Amends the Internal Revenue Code to allow an amortization deduction for qualified solar heating and cooling equipment placed in service for nonresidential structures. Specifies that the period of amortization shall be 60 months. Provides that the amount of the monthly deduction shall be equal to the adjusted basis of the equipment at the end of the month, divided by the number of months remaining in the period. States that this deduction shall be in lieu of the depreciation deduction for such equipment.
Makes solar heating and cooling equipment eligible for the investment credit allowed under the Internal Revenue Code.
Limits both these provisions to installations of equipment within five years of the enactment of this Act.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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