123STA T . 3 64PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9ofliens o r s uch o t her m etho d s a s the S ecretar y of the T reasury determines a p propriate .( d )RETURNOFU NU S E DG R A NT F UNDS. —A ny g rant funds not used to ma k esu b a w ards under this section before J anuary 1,20 11, shall be returned to the Secretary of the Treasury on such date. Any subawards returned to the State housing credit agency on or after such date shall be promptly returned to the Secretary of the Treasury. Any amounts returned to the Secretary of the Treasury under this subsection shall be deposited in the general fund of the Treasury. (e) D EF I NITIONS.—Any term used in this section which is also used in section 4 2ofthe I nternal Re v enue C odeof1 986 shall have the same meaning for purposes of this section as when used in such section 42. Any reference in this section to the Secretary of the Treasury shall be treated as including the Secretary ’ s dele - gate. (f) A P PROPRIATIONS.—There is hereby appropriated to the Sec- retary of the Treasury such sums as may be necessary to carry out this section. SEC.1603 . GRANT S FO RS P EC I FIE D ENERG Y PROPERTY IN L IE U OF TA X CREDITS. (a) IN GENERA L .—Upon application, the Secretary of the Treasury shall, sub j ect to the re q uirements of this section, provide a grant to each person who places in service specified energy prop- erty to reimburse such person for a portion of the e x pense of such property as provided in subsection (b). N o grant shall be made under this section with respect to any property unless such property— (1) is placed in service during 2009 or 2010, or (2) is placed in service after 2010 and before the credit termination date with respect to such property, but only if the construction of such property began during 2009 or 2010. (b) GRANT A M OUNT.— (1) IN G ENERAL.—The amount of the grant under subsection (a) with respect to any specified energy property shall be the applicable percentage of the basis of such property. (2) APPLI C A B LE PERCENTAGE.—For purposes of paragraph (1), the term ‘ ‘applicable percentage’’ means— (A) 3 0 percent in the case of any property described in paragraphs (1) through (4) of subsection (d), and ( B ) 10 percent in the case of any other property. (3) DOLLAR LIMITATIONS.—In the case of property described in paragraph (2), (6), or ( 7 ) of subsection (d), the amount of any grant under this section with respect to such property shall not exceed the limitation described in section 48(c)(1)(B), 48(c)(2)(B), or 48(c)(3)(B) of the Internal Revenue Code of 1986, respectively, with respect to such property. (c) TIME FOR P A Y MENT OF GRANT.—The Secretary of the Treasury shall make payment of any grant under subsection (a) during the 60-day period beginning on the later of— (1) the date of the application for such grant, or (2) the date the specified energy property for which the grant is being made is placed in service. (d) SPECIFIED E NERGY PROPERTY.—For purposes of this section, the term ‘‘specified energy property’’ means any of the following
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e adli ne.
