United States. Congress

“ Secure geological storage.— The Secretary, in consultation with the Administrator of the Environmental Protection Agency, shall establish regulations for determining adequate security measures for the geological storage of carbon dioxide under subsection (a) (1) (B) such that the carbon dioxide does not escape into the atmosphere. Such term shall include storage at deep saline formations and unminable coal seems under such conditions as the Secretary may determine under such regulations. ”

“ Qualified issuer.—The term `qualified issuer' means a public power provider, a cooperative electric company, a governmental body, a clean renewable energy bond lender, or a not-for-profit electric utility which has received a loan or loan guarantee under the Rural Electrification Act.''. ”

“ Allocation among public power providers.— ``After the Secretary determines the qualified projects of public power providers which are appropriate for receiving an allocation of the national new clean renewable energy bond limitation, the Secretary shall, to the maximum extent practicable, make allocations among such projects in such manner that the amount allocated to each such project bears the same ratio to the cost of such project as the limitation under paragraph (2) (A) bears to the cost of all such projects. ”

“ In general.—The term `qualified conservation purpose' means any of the following: `` (A) Capital expenditures incurred for purposes of— `` (i) reducing energy consumption in publicly-owned buildings by at least 20 percent, `` (ii) implementing green community programs, `` (iii) rural development involving the production of electricity from renewable energy resources, or `` (iv) any qualified facility (as determined under section 45 (d) without regard to paragraphs (8) and (10) thereof and without regard to any placed in service date) . ”

“ Definitions.— For purposes of this section— (1) Coal producer.— The term ``coal producer'' means the person in whom is vested ownership of the coal immediately after the coal is severed from the ground, without regard to the existence of any contractual arrangement for the sale or other disposition of the coal or the payment of any royalties between the producer and third parties. The term includes any person who extracts coal from coal waste refuse piles or from the silt waste product which results from the wet washing (or similar processing) of coal. ”

“ Clean renewable energy bond lender.—The term `clean renewable energy bond lender' means a lender which is a cooperative which is owned by, or has outstanding loans to, 100 or more cooperative electric companies and is in existence on February 1, 2002, and shall include any affiliated entity which is controlled by such lender. ”

“ Definition of Facility.— Subsection (d) of section 45 is amended by adding at the end the following new paragraph: `` (11) Marine and hydrokinetic renewable energy facilities.—In the case of a facility producing electricity from marine and hydrokinetic renewable energy, the term `qualified facility' means any facility owned by the taxpayer— `` (A) which has a nameplate capacity rating of at least 150 kilowatts, and `` (B) which is originally placed in service on or after the date of the enactment of this paragraph and before January 1, 2012.''. ”

“ Alternative depreciation property.—The term `qualified reuse and recycling property' shall not include any property to which the alternative depreciation system under subsection (g) applies, determined without regard to paragraph (7) of subsection (g) (relating to election to have system apply) . `` (iii) Election out.—If a taxpayer makes an election under this clause with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year. ”

“ Coal producers.— With respect to coal producers, this section shall not confer standing upon a coal producer to commence, or intervene in, any judicial or administrative proceeding concerning a claim for refund by an exporter of any Federal or State tax, fee, or royalty paid by the producer and alleged to have been passed on to an exporter. ”

“ Recapture of foreign oil and gas losses by recharacterizing later combined foreign oil and gas income.— `` (A) In general.—The combined foreign oil and gas income of a taxpayer for a taxable year (determined without regard to this paragraph) shall be reduced— `` (i) first by the amount determined under subparagraph (B) , and `` (ii) then by the amount determined under subparagraph (C) . ``The aggregate amount of such reductions shall be treated as income (from sources without the United States) which is not combined foreign oil and gas income. ”

“ Denial of Double Benefit.— The payment under subsection (a) with respect to any coal shall not exceed— (1) in the case of a payment to a coal producer, the amount of tax paid under section 4121 of the Internal Revenue Code of 1986 with respect to such coal by such coal producer or a party related to such coal producer, and (2) in the case of a payment to an exporter, an amount equal to $0.825 per ton with respect to such coal exported by the exporter or caused to be exported by the exporter. ”

“ Expenditures with respect to research facilities, and research grants, to support research in— `` (i) development of cellulosic ethanol or other nonfossil fuels, `` (ii) technologies for the capture and sequestration of carbon dioxide produced through the use of fossil fuels, `` (iii) increasing the efficiency of existing technologies for producing nonfossil fuels, `` (iv) automobile battery technologies and other technologies to reduce fossil fuel consumption in transportation, or `` (v) technologies to reduce energy use in buildings. ”

“ Authority to issue obligations.— The Trust Fund is authorized to issue obligations to the Secretary of the Treasury under subparagraphs (A) (i) and (B) . The Secretary of the Treasury is authorized to purchase such obligations of the Trust Fund. ”

“ Conforming Amendments.— Subsection (l) of section 168 is amended— (1) by striking ``cellulosic biomass ethanol'' each place it appears and inserting ``cellulosic biofuel'', (2) by striking ``Cellulosic Biomass Ethanol'' in the heading of such subsection and inserting ``Cellulosic Biofuel'', and (3) by striking ``cellulosic biomass ethanol'' in the heading of paragraph (2) thereof and inserting ``cellulosic biofuel''. ”