To amend the Energy Policy Act of 2005 to accelerate the availability of various income tax credits providing incentives for energy incentive products and practices, and for other purposes.

October 6, 2005

Mr. SALAZAR introduced the following bill; which was read twice and referred to the Committee on Finance

To amend the Energy Policy Act of 2005 to accelerate the availability of various income tax credits providing incentives for energy incentive products and practices, and for other purposes.

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 `Rapid Efficiency Credit Act of 2005'.

SEC. 2. ACCELERATION OF CERTAIN ENERGY INCOME TAX CREDITS.

Sections 1333(c), 1335(c), 1336(e), 1337(d), 1341(c), and 1342(c) of the Energy Policy Act of 2005 are each amended by striking `December 31, 2005' and inserting `the date of the enactment of the Rapid Efficiency Credit Act of 2005'.

SEC. 3. CREDIT FOR ENERGY STAR COMPLIANT COMPACT FLUORESCENT LIGHT BULBS.

(a) Allowance of Credit- Subsection (a) of section 25D(a) of the Internal Revenue Code of 1986 (relating to residential energy efficient property) is amended--

(1) by striking `and' at the end of paragraph (2),

(2) by striking the period at the end of paragraph (3) and inserting `, and', and

(3) by adding at the end the following new paragraph:

`(4) 30 percent of the qualified compact fluorescent light expenditures made by the taxpayer during such year.'.

(b) Maximum Credit- Subsection (b)(1) of section 25D of such Code is amended--

(1) by striking `and' at the end of subparagraph (B),

(2) by striking the period at the end of subparagraph (C) and inserting `, and', and

(3) by adding at the end the following new subparagraph:

`(D) $50 with respect to any qualified compact fluorescent light expenditure.'.

(c) Definition- Section 25D(d) of such Code is amended by adding at the end the following new paragraph:

`(4) QUALIFIED COMPACT FLUORESCENT LIGHT EXPENDITURE- The term `qualified compact fluorescent light expenditure' means an expenditure for Energy Star compliant compact fluorescent light bulbs for use in a dwelling unit located in the United States and used as a residence by the taxpayer.'.

(d) Labor Costs Not Included- Section 25D(e)(1) of such Code is amended by inserting `(other than paragraph (4) thereof)' after `subsection (d)'.

(e) Effective Date- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act, in taxable years ending after such date.

END