H.R.1272 - A bill to amend the Internal Revenue Code of 1954 to extend the residential energy credit with respect to solar renewable energy source expenditures, with declining percentages of credit, through 1990, and for other purposes.99th Congress (1985-1986)
|Sponsor:||Rep. Fowler, Wyche, Jr. [D-GA-5] (Introduced 02/26/1985)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/26/1985 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1272 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in House (02/26/1985)
Amends the Internal Revenue Code to extend the residential energy income tax credit for solar energy property for five years (from 1985 to 1990). Phases out the percentage of expenditures which may be taken into account for such credit between the years 1986 and 1990.
Limits to $6,000 the maximum amount of expenditures for solar hot water systems which may be taken into account for purposes of such credit. Specifies additional standards which solar hot water systems and active space heating systems must meet in order to qualify for such credit.
Increases and extends for five years (from 1985 to 1990) the energy investment tax credit for specified types of solar energy property.