401. Clean energy bonds (a) In general Part IV of subchapter A of chapter 1 is amended by inserting after subpart G the following new subpart: H Clean energy bonds Sec. 54. Clean energy bonds. 54. Clean energy bonds (a) In general If a taxpayer holds a clean energy bond on one or more interest payment dates of the bond during any taxable year, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the credits determined under subsection (b) with respect to such dates. (b) Amount of credit (1) In general The amount of the credit determined under this subsection with respect to any interest payment date for a clean energy bond is the applicable percentage (as determined under paragraph (2)) of the amount of interest payable by the issuer with respect to such date. (2) Applicable percentage (A) In general (i) Maximum percentage Except as provided in clause (ii), the applicable percentage is 70 percent. (ii) Reduction of credit based on greenhouse gas emission rate The applicable percentage shall be reduced (but not below zero) by an amount which bears the same ratio to the percentage in effect under clause (i) as— (I) in the case of a qualified facility described in subsection (f)(3) of section 45T, the greenhouse gas emissions rate for the facility bears to 300 grams of CO 2 e per KWh (as such terms are defined in subsections (b)(1) and (e)(1) of such section), or (II) in the case of a qualified facility described in subsection (e)(4) of section 45U, the average emissions rate for all transportation fuel produced by such facility bears to 75 kilograms of CO 2 e per mmBTU (as such terms are defined in subsections (b) and (e) of such section). (B) Rounding If any applicable percentage determined under subparagraph (A) is not a whole percentage point, such percentage shall be rounded to the nearest whole percentage point. (C) Safe harbor rules Rules similar to the rules of sections 45T(b)(3) and 45U(b) shall apply for purposes of this section. (c)