Page:United States Statutes at Large Volume 92 Part 3.djvu/543

 PUBLIC LAW 95-618—NOV. 9, 1978

92 STAT. 3175

TITLE IV—MISCELLANEOUS PROVISIONS Sec. 401. Treatment of intangible drilling costs for purposes of the minimum tax. Sec. 402. Option to deduct intangible drilling costs in the case of geothermal deposits. Sec. 403. Depletion for geothermal deposits and natural gas from geopressurized brine. Sec. 404. Rerefined lubricating oil.

TITLE I—RESIDENTIAL ENERGY CREDIT SEC. 101. RESIDENTIAL ENERGY CREDIT. (a) GENERAL RULE. — Subpart A of part IV of subchapter A of

,

chapter 1 (relating to credits allowable) is amended by inserting after section 44B the following new section: "SEC. 44C. RESIDENTIAL ENERGY CREDIT. " (a) GENERAL RULE. — I n the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year a n amount equal to the sum of— " (1) the qualified energy conservation expenditures, plus " (2) the qualified renewable energy source expenditures.

' 26 USC 44C.

" (b) QUALIFIED EXPENDITURES. — For purposes of subsection (a)—• " (1) ENERGY CONSERVATION.—In the case of any dwelling u n i t,

the qualified energy conservation expenditures are 15 percent of so much of the energy conservation expenditures made by the taxpayer during the taxable year with respect to such unit as does not exceed $2,000. " (2) RENEWABLE ENERGY SOURCE.—In the case of any dwelling

unit, the qualified renewable energy source expenditures are the following percentages of the renewable energy source expenditures made by the taxpayer during the taxable year with respect to such u n i t: " (A) 30 percent of so much of such expenditures as does not exceed $2,000, plus " (B) 20 percent of so much of such expenditures as exceeds $2,000 but does not exceed $10,000. "(3)

PRIOR EXPENDITURES BY TAXPAYER ON SAME RESIDENCE

TAKEN INTO ACCOUNT.—If for any prior year a credit was allowed to the taxpayer under this section with respect to any dwelling unit by reason of e n e r ^ conservation expenditures or renewable energy source expenditures, paragraph (1) or (2) (whichever is appropriate) shall be applied for the taxable year with respect to such dwelling unit by reducing each dollar amount contained in such paragraph by the prior year expenditures taken into account under such paragraph. " (4) MINIMUM DOLLAR AMOUNT.—No credit shall be allowed

under this section with respect to any return for any taxable year if the amount which would ( b u t for this paragraph) be allowed with respect to such r e t u r n is less than $10. " (5) APPLICATION W I T H OTHER CREDITS.—The credit allowed by

subsection (a) shall not exceed the tax imposed by this chapter for the taxable year, reduced by the sum of the credits allowable under a section of this subpart h a v i n g a lower number or letter designation than this section, other than credits allowable by sections 31,39, and 43.

26 USC 31, 39, 43.

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