Page:United States Statutes at Large Volume 124.djvu/3340

 124 STAT. 3314 PUBLIC LAW 111–312—DEC. 17, 2010 (A) by striking ‘‘subsection (b)(3)(D)’’ and inserting ‘‘subsection (b)(3)(F)’’, and (B) by striking ‘‘subsection (b)(2)(D)’’ and inserting ‘‘subsection (b)(2)(F)’’. (3) GROSS RECEIPTS LIMITATION.—Paragraph (3) of section 45M(e) is amended by striking ‘‘2 percent’’ and inserting ‘‘4 percent’’. (e) EFFECTIVE DATES.— (1) IN GENERAL.—The amendments made by subsections (a), (b), and (c) shall apply to appliances produced after December 31, 2010. (2) LIMITATIONS.—The amendments made by subsection (d) shall apply to taxable years beginning after December 31, 2010. SEC. 710. CREDIT FOR NONBUSINESS ENERGY PROPERTY. (a) EXTENSION.—Section 25C(g)(2) is amended by striking ‘‘2010’’ and inserting ‘‘2011’’. (b) RETURN TO PRE-ARRA LIMITATIONS AND STANDARDS.— (1) IN GENERAL.—Subsections (a) and (b) of section 25C are amended to read as follows: ‘‘(a) ALLOWANCE OF CREDIT.—In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of— ‘‘(1) 10 percent of the amount paid or incurred by the taxpayer for qualified energy efficiency improvements installed during such taxable year, and ‘‘(2) the amount of the residential energy property expendi- tures paid or incurred by the taxpayer during such taxable year. ‘‘(b) LIMITATIONS.— ‘‘(1) LIFETIME LIMITATION.—The credit allowed under this section with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of $500 over the aggregate credits allowed under this section with respect to such taxpayer for all prior taxable years ending after December 31, 2005. ‘‘(2) WINDOWS.—In the case of amounts paid or incurred for components described in subsection (c)(2)(B) by any taxpayer for any taxable year, the credit allowed under this section with respect to such amounts for such year shall not exceed the excess (if any) of $200 over the aggregate credits allowed under this section with respect to such amounts for all prior taxable years ending after December 31, 2005. ‘‘(3) LIMITATION ON RESIDENTIAL ENERGY PROPERTY EXPENDITURES.—The amount of the credit allowed under this section by reason of subsection (a)(2) shall not exceed— ‘‘(A) $50 for any advanced main air circulating fan, ‘‘(B) $150 for any qualified natural gas, propane, or oil furnace or hot water boiler, and ‘‘(C) $300 for any item of energy-efficient building prop- erty.’’. (2) MODIFICATION OF STANDARDS.— (A) IN GENERAL.—Paragraph (1) of section 25C(c) is amended by striking ‘‘2000’’ and all that follows through ‘‘this section’’ and inserting ‘‘2009 International Energy Conservation Code, as such Code (including supplements) Applicability. 26 USC 45M note. 26 USC 45M.