,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cgdd  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #ab1 #bjai,mr4  
,k9d 7= himself1 ,mr4 ,re$1 ,mr4 ,pocan1
 ,mrs4 ,walorski1 ,mr4 ,wel*1 ,mr4      
,gallagh]1 ,mr4 ,pet]s1 ,mr4 ,simpson1 &
 ,mr4 ,coll9s ( ,new ,york7 introduc$ ! 
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,sci5ce1    
,space1 & ,te*nology1 = a p]iod to be   
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to make qualifi$  
biogas prop]ty & qualifi$ manure res\rce
 recov]y prop]ty eligible = ! en]gy     
cr$it & to p]mit r5ewable en]gy bonds to
 f9ance qualifi$ biogas prop]ty1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,agriculture            
,environm5tal ,/ew>d%ip ,act ( #bjai4   
#b4 ,f9d+s ,congress f9ds ! foll[+3     
7#a7 ,inc5tives & enc\ragem5t = !       

cons]vation & appropriate h&l+ (        
nutri5ts conta9$ 9 organic matt] are    
necess>y4  7#b7 ,biogas sy/ems w save   
,f$]al1 ,/ate1 & local taxpay]s money by
 conv]t+ wa/e into useful products1 su* 
z fuel1 f]tiliz]1 !rmal heat1 fe$/ock = 
hydrog5 fuel cells1 & r5ewable *emicals4
  7#c7 ,manure res\rce recov]y sy/ems w 
save ,f$]al1 ,/ate1 & local taxpay]s    
money by recov]+ ! nutri5ts conta9$ 9   
organic matt] f _! s\rce1 r ?an recov]+ 
! nutri5ts aft] !y h ent]$ l&fills or   
wat]ways4  #c4 ,en]gy cr$it = qualifi$  
biogas prop]ty & qualifi$ manure res\rce
 recov]y prop]ty  7a7 ,9 ,g5]al ,section
 #dh7;a77#c77;,a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ or at ! 
end ( clause 7vi7 & by add+ at ! end !  
foll[+ new clauses3  7viii7 qualifi$    
biogas prop]ty1 or  7ix7 qualifi$ manure
 res\rce recov]y prop]ty1  4  7b7       
#cj-,p]c5t ,cr$it ,section              
#dh7;a77#b77;,a77i7 ( su* ,code is am5d$
 by /rik+ & at ! end ( subclause        
7,,iii71 by /rik+ & at ! end ( subclause

 7,,iv71 & by add+ at ! end ! foll[+ new
 subclauses3  7,v7 qualifi$ biogas      
prop]ty1 &  7,,vi7 qualifi$ manure      
res\rce recov]y prop]ty1 &  4  7c7      
,def9itions ,section #dh7;c7 ( su* ,code
 is am5d$ by add+ at ! end ! foll[+ new 
p>agraphs3  7#e7 ,qualifi$ biogas       
prop]ty  7,a7 ,9 g5]al ,! t]m qualifi$  
biogas prop]ty means prop]ty compris+ a 
sy/em :i*--  7i7 uses ana]obic dige/]s1 
or o!r biological1 *emical1 !rmal1 or   
me*anical processes 7alone or 9         
comb9ation71 to conv]t biomass 7z def9$ 
9 section #de,k7c77#c77 into a gas :i*  
consi/s ( n less ?an #eb p]c5t me?ane1 &
  7ii7 captures su* gas = use z a fuel4 
7,b7 ,inclusion ( c]ta9 clean+ &        
condition+ equipm5t ,su* t]m %all       
include any prop]ty :i* cleans &        
conditions ! gas ref]r$ to 9 subp>agraph
 7,a7 = use z a fuel4  7,c7 ,t]m9ation  
,no cr$it %all be det]m9$ "u ?is section
 ) respect to any qualifi$ biogas       
prop]ty = any p]iod aft] ,decemb] #ca1  
#bjba4  7#f7 ,qualifi$ manure res\rce   

