Conservation Gas and Residential Insulation Credit Act

Summary

Conservation Gas Act and Residential Insulation Credit Act - Title I: Conservation Gas Programs - Conservation Gas Act - Declares that the formulation and implementation of natural gas conservation programs are matters of local concern, subject to regulation by State utility regulatory commissions. Stipulates that the Federal Power Commission shall be without authority to alter natural gas conservation programs upon a certification to the Commission by the State agency that the State has assumed authority over such programs. Title II: Residential Insulation Credits - Residential Insulation Credit Act - Amends the Internal Revenue Code to allow a refundable credit against the individual income tax for 30 percent of the taxpayer's expenditures that do not exceed $750 for the installation of qualified insulation in his residence. Limits application of this credit to improvements made after this Act's enactment, in dwellings in existence on January 1, 1977. Defines qualified insulation as any device designed primarily to reduce building heat loss or gain which meets performance criteria prescribed by the Secretary of Housing and Urban Development, has a useful life of at least three years, and is originally used by the taxpayer. Reduces the $750 limitation on the expenditures which may be taken into account for this credit by subtracting amounts taken into account by the taxpayer in previous tax years. Prorates the allowable credit among joint owners and tenant stockholders according to their proportionate interests in the buildings in which they dwell. Prohibits increasing the basis of any building for expenditures for which this credit is taken.

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1 official file

• Introduced in Senate

  summary · EN · 12 January 1977

  Open at official source

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