To amend the Internal Revenue Code of 1986 to allow a credit against income tax for the purchase and installation of equipment to test for radon and to remove radon from the air and water.

August 2, 2001

Mr. SIMMONS introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to allow a credit against income tax for the purchase and installation of equipment to test for radon and to remove radon from the air and water.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Raid on Radon Tax Credit Act of 2001'.

SEC. 2. CONGRESSIONAL FINDINGS.

The Congress finds that--

(1) the Federal Government has an historic commitment to assisting areas of the Nation in need of help protecting the public health,

(2) radon, an odorless, tasteless gas, has caused over 14,000 deaths per year and exposure to radon is the second leading cause of lung cancer in the United States,

(3) because of the serious public health threat radon produces, it is imperative that individuals and localities test for radon in their homes and drinking water and if discovered, radon should be remediated, and

(4) because radon affects all parts of the Nation and remediation typically costs between $500 and $2,500, it is in the national interest for the Federal Government to promote such testing and remediation measures.

SEC. 3. CREDIT FOR PURCHASE AND INSTALLATION OF EQUIPMENT TO TEST FOR RADON AND TO REMOVE RADON FROM THE AIR AND WATER.

(a) IN GENERAL- Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to refundable credits) is amended by redesignating section 35 as section 36 and by inserting after section 34 the following new section:

`SEC. 35. PURCHASE AND INSTALLATION OF EQUIPMENT TO TEST FOR RADON AND TO REMOVE RADON FROM THE AIR AND WATER.

`(a) IN GENERAL- In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to 30 percent of the qualified radon testing and removal expenses paid or incurred by the taxpayer during such year.

`(b) MAXIMUM CREDIT- The credit allowed to the taxpayer by subsection (a) with respect to any residence shall not exceed $1500, reduced by amounts allowed to the taxpayer by subsection (a) with respect to such residence for all prior taxable years.

`(c) QUALIFIED RADON TESTING AND REMOVAL EXPENSES- For purposes of this section, the term `qualified radon testing and removal expenses' means expenses for the purchase and installation of any of the following for use in any residence of the taxpayer:

`(1) A radon test.

`(2) A radon removal system reviewed and approved by the National Radon Safety Board.'

(b) CONFORMING AMENDMENTS-

(1) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting before the period `, or from section 35 of such Code'.

(2) Subparagraph (A) of section 6411(b)(4) of such Code is amended by striking `and 34' and inserting `, 34, and 35'.

(3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by striking the last item and inserting the following new items:

`Sec. 35. Purchase and installation of equipment to test for radon and to remove radon from the air and water.

`Sec. 36. Overpayments of tax.'.

(c) EFFECTIVE DATE- The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act, in taxable years ending after such date.

END