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S. 2227 (113th): Water Efficiency Improvement Act of 2014

The text of the bill below is as of Apr 9, 2014 (Introduced).

II

113th CONGRESS

2d Session

S. 2227

IN THE SENATE OF THE UNITED STATES

April 9, 2014

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 provide a credit for property certified by the Environmental Protection Agency under the WaterSense program.

1.

Short title

This Act may be cited as the Water Efficiency Improvement Act of 2014 .

2.

Credit for WaterSense program property

(a)

In general

Subpart B 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 new section:

30E.

WaterSense program property

(a)

Allowance of credit

There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 30 percent of the amounts paid or incurred by the taxpayer during such taxable year for certified WaterSense program property.

(b)

Lifetime limitation

The aggregate amount of the credits allowed under this section with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of $2,000 over the aggregate credits allowed under this section with respect to such taxpayer for all prior taxable years.

(c)

Certified WaterSense program property

For purposes of this section, the term certified WaterSense program property means any plumbing fixture or plumbing fixture fitting—

(1)

which has been—

(A)

tested by an American National Standards Institute accredited third-party certifying body or laboratory in accordance with the Environmental Protection Agency’s WaterSense program (or an analogous successor program),

(B)

certified by such body or laboratory as meeting the performance and efficiency requirements of such program, and

(C)

authorized by such program to use its label, and

(2)

the original use of which commences with the taxpayer.

(d)

Application with other credits

(1)

Business credit treated as part of general business credit

So much of the credit which would be allowed under subsection (a) for any taxable year (determined without regard to this subsection) that is attributable to property of a character subject to an allowance for depreciation shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)).

(2)

Personal credit

For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.

(e)

Special rules

For purposes of this section—

(1)

Aggregation rules

All persons treated as a single employer under subsection (a) or (b) of section 52, or subsection (m) or (o) of section 414, shall be treated as one person.

(2)

Basis reduction

For purposes of this subtitle, the basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit so allowed (determined without regard to subsection (d)).

(3)

No double benefit

The amount of any deduction or other credit allowable under this chapter with respect to any property for which credit is allowable under subsection (a) shall be reduced by the amount of credit allowed under subsection (a) with respect to such property (determined without regard to subsection (d)).

(4)

Property used outside united states not qualified

No credit shall be allowable under subsection (a) with respect to any property referred to in section 50(b)(1).

(f)

Termination

This section shall not apply to any property placed in service after December 31, 2015.

.

(b)

Conforming amendments

(1)

Section 1016(a) of such Code is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , and, and by adding at the end the following new paragraph:

(38)

to the extent provided in section 30E(e)(2).

.

(2)

The table of sections for subpart B of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item:

Sec. 30E. WaterSense program property.

.

(c)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.