article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Green Energy Investment Zone Act of 2009''. SEC. 2. INCREASE IN INCENTIVES RELATING TO ALTERNATIVE ENERGY PROPERTIES IN HIGH JOB-LOSS AREAS. (a) Investment Tax Credits (Other Than Qualified Facilities).-- Paragraph (2) of section 48(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following: ``(C) Special rule for energy property located in high job-loss zones.-- ``(i) In general.--In the case of any energy property placed in service in a green energy investment zone after the date of the enactment of this subparagraph, subparagraph (A) shall be applied-- ``(I) by substituting `40 percent' for `30 percent' in clause (i) thereof, and ``(II) by substituting `20 percent' for `10 percent' in clause (ii) thereof. ``(ii) Green energy investment zone.--For purposes of paragraph (1), the term `green energy investment zone' means an eligible city located within a high job-loss metropolitan statistical area or a high job-loss micropolitan statistical area. ``(iii) Eligible city.--For purposes of clause (i)-- ``(I) Metropolitan statistical area.--The term `eligible city' means, with respect to a metropolitan statistical area, any city in such area which has a population of at least 50,000. ``(II) Micropolitan statistical area.--The term `eligible city' means, with respect to a micropolitan statistical area, any city in such area which has a population of at least 10,000. For purposes of this subparagraph, population shall be determined using the 2000 census. ``(D) High-job loss.--For purposes of subparagraph (C)-- ``(i) In general.--The term `high-job loss' with respect to a metropolitan or a micropolitan statistical area, as the case may be, means an area designated by the Secretary as being among the lowest \1/3\ of all metropolitan or micropolitan statistical areas, as the case may be, on the basis of-- ``(I) the economic conditions referred to in clause (ii), ``(II) the residential economic well-being factors referred to in clause (iii), and ``(III) a comparison of changes from 1990 and 2000 (on the basis of the 1990 and 2000 censuses) regarding-- ``(aa) employment, ``(bb) wages, ``(cc) gross metropolitan product or gross micropolitan product, as the case may be, and ``(dd) gross metropolitan product per job or gross micropolitan product per job, as the case may be. ``(ii) Economic conditions.--The economic conditions referred to in this clause are growth in-- ``(I) employment, ``(II) annual payroll, and ``(III) business establishments. ``(iii) Residential economic well-being factors.--The residential economic well-being factors referred to in the clause are-- ``(I) per capita income, ``(II) median household income, ``(III) poverty rate, ``(IV) unemployment rate, and ``(V) labor force participation rate.''. (b) Election To Treat Qualified Facilities as Energy Property.-- Paragraph (5) of section 48(a) of such Code is amended by adding at the end the following: ``(E) Special rule for facilities located in high job-loss zones.--In the case of any qualified investment credit facility placed in service in a green energy investment zone (as defined in paragraph (2)(C)(ii)) after the date of the enactment of this subparagraph, subparagraph (A) shall be applied by substituting `40 percent' for `30 percent' in clause (ii) thereof.''. (c) Electricity Produced From Certain Renewable Resources, etc.-- Section 45 of such Code is amended by adding at the end the following: ``(f) Special Rule for Facilities Located in High Job-Loss Zones.-- In the case of electricity produced by a qualified facility placed in service in a high job loss metropolitan statistical area or micropolitan statistical area after the date of the enactment of this subsection, the amount in effect under subsection (a)(1) for a taxable year (without regard to this subsection) shall be increased by 0.5 cents. For the preceding sentence, the term `high job loss' with respect to a metropolitan statistical area and a micropolitan statistical area has the meaning given such term by section 48(a)(2)(D).''. (d) Grants for Specified Energy Property In Lieu of Production Credit.--Subsection (b) of section 1603 of the American Recovery and Reinvestment Tax Act of 2009 is amended by adding at the end the following new paragraph: ``(4) Special rule for specified energy property located in high job-loss zones.--In the case of any specified energy property placed in service in a green energy investment zone (as defined in section 48(a)(2)(C)(ii)) after the date of the enactment of this paragraph, paragraph (2) shall be applied-- ``(A) by substituting `40 percent' for `30 percent' in subparagraph (A) thereof, and ``(B) by substituting `20 percent' for `10 percent' in subparagraph (B) thereof.''. (e) Nonbusiness Energy Property.-- (1) In general.--Subsection (a) of section 25C of such Code is amended by adding at the end the following flush sentence: ``In the case of any such improvement or property which was manufactured in a green energy investment zone (as defined in section 48(a)(2)(C)(ii)) after the date of the enactment of this sentence, the preceding sentence shall be applied by substituting `40 percent' for `30 percent'.''. (2) Increase in limitation.--Subsection (b) of section 25C of such Code is amended by striking ``$1,500'' and inserting ``$2,000''. (f) Residential Energy Efficient Property.-- (1) In general.--Subsection (a) of section 25D of such Code is amended by adding at the end the following flush sentence: ``In the case of property manufactured in a green energy investment zone (as defined in section 48(a)(2)(C)(ii)) after the date of the enactment of this sentence, the preceding sentence shall be applied by substituting `40 percent' for `30 percent' each place it appears.''. (2) Increase in limitation.--Paragraph (1) of section 25D(b) of such Code is amended by striking ``$500'' and inserting ``$750''. (g) Qualifying Advanced Energy Project Credit.--Paragraph (3) of section 48C(d) of such Code is amended by striking ``and'' at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting ``, and'', and by inserting after subparagraph (B) the following: ``(C) shall take into consideration whether the project is located in a green energy investment zone (as defined in section 48(a)(2)(C)(ii)).''. (h) Effective Date.-- (1) In general.--The amendments made by this section shall take effect on the date of the enactment of this Act. (2) Increase in limitations.--The amendments made by subsections (e)(2) and (f)(2) shall apply to taxable years beginning after December 31, 2008.
summary: Green Energy Investment Zone Act of 2009 - Amends the Internal Revenue Code to allow various energy-related tax credits for investment in energy property in high job-loss zones. Amends the American Recovery and Reinvestment Tax Act of 2009 to allow increased grant amounts for investment in energy property in high job-loss zones.