asbestos hazard reduction activity cost paid or incurred 
by the taxpayer during the taxable year for each eligible 
dwelling unit. 
‘‘(b) LIMITATION.—The amount of the credit allowed 
under subsection (a) for any eligible dwelling unit for any 
taxable year shall not exceed— 
‘‘(1) either— 
‘‘(A) $5,000 in the case of asbestos hazard 
reduction activity cost including asbestos abate-
ment measures described in clauses (i), (ii), 
(iv), and (v) of subsection (c)(3)(A), or 
‘‘(B) $1,000 in the case of asbestos hazard 
reduction activity cost including interim asbes-
tos control measures described in clauses (i), 
(iii), (iv), and (v) of subsection (c)(3)(A), re-
duced by 
‘‘(2) the aggregate asbestos hazard reduction 
activity cost taken into account under subsection (a) 
with respect to such unit for all preceding taxable 
years. 
‘‘(c) DEFINITIONS.—For purposes of this section: 
‘‘(1) ACCREDITED ASBESTOS ABATEMENT CON-
TRACTOR OR SUPERVISOR.—The term ‘accredited as-
bestos abatement contractor or supervisor’ means 
any person accredited as a contractor or supervisor 
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under the Asbestos Model Accreditation Plan of the 
Environmental Protection Agency. 
‘‘(2) ACCREDITED ASBESTOS INSPECTOR.—The 
term ‘accredited asbestos inspector’ means any per-
son accredited as an inspector under the Asbestos 
Model Accreditation Plan of the Environmental Pro-
tection Agency. 
‘‘(3) ASBESTOS.—The term ‘asbestos’ has the 
meaning given the term in section 202 of the Toxic 
Substances Control Act (15 U.S.C. 2642). 
‘‘(4) ASBESTOS HAZARD.—The term ‘asbestos 
hazard’ has the meaning given the term ‘imminent 
hazard to the health and safety’ in section 11 of the 
Asbestos School Hazard Detection and Control Act 
of 1980 (20 U.S.C. 3610). 
‘‘(5) ASBESTOS HAZARD REDUCTION ACTIVITY 
COST.— 
‘‘(A) IN
GENERAL.—The term ‘asbestos 
hazard reduction activity cost’ means, with re-
spect to any eligible dwelling unit— 
‘‘(i) the cost for an accredited asbes-
tos inspector to conduct an assessment to 
determine the presence of an asbestos haz-
ard, 
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‘‘(ii) the cost for performing asbestos 
abatement measures by an accredited as-
bestos abatement contractor or supervisor, 
‘‘(iii) the cost for performing interim 
asbestos control measures to reduce expo-
sure or likely exposure to asbestos hazards, 
but only if such measures are evaluated 
and completed by an accredited asbestos 
abatement contractor or supervisor using 
accepted methods, are conducted by an ac-
credited asbestos abatement contractor or 
supervisor, and have an expected useful life 
of more than 10 years, 
‘‘(iv) the cost for an accredited asbes-
tos abatement supervisor, those working 
under the supervision of such supervisor, 
or an accredited asbestos abatement con-
tractor or supervisor to perform all prepa-
ration, cleanup, disposal, and clearance 
testing activities associated with the asbes-
tos abatement measures or interim asbes-
tos control measures, and 
‘‘(v) costs incurred by or on behalf of 
any occupant of such dwelling unit for any 
relocation which is necessary to achieve oc-
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cupant protection (as determined by the 
Administrator of the Environmental Pro-
tection Agency). 
‘‘(B) LIMITATION.—The term ‘asbestos 
hazard reduction activity cost’ does not include 
any cost to the extent such cost is funded by 
any grant, contract, or otherwise by another 
person or any governmental agency. 
‘‘(6) ELIGIBLE DWELLING UNIT.— 
‘‘(A) IN
GENERAL.—The term ‘eligible 
dwelling unit’ means, with respect to any tax-
able year, any dwelling unit located in the 
United States. 
‘‘(B) DWELLING UNIT.—The term ‘dwell-
ing unit’ has the meaning given such term by 
section 280A(f)(1). 
