Text: H.R.5206 — 109th Congress (2005-2006)All Bill Information (Except Text)

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Introduced in House (04/26/2006)


109th CONGRESS
2d Session
H. R. 5206

To amend the Internal Revenue Code of 1986 to extend the investment tax credit with respect to solar energy property and qualified fuel cell property, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES
April 26, 2006

Mr. Hayworth (for himself, Mr. McNulty, Mr. Camp, Mr. Fitzpatrick of Pennsylvania, Mr. Butterfield, Mr. Brown of Ohio, Mr. Simmons, Mr. Lipinski, Mr. Udall of Colorado, Mr. Bachus, Mr. Ehlers, Mr. McCotter, Mr. Hinchey, Mr. Sweeney, Mr. Rogers of Michigan, Mr. Dent, Mr. Doolittle, Mr. Wolf, Mr. Bartlett of Maryland, Mr. Cardin, Mrs. Bono, Mr. Ferguson, and Mr. Wamp) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to extend the investment tax credit with respect to solar energy property and qualified fuel cell property, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Securing America’s Energy Independence Act of 2006”.

SEC. 2. Extension and modification of investment tax credit with respect to solar energy property and qualified fuel cell property.

(a) Solar energy property.—Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) of the Internal Revenue Code of 1986 are each amended by striking “2008” and inserting “2016”.

(b) Eligible fuel cell property.—Paragraph (1)(E) of section 48(c) of the Internal Revenue Code of 1986 is amended by striking “2007” and inserting “2015”.

(c) Credits allowed against the alternative minimum tax.—Section 38(c)(4)(B) of the Internal Revenue Code of 1986 (defining specified credits) is amended by striking the period at the end of clause (ii)(II) and inserting “, and”, and by adding at the end the following new clause:

“(iii) the portion of the investment credit under section 46(2) as determined under section 48(a)(2)(A)(i).”.

SEC. 3. Extension and modification of credit for residential energy efficient property.

(a) Extension.—Section 25D of the Internal Revenue Code of 1986 (relating to termination) is amended by striking “2007” and inserting “2015”.

(b) Modification of maximum credit.—Paragraph (1) of section 25D(b) of the Internal Revenue Code of 1986 (relating to limitations) is amended to read as follows:

“(1) MAXIMUM CREDIT.—The credit allowed under subsection (a) for any taxable year shall not exceed—

“(A) $1,000 with respect to each half kilowatt of capacity of qualified photovoltaic property for which qualified photovoltaic property expenditures are made,

“(B) $2,000 with respect to any qualified solar water heating property expenditures, and

“(C) $500 with respect to each half kilowatt of capacity of qualified fuel cell property (as defined in section 48(c)(1)) for which qualified fuel cell property expenditures are made.”.

(c) Credit allowed against alternative minimum tax.—

(1) IN GENERAL.—Section 25D(b) of the Internal Revenue Code of 1986 (as amended by subsection (b)) is amended by adding at the end the following new paragraph:

“(3) CREDIT ALLOWED AGAINST ALTERNATIVE MINIMUM TAX.—The credit allowed under subsection (a) for the taxable year shall not exceed the excess of—

“(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

“(B) the sum of the credits allowable under subpart A of part IV of subchapter A and section 27 for the taxable year.”.

(2) CONFORMING AMENDMENT.—Subsection (c) of section 25D of such Code is amended to read as follows:

“(c) Carryforward of unused credit.—If the credit allowable under subsection (a) for any taxable year exceeds the limitation imposed by subsection (b)(3) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.”.

(d) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2006.