Page:United States Statutes at Large Volume 123.djvu/342

 123STA T . 322 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9PARTI I — I NC R E A S E D A L L O CATIONS O F NE W CLEAN RENEWA B LE ENER GY BONDS AND QU ALIFIED ENERGY CONSER V ATION BONDS SEC.1 111. IN C R E A SE DL I M I T ATI O NONISS U ANCE O F NE W CLEAN RENEWA B LE ENER GY BONDS. Subsection( c ) o f section 54C is am en d edb y addin g att h e end the fo l lo w ing new p a r agraph

‘(4) AD D IT I ONAL LI M ITATION .—T he national new clean renewable energy bond limitation shall be increased by $1,60 0,000,000. Such increase shall be allocated by the Sec - retary consistent with the rules of paragraphs ( 2 )and( 3 ). ’ ’. SEC. 111 2 . INCREASED LIMITATION ON ISSUANCE OF Q UALIFIED ENERGY CONSER V ATION BONDS. (a) I N GE NE R AL.—Section 54 D (d) is amended by stri k ing ‘‘$ 8 00,000,000’’ and inserting ‘‘$3,200,000,000’’. (b) CLARI F I C ATION W IT HR E SP ECT TO GREEN COMM U NIT YP RO- G RAMS.— (1) IN GENERAL.—Clause (ii) of section 54D(f)(1)(A) is amended by inserting ‘‘(including the use of loans, grants, or other repayment mechanisms to implement such programs)’’ after ‘‘green community programs’’. (2) SPECIAL RULES FOR B ONDS FOR IMPLEMENTING GREEN COMMUNITY PROGRAMS.—Subsection (e) of section 54D is amended by adding at the end the following new paragraph: ‘‘(4) SPECIAL RULES FOR BONDS TO IMPLEMENT GREEN COMMUNITY PROGRAMS.—In the case of any bond issued for the purpose of pro v iding loans, grants, or other repayment mechanisms for capital e x penditures to implement green community programs, such bond shall not be treated as a private activity bond for purposes of paragraph (3).’’. PART III—ENERGY CONSERVATION INCENTIVES SEC. 1121. E X TENSION AND MODIFICATION OF CREDIT FOR NONBUSI - NESS ENERGY P ROPERTY. (a) IN GENERAL.—Section 25C is amended by striking sub- sections (a) and (b) and inserting the following new subsections: ‘‘(a) ALLO W ANCE OF CREDIT.—In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount e q ual to 30 percent of the sum of— ‘‘(1) the amount paid or incurred by the taxpayer during such taxable year for qualified energy efficiency improvements, and ‘‘(2) the amount of the residential energy property expendi- tures paid or incurred by the taxpayer during such taxable year. ‘‘(b) L IMITATION.—The aggregate amount of the credits allowed under this section for taxable years beginning in 200 9 and 2010 with respect to any taxpayer shall not exceed $1,500.’’. (b) M ODIFICATIONS OF STANDARDS FOR E NERGY-EFFICIENT B UILDING PROPERTY.— 26USC54 C .