Corrosive Drywall Remediation Act

Corrosive Drywall Remediation Act

This bill amends the Internal Revenue Code to allow an individual taxpayer a tax credit for the cost of repairing damage to a personal residence or household appliance due to corrosive drywall.

The bill amends the Housing and Community Development Act of 1974 to allow community development grants under such Act to pay for activities necessary to remove or remedy the use of corrosive drywall installed in housing during construction or rehabilitation that occurred between 2001 and 2009.

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3545 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3545

  To amend the Internal Revenue Code of 1986 to provide a credit for 
 replacement costs associated with certain imported corrosive drywall, 
and to amend the Housing and Community Development Act of 1974 to allow 
use of community development block grant amounts for repairs to housing 
   constructed using such corrosive drywall, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 17, 2015

  Mr. Jolly introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committee on 
 Financial Services, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide a credit for 
 replacement costs associated with certain imported corrosive drywall, 
and to amend the Housing and Community Development Act of 1974 to allow 
use of community development block grant amounts for repairs to housing 
   constructed using such corrosive drywall, and for other purposes.

    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 ``Corrosive Drywall Remediation Act''.

SEC. 2. CREDIT FOR REPLACING CORROSIVE DRYWALL.

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

``SEC. 25E. CORROSIVE DRYWALL REPLACEMENT.

    ``(a) Allowance of Credit.--In the case of an individual, there 
shall be allowed as a credit against the tax imposed by this chapter 
for the taxable year an amount equal to the qualified drywall 
replacement expenditures the taxable year.
    ``(b) Qualified Drywall Replacement Expenditures.--For purposes of 
this section, the term `qualified drywall replacement expenditures' 
means amounts paid during the taxable year to repair damage to the 
taxpayer's personal residence or household appliance and for which a 
deduction would, but for subsection (c), be allowable under section 165 
by reason of section 4 of Revenue Procedure 2010-36.
    ``(c) Denial of Double Benefit.--No credit shall be allowed under 
subsection (a) for any expenditure for which a deduction or credit is 
allowed under any other provision of this chapter.''.
    (b) Clerical Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end the following:

``Sec. 25E. Corrosive drywall replacement.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid before, on, or after the date of the enactment of 
this Act.
    (d) Waiver of Limitation for Credits and Refunds Attributable to 
This Act.--If a credit or refund of any overpayment of tax resulting 
from the application of the amendment made by subsection (a) to a 
period before the date of enactment of this Act is prevented as of such 
date by the operation of any law or rule of law (including res 
judicata), such credit or refund may nevertheless be allowed or made if 
the claim therefor is filed before the close of the 1-year period 
beginning on the date of the enactment of this Act.

SEC. 3. USE OF COMMUNITY DEVELOPMENT BLOCK GRANTS FOR REMEDYING 
              CORROSIVE DRYWALL.

    Section 105(a) of the Housing and Community Development Act of 1974 
(42 U.S.C. 5305(a)) is amended--
            (1) in paragraph (24)(D), by striking ``and'' at the end;
            (2) in paragraph (25), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(26) activities necessary to remove or remedy the use of 
        corrosive drywall installed in housing (including single-family 
        and multifamily housing) during construction or rehabilitation 
        that occurred during the period from 2001 through 2009; and for 
        purposes of this paragraph, the term `corrosive drywall' means 
        drywall that is identified as problem drywall under the two-
        step identification method published by the Consumer Product 
        Safety Commission and the Department of Housing and Urban 
        Development in their interim guidance dated January 28, 
        2010.''.
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