S.Amdt. 2645

1. Adds SEC. __. WEATHERIZATION ASSISTANCE CREDIT at the end of title IV

   Adds a section

   In S. 2020 · Placed on Calendar Senate

   (d) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued during the period beginning after December 31, 2006, and before January 1, 2008, and properly allocable to such period, with respect to mortgage insurance contracts issued after December 31, 2006.

   Inserted: SEC. __. WEATHERIZATION ASSISTANCE CREDIT.

   Inserted: (a) In General.--Subpart D of Part IV of subchapter A of chapter 1 (relating to business related credits) is amended by inserting after section 45M the following new section:

   Inserted: "SEC. 45N. WEATHERIZATION ASSISTANCE CREDIT.

   Inserted: "(a) General Rule.--For purposes of section 38, in the case of a utility, the amount of the weatherization assistance credit determined under this section for the taxable year shall be an amount equal to 20 percent of the qualified weatherization assistance expenses.

   Inserted: "(b) Definitions.--For purposes of this section:

   Inserted: "(1) Weatherization assistance expenses.--The term 'weatherization assistance expenses' means amounts--

   Inserted: "(A) paid by the taxpayer--

   Inserted: "(i) to an entity that is described in section 415(b)(2) of the Energy Conservation and Production Act (42 U.S.C. 6865(b)(2)), that receives funds from the Department of Energy Weatherization Assistance Program as such an entity, and that uses the taxpayer's amounts for the installation of energy efficiency improvements in residences of low-income individuals for purposes of section 415(a)(2) of the Energy Conservation and Production Act (42 U.S.C. 6865(a)(2)), as administered by the Department of Energy, or

   Inserted: "(ii) to a State weatherization agency for use by such agency in its program that enhances or extends the Department of Energy's program described in subparagraph (A), and

   Inserted: "(B) certified to the taxpayer by a State weatherization agency as paid to one or more entities described in subparagraph (A)(i) or to such agency described in subparagraph (A)(ii).

   Inserted: "(2) Qualified weatherization assistance expenses.--The term 'qualified weatherization assistance expenses' means--

   Inserted: "(A) with respect to the first 5 taxable years ending after the date of enactment of this section, the weatherization assistance expenses for each such year, and

   Show 9 more inserted paragraphsShow less

   Inserted: "(B) with respect to a taxable year after the fifth taxable year ending after the date of enactment of this section, the excess (if any) of the weatherization assistance expenses for such year over the weatherization assistance expenses for the fifth taxable year preceding such year.

   Inserted: "(3) Utility.--The term 'utility' means a corporation that is engaged in the sale of electric energy or gas and is described in section 7701(a)(33)(A).

   Inserted: "(4) State weatherization agency.--The term 'State weatherization agency' means the department, agency, board, or other entity of a State that is authorized by such State to administer the weatherization program described in section 415 of the Energy Conservation and Production Act (42 U.S.C. 6865).

   Inserted: "(c) Regulations.--The Secretary shall prescribe regulations necessary to carry out the purposes of this section.".

   Inserted: (b) Credit Treated as Part of General Business Credit.--Section 38(b) (relating to current year business credit) is amended by striking "and" at the end of paragraph (25), striking the period at the end of paragraph (26), and inserting ", and", and by inserting after paragraph (26) the following new paragraph:

   Inserted: "(27) the weatherization assistance credit determined under section 45N(a).".

   Inserted: (c) Conforming Amendment.--The table of sections for Subpart D of Part IV of subchapter A of chapter 1 (relating to business related credits) is amended by adding after the item relating to section 45M the following new item:

   Inserted: "45N. Weatherization assistance credit".

   Inserted: (d) Effective Date.--The amendments made by this section shall apply to weatherization assistance expenses (within the meaning of section 45N of the Internal Revenue Code of 1986) paid or incurred in taxable years ending after the date of enactment of this Act.

   Original wording

   At the end of title IV, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed