Title: All-Electric Homes Act of 2019
Policy area: Taxation

Summary:
All-Electric Homes Act of 2019
This bill establishes a tax credit for contractors that construct new all-electric homes.
The credit applies to new homes that
For a single-family residence, the credit is equal to $5,000. For a multi-family residence, the credit is equal to $1,750, multiplied by the total number of residential units.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1197 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 1197

 To amend the Internal Revenue Code of 1986 to establish a tax credit 
              for construction of new all-electric homes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 11, 2019

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to establish a tax credit 
              for construction of new all-electric homes.

    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 ``All-Electric Homes Act of 2019''.

SEC. 2. CREDIT FOR NEW ALL-ELECTRIC HOMES.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following new section:

``SEC. 45T. NEW ALL-ELECTRIC HOME CREDIT.

    ``(a) Allowance of Credit.--
            ``(1) In general.--For purposes of section 38, in the case 
        of an eligible contractor, the new all-electric home credit for 
        the taxable year is the applicable amount for each qualified 
        new all-electric home which is--
                    ``(A) constructed by the eligible contractor, and
                    ``(B) acquired by a person from such eligible 
                contractor for use as a residence during the taxable 
                year.
            ``(2) Applicable amount.--For purposes of paragraph (1), 
        the applicable amount is an amount equal to--
                    ``(A) in the case of a qualified new all-electric 
                home which is a single-family residence, $5,000, and
                    ``(B) in the case of a qualified new all-electric 
                home which is a multi-family residence, an amount equal 
                to the product of--
                            ``(i) $1750, multiplied by
                            ``(ii) the total number of residential 
                        units.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Eligible contractor.--The term `eligible contractor' 
        means the person who constructed the qualified new all-electric 
        home.
            ``(2) Qualified new all-electric home.--The term `qualified 
        new all-electric home' means a dwelling unit--
                    ``(A) located in the United States,
                    ``(B) the construction of which is substantially 
                completed after the date of the enactment of this 
                section,
                    ``(C) for which all appliances and mechanical 
                systems are powered solely by electricity,
                    ``(D) which does not have any gas line or gas 
                service to such dwelling unit, and
                    ``(E) which meets the highest energy efficiency 
                standards for the United States (as determined by the 
                Secretary, in consultation with the Secretary of Energy 
                and the Administrator of the Environmental Protection 
                Agency) for purposes of the building envelope and any 
                appliances and mechanical systems within the dwelling 
                unit.
            ``(3) Construction.--The term `construction' includes 
        substantial reconstruction and rehabilitation.
            ``(4) Acquire.--The term `acquire' includes purchase.
    ``(c) Basis Adjustment.--For purposes of this subtitle, if a credit 
is allowed under this section in connection with any expenditure for 
any property, the increase in the basis of such property which would 
(but for this subsection) result from such expenditure shall be reduced 
by the amount of the credit so determined.
    ``(d) Coordination With Investment Credit.--For purposes of this 
section, expenditures taken into account under section 47 or 48(a) 
shall not be taken into account under this section.''.
    (b) Conforming Amendments.--
            (1) Section 38(b) of the Internal Revenue Code of 1986 is 
        amended by striking ``plus'' at the end of paragraph (31), by 
        striking the period at the end of paragraph (32) and inserting 
        ``, plus'', and by adding at the end the following new 
        paragraph:
            ``(33) the new all-electric home credit determined under 
        section 45T(a).''.
            (2) Section 196(c) of such Code is amended by striking 
        ``and'' at the end of paragraph (13), by striking the period at 
        the end of paragraph (14) and inserting ``, and'', and by 
        adding at the end the following new paragraph:
            ``(15) the new all-electric home credit determined under 
        section 45T(a).''.
            (3) Section 1016(a) of such Code is amended by striking 
        ``and'' at the end of paragraph (37), by striking the period at 
        the end of paragraph (38) and inserting ``, and'', and by 
        inserting after paragraph (38) the following new paragraph:
            ``(39) to the extent provided in section 45T(c), in the 
        case of amounts with respect to which a credit has been allowed 
        under section 45T.''.
            (4) The table of sections for subpart D of part IV of 
        subchapter A of chapter 1 of such Code is amended by inserting 
        after the item relating to section 45S the following new item:

``45T. New All-Electric Home Credit.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to qualified new all-electric homes acquired after December 31, 
2019, in taxable years ending after such date.
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