Next Generation Homes Act of 2008 - Amends the Internal Revenue Code to: (1) increase the dollar limits on the new energy efficient home tax credit and revise the energy savings requirements for such credit; and (2) allow a new tax deduction for the purchase of an energy efficient principal residence.
[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 5597 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 5597
To amend the Internal Revenue Code of 1986 to modify the new energy
efficient home credit and to provide a credit against tax for the
purchase of certain energy efficient homes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 12, 2008
Ms. Bean 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 modify the new energy
efficient home credit and to provide a credit against tax for the
purchase of certain energy efficient homes.
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 ``Next Generation Homes Act of 2008''.
SEC. 2. MODIFICATION OF NEW ENERGY EFFICIENT HOME CREDIT.
(a) In General.--
(1) Modification of credit amount.--Paragraph (2) of
section 45L(a) of the Internal Revenue Code of 1986 (relating
to applicable amount) is amended to read as follows:
``(2) Applicable amount.--For purposes of paragraph (1),
the applicable amount is an amount equal to--
``(A) in the case of an Energy Star Home, $700,
``(B) in the case of an Energy Plus Home, $2,000,
``(C) in the case of an Energy Saver Home, $5,000,
and
``(D) in the case of Zero Energy Home, $10,000.''.
(2) Modification of energy saving requirement.--Subsection
(c) of section 45L of such Code is amended to read as follows:
``(c) Energy Savings Requirements.--
``(1) In general.--A dwelling unit meets the energy savings
requirements of this subsection if such unit is described in
paragraph (2).
``(2) Applicable dwelling units.--For purposes of this
section--
``(A) Energy star home.--The term `Energy Star
Home' means a dwelling unit which meets the
requirements established by the Administrator of the
Environmental Agency under the Energy Star Labeled
Homes program.
``(B) Energy plus home.--The term `Energy Plus
Home' means a dwelling unit which is certified under
the most recent Mortgage Industry National Home Energy
Rating Systems Standards as having a relative energy
use index value of more than 50, but not more than 70.
``(C) Energy saver home.--The term `Energy Saver
Home' means a dwelling unit which meets the
requirements of subparagraph (B) applied by
substituting `0' for `50' and `50' for `70'.
``(D) Zero energy home.--The term `Zero Energy
Home' means a dwelling unit which meets the
requirements of subparagraph (B) applied by
substituting `0' for `more than 50, but not more than
70'.''.
(3) Modification of termination.--Subsection (g) of section
45L of such Code (relating to termination) is amended to read
as follows:
``(g) Termination.--This section shall not apply to any qualified
new energy efficient home acquired after--
``(1) in the case of an Energy Star Home, December 31,
2011,
``(2) in the case of a Energy Star Home, December 31, 2013,
``(3) in the case of a Energy Plus Home, December 31, 2015,
and
``(4) in the case of a Zero Energy Home, December 31,
2018.''.
(b) Effective Date.--The amendments made by this section shall
apply to new energy efficient homes acquired after December 31, 2008.
SEC. 3. ENERGY EFFICIENT HOME PURCHASE.
(a) In General.--Part VII of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating additional itemized deductions
for individuals) is amended by redesignating section 224 as section 225
and by inserting after section 223 the following new section:
``SEC. 224. ENERGY EFFICIENT HOME PURCHASE DEDUCTION.
``(a) In General.--There shall be allowed as a deduction for the
taxable year an amount equal to the difference of--
``(1) the amount paid or incurred by the taxpayer for the
taxable year in acquiring or constructing an energy efficient
dwelling unit, over
``(2) the acquisition or construction cost, as the case may
be, of a comparable dwelling unit.
``(b) Definitions and Special Rules.--For purposes of this
section--
``(1) Energy efficient dwelling unit.--The term `energy
efficient dwelling unit' means any dwelling unit described in
section 45L(c)(2) which is used as the principal residence
(within the meaning of section 121) of the taxpayer during the
taxable year.
``(2) Cost of a comparable dwelling unit.--The Secretary
shall by regulation prescribe such methods for determining the
acquisition or construction cost of a comparable dwelling unit
as are necessary to carry out the purposes of this section.
``(3) Recapture.--The Secretary shall by regulation provide
for such recapture of the benefit of any deduction allowed
under subsection (a) as may be necessary to prevent abuse of
this section. Such rules shall provide exceptions to such
recapture as may be appropriate, including (if applicable) in
the case of a sale or exchange by reason of a change in place
of employment, health, or, to the extend provided in
regulations, unforseen circumstances.''.
(b) Clerical Amendment.--The table of sections for part VII of
subchapter B of chapter 1 of such Code is amended by striking the item
relating to section 224 and inserting the following new items:
``Sec. 224. Energy efficient home purchase deduction.
``Sec. 225. Cross reference.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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