text: 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.
target: 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.
feat_title: To amend the Internal Revenue Code of 1986 to enhance incentives for renewable energy development in high job-loss zones in metropolitan and micropolitan statistical areas.