recov]y prop]ty  7,a7 ,9 g5]al ,! t]m   
qualifi$ manure res\rce recov]y prop]ty 
means prop]ty compris+ a sy/em :i* uses 
physical1 biological1 *emical1 !rmal1 or
 me*anical processes to recov] !        
nutri5ts nitrog5 & phosphorus f a       
non-treat$ dige/ate or animal manure by 
r$uc+ or sep>at+ at lea/ #ej p]c5t ( !  
conc5tration ( su* nutri5ts1 exclud+ any
 r$uctions dur+ ! inc9]ation1 /orage1   
compo/+1 or field application ( !       
non-treat$ dige/ate or animal manure4   
7,b7 ,inclusion ( c]ta9 process+        
equipm5t ,su* t]m %all include-- 7i7 any
 prop]ty :i* is us$ to recov] ! nutri5ts
 ref]r$ to 9 subp>agraph 7,a71 su* z--  
7,i7 biological reactors1  7,,ii7       
cry/alliz]s1  7,,iii7 rev]se osmosis    
membranes & o!r wat] purifi]s1  7,,iv7  
evaporators1  7,v7 di/ill]s1  7,,vi7    
decant] c5trifuges1 &  7,,vii7 equipm5t 
t facilitates ! process ( dissolv$ air  
flotation1 ammonia /ripp+1 gasification1
 or ozonation1 &  7ii7 any !rmal dri]   
:i* treats ! nutri5ts recov]$ by !      

processes ref]r$ to 9 subp>agraph 7,a74 
7,c7 ,t]m9ation ,no cr$it %all be       
det]m9$ "u ?is section ) respect to any 
qualifi$ manure res\rce recov]y prop]ty 
= any p]iod aft] ,decemb] #ca1 #bjba4  4
  7d7 ,d5ial ( ,d\ble ,b5efit =         
,qualifi$ ,biogas ,prop]ty ,section     
#de7;e7 ( su* ,code is am5d$ by add+ at 
! end ! foll[+ new p>agraph3  7#ab7     
,coord9ation ) en]gy cr$it = qualifi$   
biogas prop]ty ,! t]m qualifi$ facility 
%all n include any facility :i* produces
 electricity f gas produc$ by qualifi$  
biogas prop]ty 7z def9$ 9 section       
#dh7;c77#e77 if a cr$it is det]m9$ "u   
section #dh ) respect to su* prop]ty = !
 taxable ye> or any prior taxable ye>4  
4  7e7 ,effective ,date ,! am5dm5ts made
 by ?is section %all apply to p]iods    
aft] ,decemb] #ca1 #bjah1 9 taxable ye>s
 end+ aft] su* date1 "u rules simil> to 
! rules ( section #dh7m7 ( su* ,code 7z 
9 effect on ! day be=e ! date ( !       
enactm5t ( ! ,rev5ue ,reconciliation    
,act ( #aiij74  #d4 ,r5ewable en]gy     

bonds relat+ to biogas prop]ty & manure 
res\rce recov]y prop]ty  7a7 ,9 ,g5]al  
,"p ,,iv ( sub*apt] ,a ( *apt] #a ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+3  ,h          
,nonrefundable cr$it to hold]s ( c]ta9  
bonds  ,sec4 #ed4 ,cr$it to hold]s (    
qualifi$ r5ewable en]gy bonds4  #ed4    
,cr$it to hold]s ( qualifi$ r5ewable    
en]gy bonds  7a7  ,all[ance ( ,cr$it    
,if a taxpay] holds a qualifi$ r5ewable 
en]gy bond on "o or m cr$it all[ance    
dates ( ! bond dur+ any taxable ye>1 !re
 %all be all[$ z a cr$it aga9/ ! tax    
impos$ by ?is *apt] = ! taxable ye> an  
am\nt equal to #gj p]c5t ( ! sum ( !    
cr$its det]m9$ "u subsection 7b7 )      
respect to su* dates4  7b7  ,am\nt (    
,cr$it  7#a7  ,9 g5]al  ,! am\nt ( !    
cr$it det]m9$ "u ?is subsection )       
respect to any cr$it all[ance date = a  
qualifi$ r5ewable en]gy bond is #be     
p]c5t ( ! annual cr$it det]m9$ ) respect
 to su* bond4  7#b7  ,annual cr$it  ,!  
annual cr$it det]m9$ ) respect to any   

