Public Law 111–5 111th Congress An Act - Loan Programs Office
Public Law 111–5 111th Congress An Act - Loan Programs Office
Public Law 111–5 111th Congress An Act - Loan Programs Office
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123 STAT. 364 PUBLIC LAW <strong>111–5</strong>—FEB. 17, 2009<br />
Deadline.<br />
of liens or such other methods as the Secretary of the Treasury<br />
determines appropriate.<br />
(d) RETURN OF UNUSED GRANT FUNDS.—<strong>An</strong>y grant funds not<br />
used to make subawards under this section before January 1, 2011,<br />
shall be returned to the Secretary of the Treasury on such date.<br />
<strong>An</strong>y subawards returned to the State housing credit agency on<br />
or after such date shall be promptly returned to the Secretary<br />
of the Treasury. <strong>An</strong>y amounts returned to the Secretary of the<br />
Treasury under this subsection shall be deposited in the general<br />
fund of the Treasury.<br />
(e) DEFINITIONS.—<strong>An</strong>y term used in this section which is also<br />
used in section 42 of the Internal Revenue Code of 1986 shall<br />
have the same meaning for purposes of this section as when used<br />
in such section 42. <strong>An</strong>y reference in this section to the Secretary<br />
of the Treasury shall be treated as including the Secretary’s delegate.<br />
(f) APPROPRIATIONS.—There is hereby appropriated to the Secretary<br />
of the Treasury such sums as may be necessary to carry<br />
out this section.<br />
ebenthall on POQ96SHH1 with PUBLAW<br />
26 USC 48 note.<br />
SEC. 1603. GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF<br />
TAX CREDITS.<br />
(a) IN GENERAL.—Upon application, the Secretary of the<br />
Treasury shall, subject to the requirements of this section, provide<br />
a grant to each person who places in service specified energy property<br />
to reimburse such person for a portion of the expense of<br />
such property as provided in subsection (b). No grant shall be<br />
made under this section with respect to any property unless such<br />
property—<br />
(1) is placed in service during 2009 or 2010, or<br />
(2) is placed in service after 2010 and before the credit<br />
termination date with respect to such property, but only if<br />
the construction of such property began during 2009 or 2010.<br />
(b) GRANT AMOUNT.—<br />
(1) IN GENERAL.—The amount of the grant under subsection<br />
(a) with respect to any specified energy property shall be the<br />
applicable percentage of the basis of such property.<br />
(2) APPLICABLE PERCENTAGE.—For purposes of paragraph<br />
(1), the term ‘‘applicable percentage’’ means—<br />
(A) 30 percent in the case of any property described<br />
in paragraphs (1) through (4) of subsection (d), and<br />
(B) 10 percent in the case of any other property.<br />
(3) DOLLAR LIMITATIONS.—In the case of property described<br />
in paragraph (2), (6), or (7) of subsection (d), the amount<br />
of any grant under this section with respect to such property<br />
shall not exceed the limitation described in section 48(c)(1)(B),<br />
48(c)(2)(B), or 48(c)(3)(B) of the Internal Revenue Code of 1986,<br />
respectively, with respect to such property.<br />
(c) TIME FOR PAYMENT OF GRANT.—The Secretary of the<br />
Treasury shall make payment of any grant under subsection (a)<br />
during the 60-day period beginning on the later of—<br />
(1) the date of the application for such grant, or<br />
(2) the date the specified energy property for which the<br />
grant is being made is placed in service.<br />
(d) SPECIFIED ENERGY PROPERTY.—For purposes of this section,<br />
the term ‘‘specified energy property’’ means any of the following:<br />
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