H.R. 3107 (110th): Renewable Energy Tax Parity Act of 2007

110th Congress, 2007–2009. Text as of Jul 19, 2007 (Introduced).

Status & Summary | PDF | Source: GPO

I

110th CONGRESS

1st Session

H. R. 3107

IN THE HOUSE OF REPRESENTATIVES

July 19, 2007

(for himself, Mr. Kind, Mr. Welch of Vermont, Ms. Shea-Porter, Mr. Blumenauer, and Mr. McGovern) 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 credit for residential biomass fuel property expenditures.

1.

Short title

This Act may be cited as the Renewable Energy Tax Parity Act of 2007.

2.

Credit for biomass fuel property expenditures

(a)

Allowance of credit

Subsection (a) of section 25D of the Internal Revenue Code of 1986 (relating to allowance of credit), is amended—

(1)

by striking and at the end of paragraph (2),

(2)

by striking the period at the end of paragraph (3) and inserting , and, and

(3)

by adding at the end the following new paragraph:

(4)

30 percent of the qualified biomass fuel property expenditures made by the taxpayer during such year.

.

(b)

Maximum credit

Paragraph (1) of section 25D(b) of such Code (relating to maximum credit) is amended—

(1)

by striking and at the end of subparagraph (B),

(2)

by striking the period at the end of subparagraph (C) and inserting , and, and

(3)

by adding at the end the following new subparagraph:

(D)

$2,000 with respect to any qualified biomass fuel property expenditures.

.

(c)

Maximum expenditures

Subparagraph (A) of section 25D(e)(4) of such Code (relating to maximum expenditures in case of joint occupancy) is amended—

(1)

by striking and at the end of clause (ii),

(2)

by striking the period at the end of clause (iii) and inserting , and, and

(3)

by adding at the end the following new clause:

(iv)

$6,667 in the case of any qualified biomass fuel property expenditures.

.

(d)

Qualified biomass fuel property expenditures

Subsection (d) of section 25D of such Code (relating to definitions) is amended by adding at the end the following new paragraph:

(4)

Qualified biomass fuel property expenditure

(A)

In general

The term qualified biomass fuel property expenditure means an expenditure for property—

(i)

which uses the burning of biomass fuel to heat a dwelling unit located in the United States and used as a residence by the taxpayer, or to heat water for use in such a dwelling unit, and

(ii)

which has a thermal efficiency rating of at least 75 percent.

(B)

Biomass fuel

For purposes of this section, the term biomass fuel means any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.

.

(e)

Effective date

The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2007.