Summary

1/4/2013--Introduced.Mechanical Insulation Installation Incentive Act of 2013 - Amends the Internal Revenue Code to allow an additional tax deduction for the cost of installing mechanical insulation property. Limits... Read More

Status

This bill was introduced on Jan 4, 2013, in a previous session of Congress, but was not passed.

Date Introduced
Jan 4, 2013

Co-Sponsors

d-46
r-15

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to provide a tax incentive for the installation and maintenance of mechanical insulation 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 ``Mechanical Insulation Installation Incentive Act of 2013''.

SEC. 2. EXPENSING OF MECHANICAL INSULATION PROPERTY.

(a) In General.--Part VI of subchapter B of chapter 1 of subtitle A of the Internal Revenue Code of 1986 (relating to itemized deductions for individuals and corporations) is amended by inserting after section 179E the following new section:

``SEC. 179F. MECHANICAL INSULATION PROPERTY.

``(a) Treatment as Expenses.--In addition to any other deduction in this subtitle, there shall be allowed as a deduction an amount equal to the applicable percentage of the cost of mechanical insulation property placed in service during the taxable year. ``(b) Applicable Percentage.--For purposes of subsection (a)-- ``(1) In general.--The term `applicable percentage' means the lesser of-- ``(A) 30 percent, and ``(B) the reduction in energy loss (expressed as a percentage) from the installed mechanical insulation property compared to reference mechanical insulation property which meets the minimum requirements of ASHRAE standard 90.1-2007. ``(2) Special rule relating to maintenance.--In the case of mechanical insulation property placed in service as a replacement for insulation property-- ``(A) paragraph (1)(B) shall not apply, and ``(B) the cost of such property shall be treated as an expense for which a deduction is allowed under section...

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22% 78%

State: CA

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Bill Summary

1/4/2013--Introduced.Mechanical Insulation Installation Incentive Act of 2013 - Amends the Internal Revenue Code to allow an additional tax deduction for the cost of installing mechanical insulation property. Limits the amount of such deduction to the lesser of 30% or the reduction in energy loss from the installed mechanical insulation property compared to property that meets the minimum requirements of American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) standard 90.1-2007. Allows the cost of replacing mechanical insulation property to be treated as a deductible business expense in the current taxable year. Defines "mechanical insulation property" as insulation materials, facings, and accessory products: (1) placed in service in connection with a mechanical system which is located in the United States and of a character subject to an allowance for depreciation; and (2) utilized for thermal, acoustical, and personnel safety requirements for mechanical piping and equipment, hot and cold applications, and heating, venting and air conditioning applications which can be used in a variety of facilities. Allows a tax deduction for capital expenditures related to mechanical insulation property.

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