Generating Energy Using Small Turbines Act of 2008 or the GUST Act - Amends the Internal Revenue Code to allow a residential energy efficiency tax credit for 30% of qualified small wind energy property expenditures. Defines "qualified small wind energy property expenditure" as an expenditure for property which uses a wind turbine to generate electricity for use in a principal residence located in the United States.
[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6736 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 6736
To amend the Internal Revenue Code of 1986 to provide a tax credit for
the installation of residential wind systems.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 31, 2008
Mr. Hoekstra 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 provide a tax credit for
the installation of residential wind systems.
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 ``Generating Energy Using Small
Turbines Act of 2008'' or the ``GUST Act''.
SEC. 2. CREDIT FOR RESIDENTIAL WIND PROPERTY.
(a) In General.--Section 25D(a) of the Internal Revenue Code of
1986 is amended by striking ``and'' at the end of paragraph (2), by
striking the period at the end of paragraph (3) and inserting ``,
and'', and by adding at the end the following new paragraph:
``(4) 30 percent of the qualified small wind energy
property expenditures made by the taxpayer during such year.''.
(b) Limitation.--Section 25D(b)(1) of such Code is amended by
striking ``and'' at the end of subparagraph (B), by striking the period
at the end of subparagraph (C) and inserting ``, and'', and by adding
at the end the following new subparagraph:
``(D) $500 with respect to each half kilowatt of
capacity (not to exceed $4,000) of wind turbines for
which qualified small wind energy property expenditures
are made.''.
(c) Qualified Small Wind Energy Property Expenditures.--
(1) In general.--Section 25D(d) of such Code is amended by
adding at the end the following new paragraph:
``(4) Qualified small wind energy property expenditure.--
The term `qualified small wind energy property expenditure'
means an expenditure for property which uses a wind turbine to
generate electricity for use in connection with a dwelling unit
located in the United States and used as a residence by the
taxpayer.''.
(2) No double benefit.--Section 45(d)(1) of such Code is
amended by adding at the end the following new sentence: ``Such
term shall not include any facility with respect to which any
qualified small wind energy property expenditure (as defined in
subsection (d)(4) of section 25D) is taken into account in
determining the credit under such section.''.
(3) Maximum expenditures in case of joint occupancy.--
Section 25D(e)(4)(A) of such Code is amended by striking
``and'' at the end of clause (ii), by striking the period at
the end of clause (iii) and inserting ``, and'', and by adding
at the end the following new clause:
``(iv) $1,667 in the case of each half
kilowatt of capacity (not to exceed $13,333) of
wind turbines for which qualified small wind
energy property expenditures are made.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2007.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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