[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2835 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2835

To amend the Internal Revenue Code of 1986 to provide a refundable tax 
                   credit for certain storm shelters.


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                   IN THE SENATE OF THE UNITED STATES

           September 17 (legislative day, September 16), 2014

   Mr. Pryor introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide a refundable tax 
                   credit for certain storm shelters.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Storm Shelter Affordability Act of 
2014''.

SEC. 2. CREDIT FOR CERTAIN STORM SHELTERS.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by inserting after 
section 36B the following new section:

``SEC. 36C. CREDIT FOR CERTAIN STORM SHELTERS.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this subtitle for any 
taxable year an amount equal to the storm shelter credit amount.
    ``(b) Storm Shelter Credit Amount.--For purposes of this section, 
the storm shelter credit amount is an amount equal to the lesser of--
            ``(1) 50 percent of the qualified storm shelter costs paid 
        or incurred by the individual, or
            ``(2) $1,000.
    ``(c) Qualified Storm Shelter Costs.--For purposes of this 
section--
            ``(1) In general.--The term `qualified storm shelter costs' 
        means costs for the construction of a qualified storm shelter 
        that is placed in service during the taxable year in, or on 
        property adjacent to, a dwelling unit owned by the individual.
            ``(2) Qualified storm shelter.--The term `qualified storm 
        shelter' means a shelter with respect to which--
                    ``(A) the taxpayer receives a State income tax 
                deduction or rebate under a State program to encourage 
                the construction of storm shelters, and
                    ``(B) the taxpayer attaches to the return of tax 
                proof of approval of the completed shelter by the 
                relevant State agency.
            ``(3) Limitation.--No amount shall be treated as qualified 
        storm shelter costs for any taxable year with respect to an 
        individual to whom a credit under this section has been allowed 
        in any other taxable year.
    ``(d) Termination.--Subsection (a) shall not apply to qualified 
storm shelters placed in service in taxable years beginning after 
December 31, 2017.''.
    (b) Conforming Amendment.--Paragraph (2) of section 1324(b) of 
title 31, United States Code, is amended by inserting ``, 36C'' after 
``36B''.
    (c) Clerical Amendment.--The table of sections for subpart C of 
part IV of subchapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after the item relating to section 36B the 
following new item:

``Sec. 36C. Credit for certain storm shelters.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2014.
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