qualifi$ r5ewable en]gy bond is !       
product (-- 7,a7 ! applicable cr$it     
rate1 multipli$ by  7,b7 ! out/&+ face  
am\nt ( ! bond4  7#c7 ,applicable cr$it 
rate ,= purposes ( p>agraph 7#b71 !     
applicable cr$it rate is ! rate :i* !   
,secret>y e/imates w p]mit ! issuance ( 
qualifi$ r5ewable en]gy bonds ) a       
specifi$ maturity or r$emption date )\t 
disc\nt & )\t int]e/ co/ to ! qualifi$  
issu]4 ,! applicable cr$it rate )       
respect to any qualifi$ r5ewable en]gy  
bond %all be det]m9$ z ( ! fir/ day on  
:i* !re is a b9d+1 writt5 contract = !  
sale or ex*ange ( ! bond4  7#d7         
,special rule = issuance & r$emption  ,9
 ! case ( a bond :i* is issu$ dur+ !    
#c-mon? p]iod end+ on a cr$it all[ance  
date1 ! am\nt ( ! cr$it det]m9$ "u ?is  
subsection ) respect to su* cr$it       
all[ance date %all be a ratable portion 
( ! cr$it o!rwise det]m9$ bas$ on !     
portion ( ! #c-mon? p]iod dur+ :i* !    
bond is out/&+4 ,a simil> rule %all     
apply :5 ! bond is r$eem$ or matures4   

7c7  ,limitation bas$ on am\nt ( tax    
7#a7  ,9 g5]al  ,! cr$it all[$ "u       
subsection 7a7 = any taxable ye> %all n 
exce$ ! excess (-- 7,a7 ! sum ( ! regul>
 tax liability 7z def9$ 9 section       
#bf7;b77 plus ! tax impos$ by section   
#ee1 ov]  7,b7 ! sum ( ! cr$its all[able
 "u ?is "p 7o!r ?an subp>t ,c & ?is     
subp>t74  7#b7 ,c>ryov] ( unus$ cr$it   
,if ! cr$it all[able "u subsection 7a7  
exce$s ! limitation impos$ by p>agraph  
7#a7 = su* taxable ye>1 su* excess %all 
be c>ri$ to ! succe$+ taxable ye> & add$
 to ! cr$it all[able "u subsection 7a7 =
 su* taxable ye> 7det]m9$ be=e !        
application ( p>agraph 7#a7 = su*       
succe$+ taxable ye>74  7d7 ,qualifi$    
r5ewable en]gy bonds ,= purposes ( ?is  
subp>t-- 7#a7 ,9 g5]al ,! t]m qualifi$  
r5ewable en]gy bonds means any bond     
issu$ z "p ( an issue if--  7,a7 ! bond 
is issu$ by a qualifi$ issu] pursuant to
 an allocation by ! ,secret>y to su*    
issu] ( a portion ( ! national r5ewable 
en]gy bond limitation "u p>agraph 7#b71 

