Summary

To amend the Internal Revenue Code of 1986 to modify and extend the credit for nonbusiness energy property. Read More

Status

This bill was introduced on Sep 13, 2012, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to modify and extend the credit for nonbusiness energy property.

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 ``Home Energy Savings Act of 2012''.

SEC. 2. MODIFICATION AND EXTENSION OF CREDIT FOR NONBUSINESS ENERGY PROPERTY.

(a) Credit Made Permanent.--Section 25C of the Internal Revenue Code of 1986 is amended by striking subsection (g). (b) Modification to Limitations.--Subsection (b) of section 25C of the Internal Revenue Code of 1986 is amended-- (1) by striking ``$500'' in paragraph (1) and inserting ``$1,000'', and (2) by striking paragraph (2) and redesignating paragraph (3) as paragraph (2). (c) Labor Costs Included in Credit.--Paragraph (1) of section 25C(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following flush sentence: ``Such term includes expenditures for labor costs properly allocable to the onsite preparation, assembly, or original installation of the component.''. (d) Roofs.--Section 25C(c) of the Internal Revenue Code of 1986 is amended-- (1) in paragraph (1), by striking ``a metal roof with appropriate pigmented coatings, or an asphalt roof with appropriate cooling granules,'' and inserting ``or a roofing product'', and (2) in paragraph (2)(D), by striking ``any metal roof or asphalt roof installed on a dwelling unit, but only if such roof has appropriate pigmented coatings or cooling granules which are'' and inserting ``any roofing product installed on...

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