Page:United States Statutes at Large Volume 94 Part 1.djvu/309

 PUBLIC LAW 96-223—APR. 2, 1980

94 STAT. 259

(1) IN GENERAL.—Section 44C(c) (relating to definitions and 26 USC 44C. special rules) is amended by adding at the end thereof the following new paragraph: "(10) PROPERTY FINANCED BY SUBSIDIZED ENERGY FINANCING.— "(A) REDUCTION OF QUALIFIED EXPENDITURES.—For pur-

poses of determining the amount of energy conservation or renewable energy source expenditures made by any individual with respect to any dwelling unit, there shall not be taken into account expenditures which are made from subsidized energy financing. "(B) DOLLAR LIMITS REDUCED.—Paragraph (1) or (2) of

subsection (b) (whichever is appropriate) shall be applied with respect to such dwelling unit for any taxable year of such taxpayer by reducing each dollar amount contained in such paragraph (reduced as provided in subsection (b)(3)) by an amount equal to the sum of— "(i) the amount of the expenditures which were made by the taxpayer during such taxable year or any prior taxable year with respect to such dwelling unit and which were not taken into account by reason of subparagraph (A), and "(ii) the amount of any Federal, State, or local grant received by the taxpayer during such taxable year or any prior taxable year which was used to make energy conservation or renewable energy source expenditures with respect to the dwelling unit and which was not included in the gross income of such taxpayer. "(C) SUBSIDIZED ENERGY FINANCING.—For purposes of subparagraph (A), the term 'subsidized energy financing' means financing provided under a Federal, State, or local program a principal purpose of which is to provide subsidized financing for projects designed to conserve or produce energy." O> RETURN REQUIREMENT.— t)

(1) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 (relating to information returns) is amended by adding at the end thereof the following new section: "SEC. 6050D. RETURNS RELATING TO ENERGY GRANTS AND FINANCING.

26 USC 6050D.

"(a) IN GENERAL.—Every person who administers a Federal, State, or local program a principal purpose of which is to provide subsidized financing or grants for projects to conserve or produce energy shall, to the extent required under regulations prescribed by the Secretary, make a return setting forth the name and address of each taxpayer receiving financing or a grant under such program and the aggregate amount so received by such individual. "(b) DEFINITION OF PERSON.—For purposes of this section, the term 'person' means the officer or employee having control of the program, or the person appropriately designated for purposes of this section." (2) CONFORMING AMENDMENT.—The table of sections for such subpart B is amended by adding at the end thereof the following new item: "Sec. 6050D. Returns relating to energy grants and financing." (c) EFFECTIVE DATE.—The amendments made by this section shall

apply to taxable years beginning after December 31, 1980, but only with respect to financing or grants made after such date.

26 USC 44C note,

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