7,b7 #ajj p]c5t ( ! available project   
proce$s ( su* issue are to be us$ =     
capital exp5ditures incurr$ by a        
gov]nm5tal body1 public p[] provid]1 or 
coop]ative electric company = prop]ty   
own$ by ! public p[] provid]1 a         
gov]nm5tal body1 or a coop]ative        
electric company1 z ! case may be1 t    
is--  7i7 qualifi$ biogas prop]ty 7z    
def9$ 9 section #dh7;c77#e771 or  7ii7 a
 qualifi$ manure res\rce recov]y prop]ty
 7z def9$ 9 section #dh7;c77#f771  7,c7 
! qualifi$ issu] designates su* bond =  
purposes ( ?is section1 &  7,d7 ! issue 
meets ! requirem5ts ( ?is section4  7#b7
 ,limitation on am\nt ( bonds designat$ 
7,a7 ,9 g5]al ,! maximum aggregate face 
am\nt ( bonds :i* may be designat$ "u   
p>agraph 7#a77;,c7 by any issu] %all n  
exce$ ! limitation am\nt allocat$ "u ?is
 p>agraph to su* issu]4  7,b7 ,national 
limitation on am\nt ( bonds designat$   
,!re is a national r5ewable en]gy bond  
limitation ( #hjj1jjj1jjj :i* %all be   
allocat$ by ! ,secret>y z provid$ 9     

subp>agraph 7,c71 except t--  7i7 n m   
?an #cca_/c p]c5t !re( may be allocat$  
to projects ( public p[] provid]s1  7ii7
 n m ?an #cca_/c p]c5t !re( may be      
allocat$ to projects ( gov]nm5tal       
bodies1 &  7iii7 n m ?an #cca_/c p]c5t  
!re( may be allocat$ to projects (      
coop]ative electric companies4  7,c7    
,me?od ( allocation  7i7 ,allocation    
among public p[] provid]s ,aft] !       
,secret>y det]m9es ! projects ( public  
p[] provid]s :i* are appropriate =      
receiv+ an allocation ( ! national      
r5ewable en]gy bond limitation1 !       
,secret>y %all1 to ! maximum ext5t      
practicable1 make allocations among su* 
projects 9 su* mann] t ! am\nt allocat$ 
to ea* su* project be>s ! same ratio to 
! co/ ( su* project z ! limitation "u   
subp>agraph 7,b77i7 be>s to ! co/ ( all 
su* projects4  7ii7 ,allocation among   
gov]nm5tal bodies & coop]ative electric 
companies ,! ,secret>y %all make        
allocations ( ! am\nt ( ! national      
r5ewable en]gy bond limitation describ$ 

9 subp>agraphs 7,b77ii7 & 7,b77iii7     
among projects ( gov]nm5tal bodies &    
coop]ative electric companies1          
respectively1 9 su* mann] z ! ,secret>y 
det]m9es appropriate4  7e7 ,def9itions  
,= purposes ( ?is section-- 7#a7        
,qualifi$ issu] ,! t]m qualifi$ issu]   
means a public p[] provid]1 a coop]ative
 electric company1 a gov]nm5tal body1 a 
r5ewable en]gy bond l5d]1 or a n-=-pr(it
 electric utility :i* has receiv$ a loan
 or loan gu>antee "u ! ,rural           
,electrification ,act4  7#b7  ,public   
p[] provid]  ,! t]m public p[] provid]  
means a ,/ate utility ) a s]vice        
obligation1 z su* t]ms are def9$ 9      
section #bag ( ! ,f$]al ,p[] ,act 7z 9  
effect on ! date ( ! enactm5t ( ?is     
p>agraph74  7#c7  ,gov]nm5tal body  ,!  
t]m gov]nm5tal body means any ,/ate or  
,indian tribal gov]nm5t1 or any         
political subdivision !re(4  7#d7       
,coop]ative electric company ,! t]m     
coop]ative electric company means a     
mutual or coop]ative electric company   

