123STA T . 3 45PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9‘ ‘ (I I )af a cil i tywh ich i s f un cti o nally re late d and su b ordinate to a m anufacturin g facility (deter - mined without regard to this subclause) if such facility is located on the same site as the manufac- turing facility .’ ’. (b) EF F ECTIV E DA TE. —T he amendments made by this section shall a p ply to obligations issued after the date of the enactment of this A ct. SEC.1302 .C R E DITFO RI NV EST M ENT IN A DVANCED ENER GY FACI L I - TIES. (a) I NG ENE R A L .— S ection 46 (relating to amount of credit) is amended by stri k ing ‘‘and’’ at the end of paragraph ( 3 ) , by striking the period at the end of paragraph (4), and by adding at the end the following new paragraph
‘‘( 5 ) the q ualifying ad v anced energy pro j ect credit.’’. (b) A MOU NT OF C RE D IT.—Subpart E of part I V of subchapter A of chapter 1 (relating to rules for computing investment credit) is amended by inserting after section 4 8B the following new section: ‘ ‘SEC. 48 C. QU ALIFYING ADVANCED ENERGY P RO J ECT CREDIT. ‘‘(a) IN GENERAL.— F or purposes of section 46, the qualifying advanced energy project credit for any ta x able year is an amount equal to 3 0 percent of the qualified investment for such taxable year with respect to any qualifying advanced energy project of the taxpayer. ‘‘(b) Q UALIFIED INVE S TMENT.— ‘‘(1) IN G ENERAL.—For purposes of subsection (a), the quali- fied investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying advanced energy project. ‘‘( 2 ) CERTAIN Q UALIFIED P ROGRESS E X PENDITURES RULES MADE APPLICA B LE.— R ules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1 9 90) shall apply for purposes of this section. ‘‘(3) L IMITATION.—The amount which is treated for all tax- able years with respect to any qualifying advanced energy project shall not exceed the amount designated by the Secretary as eligible for the credit under this section. ‘‘(c) DEFINITIONS.— ‘‘(1) QUALIF Y ING ADVANCED ENERGY PRO J ECT.— ‘‘(A) IN GENERAL.—The term ‘qualifying advanced energy project’ means a project— ‘‘(i) which re-equips, expands, or establishes a manufacturing facility for the production of— ‘‘(I) property designed to be used to produce energy from the sun, wind, geothermal deposits (within the meaning of section 613(e)(2)), or other renewable resources, ‘‘(II) fuel cells, microturbines, or an energy storage system for use with electric or hybrid- electric motor vehicles, ‘‘(III) electric grids to support the transmission of intermittent sources of renewable energy, including storage of such energy, ‘‘(IV) property designed to capture and sequester carbon dioxide emissions, 26USC4 6 . 26 USC 1 44 note .
