Energy Efficient Heat Pump Tax Parity Act of 2010

Energy Efficient Heat Pump Tax Parity Act of 2010 - Amends the Internal Revenue Code to: (1) allow, for periods ending before January 1, 2017, an energy tax credit for investment in equipment that uses natural gas to heat and cool a structure; and (2) allow a residential energy efficient property tax credit for 30% of the qualified natural gas heat pump property expenditures for a taxpayer's residence. Defines "qualified natural gas heat pump property" as equipment that uses natural gas as an energy source to heat and cool a dwelling unit and that has a specified heating and cooling performance measure.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5518 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5518

    To amend the Internal Revenue Code of 1986 to allow the energy 
 investment tax credit and the credit for residential energy efficient 
            property with respect to natural gas heat pumps.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 10, 2010

    Ms. Titus (for herself, Mr. Heller, Mr. Franks of Arizona, Ms. 
  Giffords, and Ms. Berkley) 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 the energy 
 investment tax credit and the credit for residential energy efficient 
            property with respect to natural gas heat pumps.

    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 Heat Pump Tax 
Parity Act of 2010''.

SEC. 2. ENERGY CREDIT FOR NATURAL GAS HEAT PUMPS.

    (a) In General.--Subparagraph (A) of section 48(a)(3) of the 
Internal Revenue Code of 1986 is amended by striking ``or'' at the end 
of clause (vi), by inserting ``or'' at the end of clause (vii), and by 
adding at the end the following new clause:
                            ``(viii) equipment which uses natural gas 
                        to heat and cool a structure, but only with 
                        respect to periods ending before January 1, 
                        2017,''.
    (b) Effective Date.--The amendments made by this section shall 
apply to periods after the date of the enactment of this Act, in 
taxable years ending after such date, under rules similar to the rules 
of section 48(m) of the Internal Revenue Code of 1986 (as in effect on 
the day before the date of the enactment of the Revenue Reconciliation 
Act of 1990).

SEC. 3. CREDIT FOR RESIDENTIAL ENERGY EFFICIENT PROPERTY.

    (a) In General.--Subsection (a) of section 25D of the Internal 
Revenue Code of 1986 is amended by striking ``and'' at the end of 
paragraph (4), by striking the period at the end of paragraph (5) and 
inserting ``, and'', and by adding at the end the following new 
paragraph:
            ``(6) 30 percent of the qualified natural gas heat pump 
        property expenditures made by the taxpayer during such year.''.
    (b) Qualified Natural Gas Heat Pump Property Expenditures.--
Subsection (d) of section 25D of such Code is amended by adding at the 
end the following new paragraph:
            ``(5) Qualified natural gas heat pump property 
        expenditures.--
                    ``(A) In general.--The term `qualified natural gas 
                heat pump property expenditure' means an expenditure 
                for qualified natural gas heat pump property installed 
                on or in connection with a dwelling unit located in the 
                United States and used as a residence by the taxpayer.
                    ``(B) Qualified natural gas heat pump property.--
                The term `qualified natural gas heat pump property' 
                means any equipment which--
                            ``(i) uses natural gas as an energy source 
                        to heat and cool a dwelling unit referred to in 
                        subparagraph (A), and
                            ``(ii) has a coefficient of performance in 
                        heating of at least 1.4 at 47 degrees 
                        Fahrenheit and a coefficient of performance in 
                        cooling of at least 1.2 at 95 degrees 
                        Fahrenheit.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2010.
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