REPEAL OF CERTAIN LIMITATIONS ON CREDIT FOR RENEWABLE ENERGY PROPERTY.

SEC. 1103. REPEAL OF CERTAIN LIMITATIONS ON CREDIT FOR RENEWABLE ENERGY PROPERTY.(a) Repeal of Limitation on Credit for Qualified Small Wind Energy Property.—Paragraph (4) of section 48(c) is amended by striking subparagraph (B) and by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C).(b) Repeal of Limitation on Property Financed by Subsidized Energy Financing.—(1) In general.—Section 48(a)(4) is amended by adding at the end the following new subparagraph:“(D) Termination.—This paragraph shall not apply to periods after December 31, 2008, under rules similar to the rules of section 48(m) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).”.(2) Conforming amendments.—(A) Section 25C(e)(1) is amended by striking “(8), and (9)” and inserting “and (8)”.(B) Section 25D(e) is amended by striking paragraph (9).123 STAT. 321(C) Section 48A(b)(2) is amended by inserting “(without regard to subparagraph (D) thereof)” after “section 48(a)(4)”.(D) Section 48B(b)(2) is amended by inserting “(without regard to subparagraph (D) thereof)” after “section 48(a)(4)”.(c) Effective Date.—(1) In general.—Except as provided in paragraph (2), the amendment made by this section shall apply to periods after December 31, 2008, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).(2) Conforming amendments.—The amendments made by subparagraphs (A) and (B) of subsection (b)(2) shall apply to taxable years beginning after December 31, 2008.