Energy Efficient Appliance Tax Credit for Refrigerators and Freezers Act of 2007

Energy Efficient Appliance Tax Credit for Refrigerators and Freezers Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for 25% of the cost (up to $500) of refrigerators or freezers which meet requirements for the Energy Star program. Terminates such credit after 2016.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3823 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3823

   To amend the Internal Revenue Code of 1986 to allow individuals a 
  credit against income tax for the purchase of Energy Star compliant 
                      refrigerators and freezers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 12, 2007

 Mr. Ferguson 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 allow individuals a 
  credit against income tax for the purchase of Energy Star compliant 
                      refrigerators and freezers.

    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 ``Energy Efficient Appliance Tax 
Credit for Refrigerators and Freezers Act of 2007''.

SEC. 2. CREDIT AGAINST INCOME TAX FOR PURCHASE OF ENERGY STAR COMPLIANT 
              REFRIGERATORS AND FREEZERS.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to other credits) is 
amended by adding at the end the following new section:

``SEC. 30D. ENERGY STAR COMPLIANT REFRIGERATORS AND FREEZERS.

    ``(a) Allowance of Credit.--There shall be allowed as a credit 
against the tax imposed by this chapter for the taxable year an amount 
equal to 25 percent of the cost of any Energy Star compliant 
refrigerator or freezer placed in service by the taxpayer during the 
taxable year.
    ``(b) Limitation.--The credit allowed by subsection (a) for each 
Energy Star compliant refrigerator or freezer shall not exceed $500.
    ``(c) Energy Star Compliant Refrigerator or Freezer.--For purposes 
of this section, the term `Energy Star compliant refrigerator or 
freezer' means any refrigerator or freezer--
            ``(1) which meets the requirements for the Energy Star 
        program which are in effect at the time the refrigerator or 
        freezer is placed in service by the taxpayer, and
            ``(2) the original use of which begins with the taxpayer.
    ``(d) Application With Other Credits.--
            ``(1) Business credit treated as part of general business 
        credit.--So much of the credit which would be allowed under 
        subsection (a) for any taxable year (determined without regard 
        to this subsection) that is attributable to property of a 
        character subject to an allowance for depreciation shall be 
        treated as a credit listed in section 38(b) for such taxable 
        year (and not allowed under subsection (a)).
            ``(2) Personal credit.--The credit allowed under subsection 
        (a) (after the application of paragraph (1)) for any taxable 
        year shall not exceed the excess (if any) of--
                    ``(A) the regular tax liability (as defined in 
                section 26(b)) reduced by the sum of the credits 
                allowable under subpart A and sections 27, 30, 30B, and 
                30C, over
                    ``(B) the tentative minimum tax for the taxable 
                year.
    ``(e) Other Rules to Apply.--Rules similar to the rules of 
paragraphs (2), (3), (4), and (5) of section 30C(e) shall apply for 
purposes of this section.
    ``(f) Basis Adjustment.--For purposes of this subtitle, the basis 
of any property shall be reduced by the amount of any credit allowed 
under this section with respect to such property.
    ``(g) Termination.--This section shall not apply to property placed 
in service after December 31, 2016.''.
    (b) Conforming Amendments.--
            (1) Subsection (a) of section 1016 of such Code is amended 
        by striking ``and'' at the end of paragraph (36), by striking 
        the period at the end of paragraph (37) and inserting ``, 
        and'', and by adding at the end the following new paragraph:
            ``(38) to the extent provided in section 30D(f).''.
            (2) The table of sections for subpart B of part IV of 
        subchapter A of chapter 1 of such Code is amended by adding at 
        the end the following new item:

``Sec. 30D. Energy Star compliant refrigerators and freezers.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
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