S 993 IS
111th CONGRESS
1st Session
S. 993
To amend the Internal Revenue Code of 1986 to allow a credit against income tax for the installation of residential micro-combined heat and power property.
IN THE SENATE OF THE UNITED STATES
May 7, 2009
Mr. SCHUMER (for himself and Mrs. GILLIBRAND) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to allow a credit against income tax for the installation of residential micro-combined heat and power property.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT TO INCLUDE MICRO-COMBINED HEAT AND POWER GENERATING EQUIPMENT.
(a) Allowance of Credit- Subsection (a) of section 25D of the Internal Revenue Code of 1986 (relating to allowance of credit) is amended by striking ‘and’ at the end of paragraph (4), by striking the period at the end of paragraph (5) and inserting ‘, and’, and by adding at the end the following new paragraph:
‘(6) 30 percent of the qualified micro-combined heat and power property expenditures made by the taxpayer during such year.’.
(b) Qualified Micro-Combined Heat and Power Property Expenditures Defined- Subsection (d) of section 25D of the Internal Revenue Code of 1986 (relating to definitions) is amended by adding at the end the following new paragraph:
‘(6) QUALIFIED MICRO-COMBINED HEAT AND POWER PROPERTY EXPENDITURE- The term ‘qualified micro-combined heat and power property expenditure’ means any expenditure for an integrated, cogenerating building heating and electrical power generation system which--
‘(A) has a full load design total fuel use efficiency in the production of heat and electricity of not less than 80 percent,
‘(B) operates with a rated capacity of at least 1 kilowatt, but not more than 30 kilowatts of electricity,
‘(C) is manufactured, installed, and operated in accordance with applicable government and industry standards,
‘(D) is capable of being connected to the local electric power distribution system, and
‘(E) generates electricity for use in connection with a dwelling unit located in the United States and used as a residence by the taxpayer.’.
(c) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2008.
Full Text of Legislation