred by the taxpayer during
such taxable year for qualified energy efficiency improvements,
and
‘‘(2) the amount of the residential energy property expenditures
paid or incurred by the taxpayer during such taxable
year.
‘‘(b) LIMITATION.—The aggregate amount of the credits allowed
under this section for taxable years beginning in 2009 and 2010
with respect to any taxpayer shall not exceed $1,500.’’.
(b) MODIFICATIONS OF STANDARDS FOR ENERGY-EFFICIENT
BUILDING PROPERTY.—
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