describ$ 9 section #eja7;c77#ab7 or     
section #acha7;a77#b77;,c74  7#e7       
,r5ewable en]gy bond l5d]  ,! t]m       
r5ewable en]gy bond l5d] means a l5d]   
:i* is a coop]ative :i* is own$ by1 or  
has out/&+ loans to1 #ajj or m          
coop]ative electric companies & is 9    
exi/5ce on ,febru>y #a1 #bjjb1 & %all   
include any affiliat$ entity :i* is     
controll$ by su* l5d]4  7f7  ,o!r       
,def9itions  ,= purposes ( ?is          
sub*apt]-- 7#a7 ,cr$it all[ance date ,! 
t]m cr$it all[ance date means--  7,a7   
,m>* #ae1  7,b7 ,june #ae1  7,c7        
,septemb] #ae1 &  7,d7 ,decemb] #ae4    
,su* t]m includes ! la/ day on :i* !    
bond is out/&+4  7#b7  ,bond  ,! t]m    
bond includes any obligation4  7#c7     
,/ate ,! t]m ,/ate includes ! ,di/rict (
 ,columbia & any possession ( ! ,unit$  
,/ates4  7#d7  ,available project       
proce$s  ,! t]m available project       
proce$s means-- 7,a7 ! excess (--  7i7 !
 proce$s f ! sale ( an issue1 ov]  7ii7 
! issuance co/s f9anc$ by ! issue 7to ! 

ext5t t su* co/s d n exce$ #b p]c5t (   
su* proce$s71 &  7,b7 ! proce$s f any   
inve/m5t ( ! excess describ$ 9          
subp>agraph 7,a74  7g7 ,cr$it ,treat$ z 
,int]e/ ,= purposes ( ?is subtitle1 !   
cr$it det]m9$ "u subsection 7a7 %all be 
treat$ z int]e/ :i* is includible 9     
gross income4  7h7  ,s ,corporations &  
,p>tn]%ips  ,9 ! case ( a r5ewable en]gy
 bond held by an ,s corporation or      
p>tn]%ip1 ! allocation ( ! cr$it all[$  
by ?is section to ! %>ehold]s ( su*     
corporation or p>tn]s ( su* p>tn]%ip    
%all be treat$ z a di/ribution4  7i7    
,bonds ,held by ,real ,e/ate ,inve/m5t  
,tru/s  ,if any qualifi$ r5ewable en]gy 
bond is held by a real e/ate inve/m5t   
tru/1 ! cr$it det]m9$ "u subsection 7a7 
%all be all[$ to b5efici>ies ( su* tru/ 
7& any gross income includ$ "u          
subsection 7f7 ) respect to su* cr$it   
%all be di/ribut$ to su* b5efici>ies7 "u
 proc$ures prescrib$ by ! ,secret>y4    
7j7  ,cr$its ,may be ,/ripp$  ,"u       
regulations prescrib$ by ! ,secret>y--  

7#a7 ,9 g5]al ,!re may be a sep>ation   
7includ+ at issuance7 ( ! own]%ip ( a   
qualifi$ r5ewable en]gy bond & !        
entitlem5t to ! cr$it "u ?is section )  
respect to su* bond4 ,9 case ( any su*  
sep>ation1 ! cr$it "u ?is section %all  
be all[$ to ! p]son :o on ! cr$it       
all[ance date holds ! in/rum5t evid5c+ !
 entitlem5t to ! cr$it & n to ! hold] ( 
! bond4  7#b7  ,c]ta9 rules to apply  ,9
 ! case ( a sep>ation describ$ 9        
p>agraph 7#a71 ! rules ( section #abhf  
%all apply to ! qualifi$ r5ewable en]gy 
bond z if x 7 a /ripp$ bond & to ! cr$it
 "u ?is section z if x 7 a /ripp$ c\pon4
  4  7b7 ,paym5ts to issu]s ,sub*apt] ,b
 ( *apt] #fe ( su* ,code is am5d$ by    
add+ at ! end ! foll[+3  #fdca4 ,cr$it =
 qualifi$ r5ewable en]gy bonds all[$ to 
issu]  7a7 ,9 g5]al ,! issu] ( a        
qualifi$ r5ewable en]gy bond 7z def9$ 9 
section #ed7;d77 %all be all[$ a cr$it )
 respect to ea* int]e/ paym5t "u su*    
bond :i* %all be payable by ! ,secret>y 
z provid$ 9 subsection 7b74  7b7        

