12 2 STA T .38 1 7PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 to t hecr e di t al lo w a b le un der s ubsection ( a )f or such suc - ceedin g ta x able y ear .’ ’. ( 2 ) CONF O RMI N GA M E N D MEN TS . — ( A ) S ection 2 3 (b)( 4 )( B )isa m ended by inserting ‘ ‘and section 2 5D ’’ after ‘‘this section’’. (B) Section 24(b)(3)(B) is amended by stri k ing ‘‘and 25B’’ and inserting ‘‘ , 25B, and 25D’’. (C) Section 25B(g)(2) is amended by striking ‘‘section 23’’ and inserting ‘‘sections 23 and 25D’’. (D) Section 2 6 (a)( 1 ) is amended by striking ‘‘and 25B’’ and inserting ‘‘25B, and 25D’’. (f) E FFE C TI V E DATE.— (1) I N GENERA L .—Exce p taspro v ided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2 0 0 7 . (2) SOLAR ELECTRIC P ROPERT Y LIMITATION.— T he amend- ments made by subsection (b) shall apply to taxable years beginning after December 31, 200 8 . (3) APPLICATION OF EGTRRA S U NSET.—The amendments made by subparagraphs (A) and (B) of subsection (e)(2) shall be sub j ect to title I X of the Economic G rowth and Tax R elief Reconciliation Act of 2001 in the same manner as the provisions of such Act to which such amendments relate. SEC.107 . N E W C L E A N R ENEWA B LE ENER GY B O N D S. (a) IN GENERAL.—Subpart I of part I V of subchapter A of chapter 1 is amended by adding at the end the following new section
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‘SEC. 54 C. NEW CLEAN RENEWABLE ENERGY BONDS. ‘‘(a) N E W CLEAN RENEWA B LE ENERGY BOND.— F or purposes of this subpart, the term ‘new clean renewable energy bond’ means any bond issued as part of an issue if— ‘‘(1) 100 percent of the available project proceeds of such issue are to be used for capital expenditures incurred by govern- mental bodies, public power providers, or cooperative electric companies for one or more q ualified renewable energy facilities, ‘‘(2) the bond is issued by a qualified issuer, and ‘‘(3) the issuer designates such bond for purposes of this section. ‘‘(b) REDUCED CREDIT AMOUNT.—The annual credit determined under section 54A(b) with respect to any new clean renewable energy bond shall be 70 percent of the amount so determined without regard to this subsection. ‘‘(c) L IMITATION ON AMOUNT OF BONDS DESIGNATED.— ‘‘(1) IN GENERAL.—The maximum aggregate face amount of bonds which may be designated under subsection (a) by any issuer shall not exceed the limitation amount allocated under this subsection to such issuer. ‘‘(2) NATIONAL LIMITATION ON AMOUNT OF BONDS DES- IGNATED.—There is a national new clean renewable energy bond limitation of $ 800,000,000 which shall be allocated by the Secretary as provided in paragraph (3), except that— ‘‘(A) not more than 33 1⁄3 percent thereof may be allo- cated to qualified projects of public power providers, ‘‘(B) not more than 331⁄3 percent thereof may be allo- cated to qualified projects of governmental bodies, and 26USC 2 3note. 26 USC 23.
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