II 109th CONGRESS 1st Session S. 1850 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.

1.

Short title

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

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.

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.