Title: HEAT Act of 2017
Policy area: Taxation

Summary:
HVAC Expensing and Technology Act of 2017 or the HEAT Act of 2017
This bill amends the Internal Revenue Code to allow expensing and accelerated cost recovery for certain energy efficient heating and air-conditioning property. The bill applies to certain real property: (1) with respect to which depreciation (or amortization in lieu of depreciation) is allowable; (2) which is installed as part of the heating, cooling, ventilation, and hot water systems; and (3) which is within the scope of specified standards of the American Society of Heating, Refrigerating, and Air Conditioning Engineers and the Illuminating Engineering Society of North America.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3515 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3515

To amend the Internal Revenue Code of 1986 to provide for expensing of 
 qualified energy efficient heating and air-conditioning property for 
 certain taxpayers and accelerated cost recovery for such property for 
                            other taxpayers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 27, 2017

 Mr. Tiberi (for himself and Mr. Kind) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide for expensing of 
 qualified energy efficient heating and air-conditioning property for 
 certain taxpayers and accelerated cost recovery for such property for 
                            other taxpayers.

    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 ``HVAC Expensing and Technology Act of 
2017'' or ``HEAT Act of 2017''.

SEC. 2. EXPENSING AND ACCELERATED COST RECOVERY FOR QUALIFIED EFFICIENT 
              HEATING AND AIR-CONDITIONING PROPERTY.

    (a) Expensing.--Section 179(f) of the Internal Revenue Code of 1986 
is amended--
            (1) in paragraph (2), in subparagraph (B) by striking 
        ``and'', in subparagraph (C) by striking the period at the end 
        and inserting ``, and'', and by adding at the end the following 
        new subparagraph:
                    ``(D) qualified energy efficient heating and air-
                conditioning property.'', and
            (2) by adding at the end the following new paragraph:
            ``(3) Qualified energy efficient heating and air-
        conditioning property.--For purposes of this subsection:
                    ``(A) In general.--The term `qualified energy 
                efficient heating and air-conditioning property' means 
                any section 1250 property--
                            ``(i) with respect to which depreciation 
                        (or amortization in lieu of depreciation) is 
                        allowable,
                            ``(ii) which is installed as part of the 
                        heating, cooling, ventilation, and hot water 
                        systems, and
                            ``(iii) which is within the scope of 
                        Standard 90.1-2007.
                    ``(B) Standard 90.1-2007.--The term `Standard 90.1-
                2007' means Standard 90.1-2007 of the American Society 
                of Heating, Refrigerating, and Air Conditioning 
                Engineers and the Illuminating Engineering Society of 
                North America (as in effect on the day before the date 
                of the adoption of Standard 90.1-2010 of such 
                Societies).''.
    (b) Effective Date.--The amendments made by this subsection shall 
apply with respect to property placed in service after December 31, 
2017.
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