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.
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.
{"src": "billsum_test", "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."}