Home Heating Fuels Cost Relief Act of 2008 - Amends the Internal Revenue Code to allow an income-based refundable tax credit for up to $1,000 ($2,000 in the case of a joint return) of the cost of heating oil, natural gas, and propane to heat a principal residence. Terminates such credit after 2009.
Directs the Secretary of the Treasury to make grants to states to create revolving loan funds for home weatherization loans.
[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6605 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 6605
To amend the Internal Revenue Code to provide for a refundable tax
credit for heating fuels and to create a grant program for States to
provide individuals with loans to weatherize their homes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 24, 2008
Mr. Allen (for himself, Mrs. McCarthy of New York, Mr. Michaud, Mr.
Delahunt, Mr. Bishop of New York, Mr. Carnahan, Mr. Blumenauer, Mr.
Kildee, and Mr. McGovern) introduced the following bill; which was
referred to the Committee on Ways and Means, and in addition to the
Committee on Energy and Commerce, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code to provide for a refundable tax
credit for heating fuels and to create a grant program for States to
provide individuals with loans to weatherize their homes.
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 Heating Fuels Cost Relief Act
of 2008''.
SEC. 2. REFUNDABLE CREDIT FOR CERTAIN INDIVIDUALS USING HOME HEATING
FUELS.
(a) In General.--Subpart C of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to refundable credits)
is amended by redesignating section 36 as section 37 and by inserting
after section 35 the following new section:
``SEC. 36. USE OF HOME HEATING FUELS IN HOMES.
``(a) Allowance of Credit.--In the case of an eligible individual,
there shall be allowed to the taxpayer as a credit against the tax
imposed by this chapter for the taxable year an amount equal to amounts
paid or incurred by the taxpayer during the taxable year for heating
oil, natural gas, and propane to heat the principal place of abode of
the taxpayer.
``(b) Limitations.--
``(1) Limitation based on dollar amount.--The amount
allowed as a credit under subsection (a) for a taxable year
shall not exceed $1,000 ($2,000 in the case of a joint return).
``(2) Limitation based on adjusted gross income.--No amount
shall be allowed as a credit under subsection (a) for a taxable
year in the case of a taxpayer whose adjusted gross income
exceeds $100,000 ($200,000 in the case of a joint return).
``(c) Eligible Individual.--
``(1) In general.--For purposes of this section, the term
`eligible individual' means any individual whose principal
place of abode is in the United States.
``(2) Exception.--Except as provided in paragraph (3), such
term shall not include any individual--
``(A) who is not a citizen or lawful permanent
resident of the United States, or
``(B) with respect to whom a deduction under
section 151 is allowed to another taxpayer for a
taxable year beginning in the calendar year in which
such individual's taxable year begins.
``(3) Special rule for married individuals.--In the case of
persons married to each other, if one spouse is an eligible
individual, the other spouse shall be treated as an eligible
individual for purposes of this subsection.
``(d) Denial of Double Benefit.--For purposes of this section, no
credit shall be allowed under subsection (a) for any expense for which
a deduction or credit is allowed under any other provision of this
chapter.
``(e) Termination.--This section shall not apply to any taxable
year beginning after December 31, 2009.''.
(b) Conforming Amendment.--Paragraph (2) of section 1324(b) of
title 31, United States Code, is amended by inserting ``36,'' after
``35,''.
(c) Clerical Amendment.--The table of sections for subpart C of
part IV of subchapter A of chapter 1 of the Internal Revenue Code of
1986 is amended by striking the item relating to section 36 and
inserting the following new items:
``Sec. 36. Use of home heating fuels in homes.
``Sec. 37. Overpayments of tax.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2007.
SEC. 3. GRANTS TO STATES TO CREATE HOME WEATHERIZATION LOAN PROGRAMS.
(a) In General.--The Secretary shall carry out a program to make
grants to States in accordance with this section to create revolving
loan funds to provide eligible individuals with loans to purchase
weatherization materials for the purpose of weatherizing the principal
place of abode of the individual.
