[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1850 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1850

 To amend the Energy Policy Act of 2005 to accelerate the availability 
of various income tax credits providing incentives for energy incentive 
            products and practices, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 6, 2005

  Mr. Salazar introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Energy Policy Act of 2005 to accelerate the availability 
of various income tax credits providing incentives for energy incentive 
            products and practices, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rapid Efficiency Credit Act of 
2005''.

SEC. 2. ACCELERATION OF CERTAIN ENERGY INCOME TAX CREDITS.

    Sections 1333(c), 1335(c), 1336(e), 1337(d), 1341(c), and 1342(c) 
of the Energy Policy Act of 2005 are each amended by striking 
``December 31, 2005'' and inserting ``the date of the enactment of the 
Rapid Efficiency Credit Act of 2005''.

SEC. 3. CREDIT FOR ENERGY STAR COMPLIANT COMPACT FLUORESCENT LIGHT 
              BULBS.

    (a) Allowance of Credit.--Subsection (a) of section 25D(a) of the 
Internal Revenue Code of 1986 (relating to residential energy efficient 
property) is amended--
            (1) by striking ``and'' at the end of paragraph (2),
            (2) by striking the period at the end of paragraph (3) and 
        inserting ``, and'', and
            (3) by adding at the end the following new paragraph:
            ``(4) 30 percent of the qualified compact fluorescent light 
        expenditures made by the taxpayer during such year.''.
    (b) Maximum Credit.--Subsection (b)(1) of section 25D of such Code 
is amended--
            (1) by striking ``and'' at the end of subparagraph (B),
            (2) by striking the period at the end of subparagraph (C) 
        and inserting ``, and'', and
            (3) by adding at the end the following new subparagraph:
                    ``(D) $50 with respect to any qualified compact 
                fluorescent light expenditure.''.
    (c) Definition.--Section 25D(d) of such Code is amended by adding 
at the end the following new paragraph:
            ``(4) Qualified compact fluorescent light expenditure.--The 
        term `qualified compact fluorescent light expenditure' means an 
        expenditure for Energy Star compliant compact fluorescent light 
        bulbs for use in a dwelling unit located in the United States 
        and used as a residence by the taxpayer.''.
    (d) Labor Costs Not Included.--Section 25D(e)(1) of such Code is 
amended by inserting ``(other than paragraph (4) thereof)'' after 
``subsection (d)''.
    (e) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act, in taxable years ending after such date.
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