110 HR 6736 IH: GUST Act U.S. House of Representatives 2008-07-31 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 2d Session H. R. 6736 IN THE HOUSE OF REPRESENTATIVES July 31, 2008 Mr. Hoekstra 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 tax credit for the installation of residential wind systems.

1.

Short title

This Act may be cited as the Generating Energy Using Small Turbines Act of 2008 or the GUST Act .

2.

Credit for Residential Wind Property

(a)

In general

Section 25D(a) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , and, and by adding at the end the following new paragraph: (4)30 percent of the qualified small wind energy property expenditures made by the taxpayer during such year. . (b)

Limitation

Section 25D(b)(1) of such Code is amended by striking and at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting , and, and by adding at the end the following new subparagraph: (D)$500 with respect to each half kilowatt of capacity (not to exceed $4,000) of wind turbines for which qualified small wind energy property expenditures are made. . (c)

Qualified small wind energy property expenditures

(1)

In general

Section 25D(d) of such Code is amended by adding at the end the following new paragraph: (4)

Qualified small wind energy property expenditure

The term qualified small wind energy property expenditure means an expenditure for property which uses a wind turbine to generate electricity for use in connection with a dwelling unit located in the United States and used as a residence by the taxpayer. . (2)

No double benefit

Section 45(d)(1) of such Code is amended by adding at the end the following new sentence: Such term shall not include any facility with respect to which any qualified small wind energy property expenditure (as defined in subsection (d)(4) of section 25D) is taken into account in determining the credit under such section.. (3)

Maximum expenditures in case of joint occupancy

Section 25D(e)(4)(A) of such Code is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and, and by adding at the end the following new clause: (iv)$1,667 in the case of each half kilowatt of capacity (not to exceed $13,333) of wind turbines for which qualified small wind energy property expenditures are made. . (d)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2007.