Storm Shelter Affordability Act of 2014

Bill: 113-s-2835
Sponsor: full_name: Sen. Pryor, Mark L. [D-AR]
Introduced: 2014-09-17
Policy area: Taxation
Subjects: Building construction

Income tax credits

Residential rehabilitation and home repair
Latest action: action_date: 2014-09-17
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2014-09-17
action_desc: Introduced in Senate
text: <p>Storm Shelter Affordability Act of 2014 - Amends the Internal Revenue Code to allow an individual taxpayer a refundable tax credit, through December 31, 2017,&nbsp;for the lesser of 50% of&nbsp;qualified storm shelter costs or $1,000. Requires such a storm shelter to be placed on property adjacent to a dwelling unit owned by the taxpayer. </p>

tv_txt: II 113th CONGRESS 2d Session S. 2835 IN THE SENATE OF THE UNITED STATES September 17 (legislative day, September 16), 2014 Mr. Pryor 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 provide a refundable tax credit for certain storm shelters.

1. Short title This Act may be cited as the Storm Shelter Affordability Act of 2014 . 2. Credit for certain storm shelters (a) In general Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: 36C. Credit for certain storm shelters (a) In general In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the storm shelter credit amount. (b) Storm shelter credit amount For purposes of this section, the storm shelter credit amount is an amount equal to the lesser of— (1) 50 percent of the qualified storm shelter costs paid or incurred by the individual, or (2) $1,000. (c) Qualified storm shelter costs For purposes of this section— (1) In general The term qualified storm shelter costs means costs for the construction of a qualified storm shelter that is placed in service during the taxable year in, or on property adjacent to, a dwelling unit owned by the individual. (2) Qualified storm shelter The term qualified storm shelter means a shelter with respect to which— (A) the taxpayer receives a State income tax deduction or rebate under a State program to encourage the construction of storm shelters, and (B) the taxpayer attaches to the return of tax proof of approval of the completed shelter by the relevant State agency. (3) Limitation No amount shall be treated as qualified storm shelter costs for any taxable year with respect to an individual to whom a credit under this section has been allowed in any other taxable year. (d) Termination Subsection (a) shall not apply to qualified storm shelters placed in service in taxable years beginning after December 31, 2017. . (b) Conforming amendment Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting , 36C after 36B . (c) Clerical amendment The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item: Sec. 36C. Credit for certain storm shelters. . (d) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2014.