The act provides a large expansion of home energy tax credits, but I’m seeing conflicting information on when they become effective. Some sources say this year, some say next. Any ideas?
Here’s all 730 pages.
THAT was easy…
This bill is going to create a bigger recession!
Should we have a limit on the scope or number of pages of one bill.
How about 1 Subject, one Bill… but then "What is the Definition of a Subject. How about a 300 page limit… about the size of a novel.
730 pages is about the size of 2.4 Novels and without a plot to keep you interested.
I doubt anyone reads the 730 pages. It is likely a conglomeration of 6 to 10 or more bills, each written by a different person or committee.
Having a table of contents would certainly be helpful.
I think as I look at the current tax code and the amendments to it that this act makes, that expanded window and exterior door credits will apply to 2022.
Just use the “Find” function of your PDF viewer. For instance typing [ exterior ] (with the spaces but without the brackets) should find you all the instances of “exterior.”
There are five instances of the word “exterior,” the first instance is on page 339. The last is on line 20 of page 240 of the document that jimtoo linked.
I think you underestimate the verbosity of our elected politicians and their wordy nerd assistants…
Good point, but decades of opposition “gotchas” post passage of bills has been a contributing factor to the over complications of what, on the surface, might seem simple issues… to say nothing of when the courts step in.
I meant an actual table of contents for the bill. Yes, you can do a search and find, but that makes it much fore difficult to follow the organization of the document.
When the bill makes changes to existing US Code, it would also be nice to have a link to show how the amended code will read.
On the first page of the amendment it says “Strike all after the enacting clause and insert the
Since everything after the enacting clause of the prior bill has been struck, the document that Jimtoo linked is the bill in it’s entirety
When you google that question, you get this answer: " After months of negotiations, a 730-page version of the bill passed the House on Friday and President Biden said he plans to sign it into law …" .
The bill CHANGES existing US code. For example, this is the beginning of the portion that concerns the residential energy credits:
" PART 3—CLEAN ENERGY AND EFFICIENCY****INCENTIVES FOR INDIVIDUALS
SEC. 13301. EXTENSION, INCREASE, AND MODIFICATIONS OF NONBUSINESS ENERGY PROPERTY CREDIT.
(a) EXTENSION OF CREDIT.—Section 25C(g)(2) is amended by striking ‘‘December 31, 2021’’ and inserting 11 ‘‘December 31, 2032’’.
(b) ALLOWANCE OF CREDIT.—Section 25C(a) is amended to read as follows:
‘‘(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 30 percent of the sum of—
‘‘(1) the amount paid or incurred by the tax-payer for qualified energy efficiency improvements in20 stalled during such taxable year, and
‘‘(2) the amount of the residential energy property expenditures paid or incurred by the taxpayer during such taxable year.’’."
“(c) APPLICATION OF ANNUAL LIMITATION IN LIEU OF LIFETIME LIMITATION.—Section 25C(b) is amended to read as follows:
‘‘(1) IN GENERAL.—The credit allowed under this section with respect to any taxpayer for any taxable year shall not exceed $1,200.
‘‘(2) ENERGY PROPERTY.—The credit allowed under this section by reason of subsection (a)(2) with respect to any taxpayer for any taxable year shall not exceed, with respect to any item of qualified energy property, $600.
‘‘(3) WINDOWS.—The credit allowed under this section by reason of subsection (a)(1) with respect to any taxpayer for any taxable year shall not exceed, in the aggregate with respect to all exterior windows and skylights, $600.
‘‘(4) DOORS.—The credit allowed under this section by reason of subsection (a)(1) with respect to any taxpayer for any taxable year shall not exceed—
‘‘(A) $250 in the case of any exterior door, and
‘‘(B) $500 in the aggregate with respect to all exterior doors.
‘‘(5) HEAT PUMP AND HEAT PUMP WATER HEATERS; BIOMASS STOVES AND BOILERS.—Notwithstanding paragraphs (1) and (2), the credit allowed under this section by reason of subsection (a)(2) with respect to any taxpayer for any taxable year shall not, in the aggregate, exceed $2,000 with respect to
Note that the language strikes portions and adds other portions. These are changes that the bill makes to existing US Code.
My head hurts reading what politicians end up with as they try and sneak stuff past one another…