(b) Establishment of Fund.--To be eligible to receive a grant under
this section, a State shall establish a weatherization revolving loan
fund (referred to in this section as the ``State loan fund'') and
comply with the other requirements of this section. Each grant to a
State under this section shall be deposited in the State loan fund
established by the State.
(c) Applications.--
(1) In general.--The Secretary shall issue requirements for
applying for grants under this section.
(2) Determination of grant amounts.--In determining the
amount of the grant awarded to a State, the Secretary shall
consider--
(A) the incidence of extreme winter or summer
temperatures within the State;
(B) the average age of homes within the State; and
(C) such other factors as the Secretary determines
are appropriate.
(d) Program Requirements.--
(1) Use of funds.--
(A) In general.--Amounts deposited in a State loan
fund, including loan repayments and interest earned on
such amounts, shall be used only for providing loans to
eligible individuals to purchase weatherization
materials for the purpose of weatherizing the principal
place of abode of the individual.
(B) Loan amount limitations.--
(i) Individuals.--Subject to clause (ii),
the total amount of all loans made from the
State loan fund to an eligible individual
during a calendar year may not exceed $5,000.
(ii) Dwelling.--The combined amount of all
loans made from the State loan fund to eligible
individuals living within a single dwelling
during a calendar year may not exceed $10,000.
(C) Income limitation and interest rates.--
(i) For an eligible individual with
adjusted gross income for the previous taxable
year of $100,000 or less, the annual interest
rate for each loan shall be 1 percent.
(ii) For an eligible individual with
adjusted gross income for the previous taxable
year of more than $100,000 but no more than
$200,000, the annual interest rate for each
loan shall be 2 percent.
(iii) An eligible individual making more
than $200,000 is not eligible for a loan made
from the State loan fund.
(D) Loan repayment.--In order to receive a loan
from a State loan fund, an eligible individual must
enter into an agreement with the State to repay the
full amount of the loan, plus interest, not more than 2
years after the date on which the individual receives
the loan funds.
(2) Annual report.--Each State receiving a grant under this
section shall submit an annual report to the Secretary
detailing the use of funds from the State loan fund.
(e) Report to Congress.--The Secretary shall submit an annual
report to the Congress detailing the distribution of grant funds,
including a copy of each report submitted to the Secretary pursuant to
subsection (d)(2).
(f) Definitions.--For purposes of this section:
(1) Eligible individual.--The term ``eligible individual''
means an individual--
(A) whose principal place of abode is in the United
States;
(B) who is a citizen or lawful permanent resident
of the United States; and
(C) with respect to whom a deduction under section
151 is not allowed to another taxpayer for a taxable
year beginning in the calendar year in which such
individual's taxable year begins.
(2) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(3) Weatherization materials.--The term ``weatherization
materials'' means--
(A) caulking and weatherstripping of doors and
windows;
(B) furnace efficiency modifications, including,
but not limited to--
(i) replacement burners, furnaces, or
boilers or any combination thereof;
(ii) devices for minimizing energy loss
through heating system, chimney, or venting
devices; and
(iii) electrical or mechanical furnace
ignition systems which replace standing gas
pilot lights;
(C) clock thermostats;
(D) ceiling, attic, wall, floor, and duct
insulation;
(E) water heater insulation;
(F) storm windows and doors, multiglazed windows
and doors, heat-absorbing or heat-reflective window and
door materials;
(G) cooling efficiency modifications, including,
but not limited to, replacement air-conditioners,
ventilation equipment, screening, window films, and
shading devices;
(H) solar thermal water heaters;
(I) wood-heating appliances; and
(J) such other insulating or energy conserving
devices or technologies as the Secretary may determine,
after consulting with the Secretary of Housing and
Urban Development, the Secretary of Agriculture, and
the Director of the Community Services Administration.
(g) Authorization of Appropriations.--There are authorized to be
appropriated to the Secretary such sums as may be necessary to carry
out this section.
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Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Energy and Air Quality.
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