A bill to amend the Internal Revenue Code of 1986 to modify the credit for nonbusiness energy property so that the amount of the credit is determined based on the amount of energy savings achieved by the taxpayer.
Home Energy Savings Incentives Act of 2005 - Amends the Internal Revenue Code to revise the tax credit for nonbusiness energy property enacted by the Energy Policy Act of 2005 to allow an individual taxpayer a credit equal to $10 for each therm of certified natural gas savings and $0.65 for each kilowatt hour of certified electricity savings attributable to energy efficiency improvements made to the taxpayer's principal residence. Limits the amount of such credit to $5,000, less credits received for all prior taxable years.
Requires the Secretary of the Treasury to prescribe the manner and method for making energy savings certifications for purposes of the tax credit.
Terminates the credit after December 31, 2007.
Introduced in Senate
Read twice and referred to the Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line