H.R.7688 - A bill to amend the Internal Revenue Code of 1954 to provide a tax credit to homebuilders for the construction of residences incorporating certain solar energy utilization characteristics.96th Congress (1979-1980)
|Sponsor:||Rep. Fowler, Wyche, Jr. [D-GA-5] (Introduced 06/27/1980)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/27/1980 Referred to House Committee on Ways and Means. (All Actions)|
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Summary: H.R.7688 — 96th Congress (1979-1980)All Information (Except Text)
Introduced in House (06/27/1980)
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1986 and phases out the amount of the credit by $500 decrements until 1989 when such credit terminates.
Defines "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1980 and before January 1, 1989.