A bill to amend the Internal Revenue Code of 1954 to allow an income tax credit or an income tax deduction for certain expenditures of a taxpayer relating to the thermal design of the residence of such taxpayer.

Summary

Allows a tax credit under the Internal Revenue Code for the ordinary and necessary expenses paid during the taxable year by a taxpayer for the improvement of the thermal design of the principal residence of the taxpayer, including that amount of the purchase price of a principal residence allocable to any storm door, storm window, or solar heating and cooling equipment (up to $1000 for the period during which such credit is available under the Internal Revenue Code, no more than $250 of which may be allowed as a credit for the purchase of conventional materials). Authorizes the taxpayer to elect a deduction of up to $4000 for the period during which the provisions of this Act are effective (no more than $1,000 of which may be allowed as a deduction for the purchase of conventional materials) in lieu of the credit provided by this Act. Directs the Secretary of the Treasury to report to the Federal Energy Administration an analysis of the energy savings achieved through the operation of this Act no later than September 15, 1978.

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Documents

1 official file

• Introduced in House

  summary · EN · 30 January 1975

  Open at official source

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