S.1575 - Home Lead Safety Tax Credit Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Whitehouse, Sheldon [D-RI] (Introduced 07/18/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/18/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1575 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (07/18/2017)
Home Lead Safety Tax Credit Act of 2017
This bill allows owners of eligible dwelling units a new tax credit for up to 50% of the lead hazard reduction activity costs for each such unit in a taxable year. An "eligible dwelling unit" is any unit located in the United States that was placed in service before 1978 and the residents of which during the preceding taxable year have a cumulative adjusted gross income of less than $110,000.
The bill: (1) specifies the types of lead hazard reduction activity costs eligible for the credit, including risk assessment and abatement costs; and (2) limits the amount of the credit in any taxable year to $3,000 for specified abatement measures and $1,000 for interim lead control measures.