‘‘(d) SPECIAL RULES.— 
‘‘(1) DOCUMENTATION REQUIRED FOR CREDIT 
ALLOWANCE.—No credit shall be allowed under sub-
section (a) with respect to any eligible dwelling unit 
for any taxable year unless— 
‘‘(A) after asbestos hazard reduction activ-
ity is complete, an accredited asbestos inspector 
provides written documentation to the taxpayer 
that includes— 
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‘‘(i) evidence that the eligible dwelling 
unit meets asbestos hazard evaluation cri-
teria established under an authorized State 
or local program, and 
‘‘(ii) documentation showing that the 
asbestos hazard reduction activity meets 
the requirements of this section, and 
‘‘(B) the taxpayer files with the appro-
priate State agency and attaches to the tax re-
turn for the taxable year— 
‘‘(i) the documentation described in 
subparagraph (A), 
‘‘(ii) documentation of the asbestos 
hazard reduction activity costs paid or in-
curred during the taxable year with respect 
to the eligible dwelling unit, and 
‘‘(iii) a statement certifying that the 
dwelling unit qualifies as an eligible dwell-
ing unit for such taxable year. 
‘‘(2) BASIS
REDUCTION.—The basis of any 
property for which a credit is allowable under sub-
section (a) shall be reduced by the amount of such 
credit (determined without regard to subsection (e)). 
‘‘(3) NO DOUBLE BENEFIT.—Any deduction al-
lowable for costs taken into account in computing 
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the amount of the credit for asbestos abatement 
shall be reduced by the amount of such credit attrib-
utable to such costs. 
‘‘(e) LIMITATION BASED ON AMOUNT OF TAX.—The 
credit allowed under subsection (a) for the taxable year 
shall not exceed the excess of— 
‘‘(1) the sum of the regular tax liability (as de-
fined in section 26(b)) plus the tax imposed by sec-
tion 55, over 
‘‘(2) the sum of the credits allowable under sub-
part A and sections 27, 29, 30, 30A, 30B, 30C, and 
30D for the taxable year. 
‘‘(f) CARRYFORWARD ALLOWED.— 
‘‘(1) IN GENERAL.—If the credit amount allow-
able under subsection (a) for a taxable year exceeds 
the amount of the limitation under subsection (e) for 
such taxable year (referred to as the ‘unused credit 
year’ in this subsection), such excess shall be allowed 
as a credit carryforward for each of the 20 taxable 
years following the unused credit year. 
‘‘(2) RULES.—Rules similar to the rules of sec-
tion 39 shall apply with respect to the credit 
carryforward under paragraph (1).’’. 
(b) TECHNICAL AMENDMENTS.— 
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(1) Section 1016(a) of the Internal Revenue 
Code of 1986 is amended— 
(A) in paragraph (36), by striking ‘‘and’’ 
at the end, 
(B) in paragraph (37), by striking the pe-
riod at the end and inserting a comma, and 
(C) by adding at the end the following new 
paragraphs: 
‘‘(38) in the case of an eligible dwelling unit 
with respect to which a credit for any lead hazard 
reduction activity cost was allowed under section 
30E, to the extent provided in section 30E(d)(2), 
‘‘(39) in the case of an eligible dwelling unit 
with respect to which a credit for any radon hazard 
reduction activity cost was allowed under section 
30F, to the extent provided in section 30F(d)(2), 
and 
‘‘(40) in the case of an eligible dwelling unit 
with respect to which a credit for any asbestos haz-
ard reduction activity cost was allowed under section 
30G, to the extent provided in section 30G(d)(2)’’. 
(2) The table of sections for subpart B of part 
IV of subchapter A of chapter 1 of such Code is 
amended by inserting after the item relating to sec-
tion 30D the following new items: 
‘‘Sec. 30E. Home lead hazard reduction activity. 
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‘‘Sec. 30F. Home radon hazard reduction activity. 
‘‘Sec. 30G. Home asbestos hazard reduction activity.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to costs incurred after December 
31, 2015, in taxable years ending after that date. 
Æ 
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