Mechanical Insulation Installation Incentive Act of 2013

Summary

Mechanical Insulation Installation Incentive Act of 2013 - Amends the Internal Revenue Code to allow an additional tax deduction for the cost of installing mechanical insulation property. Limits the amount of such deduction to the lesser of 30% or the reduction in energy loss from the installed mechanical insulation property compared to property that meets the minimum requirements of American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) standard 90.1-2007. Allows the cost of replacing mechanical insulation property to be treated as a deductible business expense in the current taxable year. Defines "mechanical insulation property" as insulation materials, facings, and accessory products: (1) placed in service in connection with a mechanical system which is located in the United States and of a character subject to an allowance for depreciation; and (2) utilized for thermal, acoustical, and personnel safety requirements for mechanical piping and equipment, hot and cold applications, and heating, venting and air conditioning applications which can be used in a variety of facilities. Allows a tax deduction for capital expenditures related to mechanical insulation property.

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Timeline

1. 22 April 2013

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 April 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 April 2013 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 April 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 April 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 April 2013

  Open at official source

Sponsors

• Kirsten Gillibrand · D · Sponsor
• Sen. Johanns, Mike [R-NE] · R · Sponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Cosponsor
• Jeff Merkley · D · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• Elizabeth Warren · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → American Energy Opportunity Act of 2014
• related to → Mechanical Insulation Installation Incentive Act of 2013