110 HR 4297 IH: 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. U.S. House of Representatives 2007-12-05 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.

I 110th CONGRESS 1st Session H. R. 4297 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.

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.

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.