[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2305 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2305

   To amend the Internal Revenue Code of 1986 to provide a five-year 
    applicable recovery period for depreciation of qualified energy 
                          management devices.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 2007

 Mr. Nunes (for himself and Mr. Thompson of California) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to provide a five-year 
    applicable recovery period for depreciation of qualified energy 
                          management devices.

    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 ``Energy Conservation through `Smart 
Meters' Act of 2007''.

SEC. 2. FIVE-YEAR APPLICABLE RECOVERY PERIOD FOR DEPRECIATION OF 
              QUALIFIED ENERGY MANAGEMENT DEVICES.

    (a) In General.--Section 168(e)(3)(B) of the Internal Revenue Code 
of 1986 (relating to 5-year property) is amended by striking ``and'' at 
the end of clause (v), by striking the period at the end of clause (vi) 
and inserting ``, and'', and by inserting after clause (vi) the 
following new clause:
                            ``(vii) any qualified energy management 
                        device.''.
    (b) Definition of Qualified Energy Management Device.--Section 
168(i) of such Code (relating to definitions and special rules) is 
amended by inserting at the end the following new paragraph:
            ``(18) Qualified energy management device.--
                    ``(A) In general.--The term `qualified energy 
                management device' means any energy management device 
                which is placed in service by a taxpayer who is a 
                supplier of electric energy or a provider of electric 
                energy services.
                    ``(B) Energy management device.--For purposes of 
                subparagraph (A), the term `energy management device' 
                means any time-based meter and related communication 
                equipment which is capable of being used by the 
                taxpayer as part of a system that--
                            ``(i) measures and records electricity 
                        usage data on a time-differentiated basis in at 
                        least 24 separate time segments per day,
                            ``(ii) provides for the exchange of 
                        information between supplier or provider and 
                        the customer's energy management device in 
                        support of time-based rates or other forms of 
                        demand response, and
                            ``(iii) provides data to such supplier or 
                        provider so that the supplier or provider can 
                        provide energy usage information to customers 
                        electronically.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service in taxable years ending after the 
date of the enactment of this Act.
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