A bill to amend the Internal Revenue Code of 1954 to encourage energy efficiency improvements of commercial and residential property.

Amends the Internal Revenue Code to qualify for the investment tax credit any specially defined energy property installed in connection with any building which is depreciable residential real property. Revises the definition of "specially defined energy property," for purposes of such credit, to: (1) include specified additional equipment and devices; and (2) include among uses qualifying such property for the credit any building or facility at least 50 percent of which was constructed before or any process or activity carried on as of January 1, 1981.

Increase the energy percentage, for purposes of the credit, in the case of specially defined energy property and provides a further increase in the case of property installed in connection with residential buildings which is qualified for the credit under this Act.