113 S2835 IS: Storm Shelter Affordability Act of 2014 U.S. Senate 2014-09-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 113th CONGRESS2d Session S. 2835 IN THE SENATE OF THE UNITED STATES September 17 (legislative day, September 16), 2014 Mr. Pryor 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 provide a refundable tax credit for certain storm shelters.

1.

Short title

This Act may be cited as the Storm Shelter Affordability Act of 2014.

2.

Credit for certain storm shelters

(a)

In general

Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section:

36C.

Credit for certain storm shelters

(a)

In general

In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the storm shelter credit amount.(b)

Storm shelter credit amount

For purposes of this section, the storm shelter credit amount is an amount equal to the lesser of—(1)50 percent of the qualified storm shelter costs paid or incurred by the individual, or(2)$1,000.(c)

Qualified storm shelter costs

For purposes of this section—(1)

In general

The term qualified storm shelter costs means costs for the construction of a qualified storm shelter that is placed in service during the taxable year in, or on property adjacent to, a dwelling unit owned by the individual.(2)

Qualified storm shelter

The term qualified storm shelter means a shelter with respect to which—(A)the taxpayer receives a State income tax deduction or rebate under a State program to encourage the construction of storm shelters, and(B)the taxpayer attaches to the return of tax proof of approval of the completed shelter by the relevant State agency.(3)

Limitation

No amount shall be treated as qualified storm shelter costs for any taxable year with respect to an individual to whom a credit under this section has been allowed in any other taxable year.(d)

Termination

Subsection (a) shall not apply to qualified storm shelters placed in service in taxable years beginning after December 31, 2017.

.(b)

Conforming amendment

Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting , 36C after 36B.(c)

Clerical amendment

The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item:Sec. 36C. Credit for certain storm shelters..(d)

Effective date

The amendments made by this section shall apply to property placed in service after December 31, 2014.