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S. 1207 (110th): Giving Reductions to Energy Efficient New Buildings Act

The text of the bill below is as of Apr 25, 2007 (Introduced).


II

110th CONGRESS

1st Session

S. 1207

IN THE SENATE OF THE UNITED STATES

April 25, 2007

introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to increase and extend the energy efficient commercial buildings deduction.

1.

Short title

This Act may be cited as the Giving Reductions to Energy Efficient New Buildings Act or the GREEN Buildings Act.

2.

Increase and extension of energy efficient commercial buildings deduction

(a)

Increase in amount of deduction

Section 179D of the Internal Revenue Code of 1986 (relating to energy efficient commercial buildings deduction) is amended—

(1)

in subsection (b)(1)(A) by striking $1.80 and inserting $2.25, and

(2)

in subsection (d)(1)(A) by striking $.60 for $1.80 and inserting $.75 for $2.25.

(b)

Extension

Section 179D(h) of the Internal Revenue Code of 1986 (relating to termination) is amended by striking December 31, 2008 and inserting December 31, 2013.

(c)

Effective date

The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2006.