26 U.S. Code § 54D - Qualified energy conservation bonds
The annual credit determined under section 54A(b) with respect to any qualified energy conservation bond shall be 70 percent of the amount so determined without regard to this subsection.
The maximum aggregate face amount of bonds which may be designated under subsection (a) by any issuer shall not exceed the limitation amount allocated to such issuer under subsection (e).
There is a national qualified energy conservation bond limitation of $3,200,000,000.
The limitation applicable under subsection (d) shall be allocated by the Secretary among the States in proportion to the population of the States.
In the case of any State in which there is a large local government, each such local government shall be allocated a portion of such State’s allocation which bears the same ratio to the State’s allocation (determined without regard to this subparagraph) as the population of such large local government bears to the population of such State.
The amount allocated under this subsection to a large local government may be reallocated by such local government to the State in which such local government is located.
Any allocation under this subsection to a State or large local government shall be allocated by such State or large local government to issuers within the State in a manner that results in not less than 70 percent of the allocation to such State or large local government being used to designate bonds which are not private activity bonds.
In the case of any bond issued for the purpose of providing loans, grants, or other repayment mechanisms for capital expenditures to implement green community programs, such bond shall not be treated as a private activity bond for purposes of paragraph (3).
The population of any State or local government shall be determined for purposes of this section as provided in section 146(j) for the calendar year which includes the date of the enactment of this section.
In determining the population of any county for purposes of this section, any population of such county which is taken into account in determining the population of any municipality which is a large local government shall not be taken into account in determining the population of such county.
The date of the enactment of this section, referred to in subsec. (g)(1), is the date of enactment of Pub. L. 110–343, which was approved Oct. 3, 2008.
2009—Subsec. (d). Pub. L. 111–5, § 1112(a), substituted “$3,200,000,000” for “$800,000,000”.
Subsec. (e)(4). Pub. L. 111–5, § 1112(b)(2), added par. (4).
Subsec. (f)(1)(A)(ii). Pub. L. 111–5, § 1112(b)(1), inserted “(including the use of loans, grants, or other repayment mechanisms to implement such programs)” after “green community programs”.
Section applicable to obligations issued after Oct. 3, 2008, see section 301(c) of title III of div. B of Pub. L. 110–343, set out as an Effective Date of 2008 Amendment note under section 54A of this title.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.