,paym5t ( cr$it  ,! ,secret>y %all pay  
7contemporane\sly ) ea* int]e/ paym5t   
date "u su* bond7 to ! issu] ( su* bond 
7or to any p]son :o makes su* int]e/    
paym5ts on behalf ( ! issu]7 #ce p]c5t (
 ! int]e/ payable "u su* bond on su*    
date4  7c7  ,application ( arbitrage    
rules  ,= purposes ( section #adh1 !    
yield on su* bonds %all be r$uc$ by !   
cr$it all[$ "u ?is section4  7d7        
,int]e/ paym5t date  ,= purposes ( ?is  
subsection1 ! t]m int]e/ paym5t date    
means ea* date on :i* int]e/ is payable 
by ! issu] "u ! t]ms ( ! bond4  4  7c7  
,con=m+ am5dm5ts  7#a7 ,! table (       
subp>ts = "p ,,iv ( sub*apt] ,a ( *apt] 
#a ( su* ,code is am5d$ by add+ at ! end
 ! foll[+ new item3  ,subp>t ,h4        
,nonrefundable cr$it to hold]s ( c]ta9  
bonds4  4  7#b7 ,! table ( sections =   
sub*apt] ,b ( *apt] #fe ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #fdca4 ,cr$it = qualifi$   
r5ewable en]gy bonds all[$ to issu]4  4 
7#c7 ,section #fbaa7;b77#d77;,a7 ( su*  

,code is am5d$ by /rik+ #8#8& #cf;,b1   
#afh7k77#d7'' & ins]t+ #cf;,b1          
#afh7k77#d71 & #fdca4  7#d7 ,section    
#fdja7;b77#a7 ( su* ,code is am5d$ by   
/rik+ #8#8& ,g'' & ins]t+ #8#8,g1 &     
,h''4  7d7 ,effective ,date ,! am5dm5ts 
made by ?is section %all apply to bonds 
issu$ aft] ! date ( ! enactm5t ( ?is    
,act4  #e4 ,/udy ( biogas & nutri5t     
reuse  7a7 ,9 ,g5]al ,! ,secret>y ( !   
,treasury %all ent] into an agreem5t ) !
 ,national ,r5ewable ,en]gy ,laboratory 
to und]take a /udy ( biogas t addresses 
! foll[+3  7#a7 ,! quality ( biogas1    
includ+ a comp>ison ( biogas to natural 
gas & ! id5tification ( any compon5ts ( 
biogas :i* make biogas unsuitable =     
injection into exi/+ natural gas        
pipel9es4  7#b7 ,me?ods = obta9+ !      
highe/ en]gy cont5t 9 biogas1 includ+ ! 
use ( co-dige/ion & id5tify+ ! optimal  
fe$ mixture4  7#c7 ,recomm5dations = !  
expansion ( biogas production1 includ+  
an analysis ( ! ext5t to :i* increas+ ! 
me?ane cont5t ( biogas w\ld result 9 !  

great] use ( biogas & an analysis ( h[ !
 exp&$ use ( biogas c\ld help meet !    
gr[+ en]gy ne$s ( ! ,unit$ ,/ates4  7#d7
 ,me?ods = productive use ( nutri5ts    
recov]$ f qualifi$ manure res\rce       
recov]y prop]ty t b5efits ! agricultural
 economy4  7b7 ,report ,n lat] ?an #b   
ye>s aft] ! date ( ! enactm5t ( ?is     
,act1 ! ,secret>y %all submit to        
,congress a report on ! /udy conduct$ "u
 subsection 7a74