[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4297 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 4297

 To amend the Internal Revenue Code of 1986 to extend certain expiring 
energy conservation provisions and to provide a tax credit for certain 
                  individuals using home heating oil.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 5, 2007

 Mr. Shuster 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 extend certain expiring 
energy conservation provisions and to provide a tax credit for certain 
                  individuals using home heating oil.

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

SECTION 1. EXTENSION OF CERTAIN ENERGY CONSERVATION TAX INCENTIVES.

    (a)  Extension of Energy Efficient Commercial Buildings 
Deduction.--Subsection (h) of section 179D of the Internal Revenue Code 
of 1986 is amended by striking ``December 31, 2008'' and inserting 
``December 31, 2012''.
    (b) Extension of New Energy Efficient Home Credit.--Subsection (g) 
of section 45L of the Internal Revenue Code of 1986 is amended by 
striking ``December 31, 2008'' and inserting ``December 31, 2012''.
    (c) Extension of Credit for Nonbusiness Energy Property.--
Subsection (g) of section 25C of the Internal Revenue Code of 1986 is 
amended by striking ``December 31, 2007'' and inserting ``December 31, 
2012''.
    (d) Extension of Credit for Residential Energy Efficient 
Property.--Subsection (g) of section 25D of the Internal Revenue Code 
of 1986 is amended by striking ``December 31, 2008'' and inserting 
``December 31, 2012''.

SEC. 2. REFUNDABLE CREDIT FOR CERTAIN INDIVIDUALS USING HOME HEATING 
              OIL.

    (a) In General.--In the case of an eligible individual, there shall 
be allowed as a credit against the tax imposed by chapter 1 of the 
Internal Revenue Code of 1986 for the first taxable year of such 
individual ending during 2008, an amount equal to $500 ($1,000 in the 
case of a joint return).
    (b) Eligible Individual.--For purposes of this section--
            (1) In general.--The term ``eligible individual'' means any 
        individual--
                    (A) whose principal place of abode is in the United 
                States,
                    (B) who uses heating oil as the primary source of 
                energy for heating such principal place of abode, and
                    (C) who has income that does not exceed 200 percent 
                of the Federal poverty line (as determined by the 
                Office of Management and Budget) applicable to a family 
                of the size involved.
            (2) Exclusions.--Such term shall not include any 
        individual--
                    (A) who is not a citizen or lawful permanent 
                resident of the United States, or
                    (B) with respect to whom a deduction under section 
                151 of the Internal Revenue Code of 1986 is allowed to 
                another taxpayer for a taxable year beginning in the 
                calendar year in which such individual's taxable year 
                begins.
    (c) Treatment as Refundable Tax Credit.--
            (1) In general.--For purposes of the Internal Revenue Code 
        of 1986, the credit allowed under this section shall be treated 
        as a credit allowed under subpart C of part IV of subchapter A 
        of chapter 1 of such Code (relating to refundable credits).
            (2) Allowance of refund.--Section 1324(b) of title 31, 
        United States Code, shall not apply to refunds attributable to 
        the credit allowed by this section.
    (d) Denial of Double Benefit.--For purposes of this section--
            (1) In general.--No credit shall be allowed under 
        subsection (a) for any expense for which a deduction or credit 
        is allowed under any provision of chapter 1 of the Internal 
        Revenue Code of 1986.
            (2) Grants.--The credit allowed under this section 
        (determined without regard to this paragraph) shall be reduced 
        (but not below zero) by the aggregate amount received by the 
        taxpayer under any Federal, State, or local government program 
        with respect to home heating oil.
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