NEW CLEAN RENEWABLE ENERGY BONDS.

SEC. 107. NEW CLEAN RENEWABLE ENERGY BONDS.(a) In General.—Subpart I of part IV of subchapter A of chapter 1 is amended by adding at the end the following new section:“SEC. 54C. NEW CLEAN RENEWABLE ENERGY BONDS.“(a) New Clean Renewable Energy Bond.—For 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 governmental bodies, public power providers, or cooperative electric companies for one or more qualified 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) Limitation 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 designated.—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 33⅓ percent thereof may be allocated to qualified projects of public power providers,“(B) not more than 33⅓ percent thereof may be allocated to qualified projects of governmental bodies, and122 STAT. 3818“(C) not more than 33⅓ percent thereof may be allocated to qualified projects of cooperative electric companies.“(3) Method of allocation.—“(A) Allocation among public power providers.—After the Secretary determines the qualified projects of public power providers which are appropriate for receiving an allocation of the national new clean renewable energy bond limitation, the Secretary shall, to the maximum extent practicable, make allocations among such projects in such manner that the amount allocated to each such project bears the same ratio to the cost of such project as the limitation under paragraph (2)(A) bears to the cost of all such projects.“(B) Allocation among governmental bodies and cooperative electric companies.—The Secretary shall make allocations of the amount of the national new clean renewable energy bond limitation described in paragraphs (2)(B) and (2)(C) among qualified projects of governmental bodies and cooperative electric companies, respectively, in such manner as the Secretary determines appropriate.“(d) Definitions.—For purposes of this section—“(1) Qualified renewable energy facility.—The term ‘qualified renewable energy facility’ means a qualified facility (as determined under section 45(d) without regard to paragraphs (8) and (10) thereof and to any placed in service date) owned by a public power provider, a governmental body, or a cooperative electric company.“(2) Public power provider.—The term ‘public power provider’ means a State utility with a service obligation, as such terms are defined in section 217 of the Federal Power Act (as in effect on the date of the enactment of this paragraph).“(3) Governmental body.—The term ‘governmental body’ means any State or Indian tribal government, or any political subdivision thereof.“(4) Cooperative electric company.—The term ‘cooperative electric company’ means a mutual or cooperative electric company described in section 501(c)(12) or section 1381(a)(2)(C).“(5) Clean renewable energy bond lender.—The term ‘clean renewable energy bond lender’ means a lender which is a cooperative which is owned by, or has outstanding loans to, 100 or more cooperative electric companies and is in existence on February 1, 2002, and shall include any affiliated entity which is controlled by such lender.“(6) Qualified issuer.—The term ‘qualified issuer’ means a public power provider, a cooperative electric company, a governmental body, a clean renewable energy bond lender, or a not-for-profit electric utility which has received a loan or loan guarantee under the Rural Electrification Act.” .(b) Conforming Amendments.—(1) Paragraph (1) of section 54A(d) is amended to read as follows:“(1) Qualified tax credit bond.—The term ‘qualified tax credit bond’ means—“(A) a qualified forestry conservation bond, or“(B) a new clean renewable energy bond,122 STAT. 3819which is part of an issue that meets requirements of paragraphs (2), (3), (4), (5), and (6).”.(2) Subparagraph (C) of section 54A(d)(2) is amended to read as follows:“(C) Qualified purpose.—For purposes of this paragraph, the term ‘qualified purpose’ means—“(i) in the case of a qualified forestry conservation bond, a purpose specified in section 54B(e), and“(ii) in the case of a new clean renewable energy bond, a purpose specified in section 54C(a)(1).”.(3) The table of sections for subpart I of part IV of subchapter A of chapter 1 is amended by adding at the end the following new item: “Sec. 54C. Qualified clean renewable energy bonds.”. (c) Extension for Clean Renewable Energy Bonds.—Subsection (m) of section 54 is amended by striking “December 31, 2008” and inserting “December 31, 2009”.(d) Effective Date.—The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.