Energy Conservation Tax Incentive Act of 1980

Energy Conservation Tax Incentive Act of 1980 - Title I: Residential Energy Credit - Amends the Internal Revenue Code to eliminate the requirement that limits tax credits for energy conservation expenditures to expenditures made with respect to the taxpayer's principal residence. Extends the residential energy credit to landlords. Permits the allocation of the energy credit among joint owners.

Increases the residential energy credit for conservation expenditures to 30 percent of such expenditures up to a maximum of $4,000. Allows a residential energy credit for: (1) a heat pump which replaces an electric resistance space or water heating system or is used as a back-up system for a solar hot water heater; (2) an airtight woodburning stove; (3) a replacement oil or gas furnace or boiler which meets specified energy efficiency standards; (4) a replacement coal furnace or boiler which is part of a central heating system; (5) an evaporative cooling device; and (6) a replacement item which is at least 15 percent more efficient than the item it replaces.

Increases the residential energy credit for renewable energy sources expenditures (solar and wind energy) to 50 percent of such expenditures up to a maximum of $10,000. Qualifies expenditures for the drilling of an onsite well drilled for any geothermal deposit for the residential energy credit, but disallows an income tax deduction for such expenditures if the credit is taken.

Title II: Business Energy Credit - Amends the Internal Revenue Code to increase the energy percentage for the investment tax credit to 20 percent during the period beginning on January 1, 1980, and ending on December 31, 1982. Allows investment tax credit treatment for waste heat recovery equipment and energy replacement property which is at least ten percent more efficient that the property which it replaces.

Title III: Credit for Energy Audits, Etc. - Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to the sum of the energy audit credit, the energy monitoring credit, and the alcohol fuel conversion credit. Defines "energy audit credit" as 75 percent of the amount paid to a licensed engineer for an assessment of the energy efficiency of a building. Defines "energy monitoring credit" as 50 percent of the amount paid to a licensed engineer for monitoring energy saving devices installed in a building. Defines "alcohol fuels conversion credit" as the amount paid to convert a motor vehicle to the use of alcohol as its sole fuel, but not in excess of $500.