Energy Conservation Act

Summary

Energy Conservation Act - Allows a tax credit under the Internal Revenue Code of 1954 for the taxable year equal to 50 percent of the amount of energy-conserving residential improvement expenses paid or incurred by the taxpayer during the taxable year. Limits such tax credit to not more than $500 for the taxable year. Allows a tax credit for the gasoline conservation tax imposed under the Internal Revenue Code. Limits such tax credit to not more than $158 for the 1976 calendar year and $210 in succeeding fiscal years. Allows a deduction of up to $2,000 for the taxable year for energy-conserving residential improvement expenses. Sets a gasoline conservation tax on gasoline sold by the producer or importer. Sets forth the schedule for such tax. Provides for payments to individuals who purchase new automobiles with fuel economy standards corresponding to a schedule under this Act. Makes the maximum payment under such schedule $675 for the purchase of new automobile with a fuel consumption rate of over forty miles per gallon. Imposes an automobile energy consumption tax on each new automobile sold to a final purchaser. Establishes an Energy Conserving Residential Improvement Loan Program. Authorizes appropriations to carry out this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 28 February 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.