110 HR 7238 IH: To provide a tax credit for qualified energy storage air
U.S. House of Representatives
2008-09-29
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.
1.Credit for qualified energy
storage air conditioner property installed in a principal residence
(a)Subsection (a) of section 25D 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 energy storage air conditioner property expenditures made by the
taxpayer during such
year.
.
(b)Qualified energy
storage air conditioner property expenditureSection 25D(d) of
such Code is amended by adding at the end the following new paragraph:
(4)Qualified energy
storage air conditioner property expenditureThe term
qualified energy storage air conditioner property expenditure
means an expenditure for qualified energy storage air conditioner property (as
defined in section 48(d)) installed on or in connection with a dwelling unit
located in the United States and used as a principal residence (within the
meaning of section 121) by the
taxpayer.
.
(c)Modification of
maximum credit
(1)Paragraph (1) of section 25D(b) 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 peak demand reduction (as defined in section 48(d)) of
qualified energy storage air conditioner property (as defined in section 48(d))
for which qualified energy storage air conditioner expenditures are
made.
.
(2)Subparagraph (A) of section 25D(e)(4) 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 peak demand reduction (as defined in section
48(d)) of qualified energy storage air conditioner property (as defined in
section 48(d)) for which qualified energy storage air conditioner expenditures
are
made.
.
(d)Subsection (f) of section 25D of such Code is amended by
inserting (December 31, 2014, in the case of qualified energy storage
air conditioner property (ad defined in section 48(d))
before the
period at the end.
(e)The amendments made by this section shall apply to taxable
years beginning after December 31, 2008.
2.Business credit
for qualified energy storage air conditioner property
(a)Subparagraph (A) of section 48(a)(3) of the Internal
Revenue Code of 1986 is amended by deleting or
at the end of
clause (iii), by inserting or
at the end of clause (iv), and by
inserting clause (iv) the following new clause:
(v)qualified energy
storage air conditioner property but only with respect to periods ending before
January 1,
2015,
.
(b)Clause (i) of section 48(a)(2)(A) of such Code is amended
by striking and
at the end of subclause (II) and by inserting
after subclause (III) the following new subclause:
(IV)qualified energy
storage air conditioner property,
and
.
(c)Qualified energy
storage air conditioner propertySection 48 of such Code is
amended by adding at the end the following new subsection:
(d)Qualified energy
storage air conditioner propertyFor the purposes of this
section—
(1)The term qualified energy storage air conditioner
property
means a cooling system which—
(A)consists of
thermal storage or ice storage components which create, store, and supply
cooling energy to reduce peak electricity demand by displacing the daytime peak
electrical demand of conventional mechanical cooling equipment,
(B)has a nameplate
operational capability to deliver a minimum of 29,000 Btu and a maximum of
240,000 Btu of cooling capacity,
(C)is designed to
deliver such cooling capacity for a minimum continuous period of 3 hours,
available daily from May 1 through September 30, coincident with daytime peak
load periods,
(D)is designed so as
to reduce peak kilowatt demand by 90 percent for the cooling load served,
and
(E)is designed so as
not to exceed the 24 hour energy consumption of conventional cooling equipment
by more than 10 percent.
(2)Inclusion of
related equipmentSuch term shall include any secondary
components which integrate the cooling system described in paragraph (1) with
the conventional cooling system, including equipment and controls for measuring
and reporting operation and performance, but shall not include any portion of
the conventional cooling system.
(3)
(A)In the case of qualified energy storage air conditioner
property placed in service during the taxable year, the credit otherwise
determined under this section for such year with respect to such property shall
not exceed an amount equal to $500 for each 0.5 kilowatt of peak demand
reduction of such property.
(B)For purposes of
this subsection, the term peak demand reduction
means the
removal of electrical demand (kW) on the utility grid system during the daily
time period of high electrical demand. The peak demand reduction shall be
determined based on Energy Efficiency Ratio (EER) standards for residential and
commercial air conditioning equipment, established under the Energy Policy and
Conservation Act of
1975.
.
(d)The amendments made by this Act shall apply to taxable years
beginning after December 31, 2008.