text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Solar Stimulus for Job Creation and 
  Energy Independence Act of 2009''.
  
  SEC. 2. REFUNDABLE INVESTMENT CREDIT FOR PROPERTY USED TO MANUFACTURE 
                SOLAR ENERGY PROPERTY.
  
      (a) In General.--Subparagraph (A) of section 48(a)(3) of the 
  Internal Revenue Code of 1986 (defining energy property) is amended by 
  striking ``or'' at the end of clause (vi), by adding ``or'' at the end 
  of clause (vii), and by inserting after clause (vii) the following new 
  clause:
                              ``(viii) property used to manufacture 
                          equipment described in clause (i) or (ii),''.
      (b) Credit To Be Refundable.--
              (1) In general.--Subsection (c) of section 38 of the 
          Internal Revenue Code of 1986 (relating to limitation based on 
          amount of tax) is amended by redesignating paragraph (5) as 
          paragraph (6) and by inserting after paragraph (4) the 
          following new paragraph:
              ``(5) Special rules for solar energy investment credit.--
                      ``(A) In general.--In the case of the solar energy 
                  investment credit--
                              ``(i) this section and section 39 shall be 
                          applied separately with respect to such credit,
                              ``(ii) in applying paragraph (1) to such 
                          credit--
                                      ``(I) the tentative minimum tax 
                                  shall be treated as being zero, and
                                      ``(II) the limitation under 
                                  paragraph (1) (as modified by subclause 
                                  (I)) shall be reduced by the credit 
                                  allowed under subsection (a) for the 
                                  taxable year (other than the solar 
                                  energy investment credit), and
                              ``(iii) the amount of the solar energy 
                          investment credit in excess of the limitation 
                          under paragraph (1) (as modified by subclause 
                          (II)) shall be treated as a credit under 
                          subpart C.
                      ``(B) Solar energy investment credit.--For purposes 
                  of this subsection, the term `solar energy investment 
                  credit' means so much of the energy credit as is 
                  attributable to property described in clause (viii) of 
                  section 48(a)(3)(A).
                      ``(C) Termination.--This paragraph shall not apply 
                  to any taxable year ending after December 31, 2010.''.
              (2) Conforming amendments.--
                      (A) Subclause (II) of section 38(c)(2)(A)(ii) of 
                  such Code is amended by striking ``and the specified 
                  credits'' and inserting ``the specified credits, and 
                  the solar energy investment credit''.
                      (B) Subclause (II) of section 38(c)(3)(A)(ii) of 
                  such Code is amended by striking ``and the specified 
                  credits'' and inserting ``, the specified credits, and 
                  the solar energy investment credit''.
                      (C) Subclause (II) of section 38(c)(4)(A)(ii) of 
                  such Code is amended by inserting ``and the solar 
                  energy investment credit'' after ``specified credits''.
                      (D) Paragraph (2) of section 1324(b) of title 31, 
                  United States Code, is amended by inserting 
                  ``38(c)(5),'' after ``36,''.
      (c) Effective Date.--The amendments made by this section shall 
  apply to taxable years beginning after the date of the enactment of 
  this Act.
  
  SEC. 3. EXCEPTION FROM SUBSIDIZED ENERGY FINANCING RULES FOR SOLAR 
                ENERGY PROPERTY.
  
      (a) In General.--Subparagraph (C) of section 48(a)(4) of the 
  Internal Revenue Code of 1986 (defining subsidized energy financing) is 
  amended by adding at the end the following new sentence: ``Such term 
  shall not include any loan described in section 141(c)(2)(D).''
      (b) Effective Date.--The amendment made by subsection (a) shall 
  apply to property placed in service after such date in taxable years 
  ending after such date.
  
  SEC. 4. EXCEPTION FROM PRIVATE ACTIVITY BOND TESTS FOR FINANCING OF 
                SOLAR ENERGY PROPERTY.
  
      (a) Exception From Private Business Use Test.--Paragraph (6) of 
  section 141(b) of the Internal Revenue Code of 1986 is amended by 
  adding at the end the following new subparagraph:
                      ``(C) Solar energy property.--For purposes of 
                  subparagraph (A), property described in clause (i) or 
                  (ii) of section 48(a)(3)(A) shall not be treated as 
                  used in a trade or business.''.
      (b) Exception From Private Loan Financing Test.--Paragraph (2) of 
  section 141(c) of the Internal Revenue Code of 1986 (relating to 
  exception for tax assessment, etc., loans) is amended by striking 
  ``or'' at the end of subparagraph (B), by striking the period at the 
  end of subparagraph (C) and inserting ``, or'', and by adding at the 
  end the following new subparagraph:
                      ``(D) enables the borrower to finance the 
                  acquisition, construction, and installation of property 
                  described in clause (i) or (ii) of section 
                  48(a)(3)(A).''.
      (c) Effective Date.--The amendments made by this section shall 
  apply to obligations issued after the date of the enactment of this 
  Act.
  
  SEC. 5. GOVERNMENT PROCUREMENT OF SOLAR ENERGY.
  
      Section 203 of the Energy Policy Act of 2005 (42 U.S.C. 15852) is 
  amended--
              (1) by redesignating subsection (d) as subsection (e); and
              (2) by inserting after subsection (c) the following new 
          subsection (d):
      ``(d) Contracts for Renewable Energy.--Notwithstanding section 
  501(b)(1)(B) of title 40, United States Code, a contract for renewable 
  energy may be made for a period of not more than 25 years.''.
target: Solar Stimulus for Job Creation and Energy Independence Act of 2009 - Amends the Internal Revenue Code to: (1) provide for the refundability of the energy tax credit for investment in property used to manufacture solar energy property through 2010; and (2) exempt certain solar energy property from private activity bond usage and loan financing rules.
  
  Amends the Energy Policy Act of 2005 to limit to 25 years the contract period for federal purchases of renewable energy.
feat_title: A bill to amend the Internal Revenue Code of 1986 to allow a new refundable credit for equipment used to manufacture solar energy property, to waive the application of the subsidized financing rules to such property, and for other purposes.