PUBLIC LAW 109–58—AUG. 8, 2005
119 STAT. 1033
‘‘(B) INCLUSION OF FOREIGN CORPORATIONS.—For purposes of subparagraph (A), in applying subsections (a) and (b) of section 52 to this section, section 1563 shall be applied without regard to subsection (b)(2)(C) thereof. ‘‘(3) VERIFICATION.—No amount shall be allowed as a credit under subsection (a) with respect to which the taxpayer has not submitted such information or certification as the Secretary, in consultation with the Secretary of Energy, determines necessary.’’. (b) CONFORMING AMENDMENT.—Section 38(b) (relating to general business credit), as amended by this Act, is amended by striking ‘‘plus’’ at the end of paragraph (22), by striking the period at the end of paragraph (23) and inserting ‘‘, plus’’, and by adding at the end the following new paragraph: ‘‘(24) the energy efficient appliance credit determined under section 45M(a).’’. (c) CLERICAL AMENDMENT.—The table of sections for subpart D of part IV of subchapter A of chapter 1, as amended by this Act, is amended by adding at the end the following new item:
Applicability.
‘‘Sec. 45M. Energy efficient appliance credit.’’.
(d) EFFECTIVE DATE.—The amendments made by this section shall apply to appliances produced after December 31, 2005.
26 USC 38 note.
SEC. 1335. CREDIT FOR RESIDENTIAL ENERGY EFFICIENT PROPERTY.
(a) IN GENERAL.—Subpart A of part IV of subchapter A of chapter 1 (relating to nonrefundable personal credits), as amended by this Act, is amended by inserting after section 25C the following new section: ‘‘SEC. 25D. RESIDENTIAL ENERGY EFFICIENT PROPERTY.
‘‘(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) 30 percent of the qualified photovoltaic property expenditures made by the taxpayer during such year, ‘‘(2) 30 percent of the qualified solar water heating property expenditures made by the taxpayer during such year, and ‘‘(3) 30 percent of the qualified fuel cell property expenditures made by the taxpayer during such year. ‘‘(b) LIMITATIONS.— ‘‘(1) MAXIMUM CREDIT.—The credit allowed under subsection (a) for any taxable year shall not exceed— ‘‘(A) $2,000 with respect to any qualified photovoltaic property expenditures, ‘‘(B) $2,000 with respect to any qualified solar water heating property expenditures, and ‘‘(C) $500 with respect to each half kilowatt of capacity of qualified fuel cell property (as defined in section 48(c)(1)) for which qualified fuel cell property expenditures are made. ‘‘(2) CERTIFICATION OF SOLAR WATER HEATING PROPERTY.— No credit shall be allowed under this section for an item of property described in subsection (d)(1) unless such property is certified for performance by the non-profit Solar Rating Certification Corporation or a comparable entity endorsed by the government of the State in which such property is installed.
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