110 HR 6818 IH: Spurring Our Limitless and Abundant U.S. House of Representatives 2008-08-01 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. 6818 IN THE HOUSE OF REPRESENTATIVES August 1, 2008 Mr. McCarthy 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 for an enhanced credit to individuals who place qualified solar electric property in service in 2009.
1.
Short title
This Act may be cited as the Spurring Our Limitless and Abundant Renewable Energy Act of 2008.
2.
Qualified solar electric property placed in service in 2009
(a)
In general
Section 25D of the Internal Revenue Code of 1986 (relating to residential energy efficient property is amended by redesignating subsection (g) as subsection (h) and by inserting after subsection (f) the following new subsection: (g)
Special rules for qualified solar electric property placed in service in 2009
(1)
In general
In the case of qualified solar electric property expenditures with respect to the principal place of abode of the taxpayer which are properly taken into account in the first taxable year beginning in 2009— (A)subsection (a)(1) shall be applied by substituting the applicable percentage for 30 percent, (B)subsection (b)(1)(A) shall not apply, (C)subsection (e)(4) shall not apply, and (D)subsection (h) shall not apply. (2)
Applicable percentage
For purposes of this subsection— (A)
In general
The applicable percentage shall be determined as follows: Qualified solar electric property expenditures designed to generate the following percentages of average monthly electrical use: Applicable percentage is: More thanNot more than: 25 percent30 percent 25 percent50 percent35 percent 50 percent40 percent.
(B)
Average monthly electrical use
For purposes of subparagraph (A)— (i)
In general
The term average monthly electrical use means, with respect to the principal place of abode of the taxpayer, the average monthly electrical usage of the taxpayer over the 1-year period ending with the most recent period ending before the date on which the qualified solar electric property is placed in service. (ii)
Property not used by taxpayer for entire 1-year period
If the taxpayer did not occupy the property with respect to which such qualified solar electric property expenditures were made for the entire 1-year period referred to in subparagraph (A), such paragraph shall be applied on the basis of the period during which the taxpayer occupied such property. (3)
Limitation based on amount of tax
If paragraph (1) applies for a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for such taxable year by reason of paragraph (1) shall not exceed the excess of— (A)the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over (B)the sum of the credits allowable under this subpart (other than this section) and section 27 for the taxable year. (4)
Regulations
The Secretary shall issue such regulations as may be necessary or appropriate to carry out this subsection, including regulations providing for appropriate verification systems relating to electricity usage. . (b)
Conforming amendments
(1)Section 23(b)(4)(B) of such Code is amended by inserting and section 25D(g) after this section. (2)Section 24(b)(3)(B) of such Code is amended by striking 23 and 25B and by inserting 23, 25B, and 25D(g). (3)Section 25(g)(2) of such Code is amended by inserting and 25D(g) after 23. (c)
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2008.