A bill to amend the Internal Revenue Code of 1986 to increase the limitation on the credit for biomass stoves and boilers.

Bill: 118-s-54
Sponsor: full_name: Sen. King, Angus S., Jr. [I-ME]
Introduced: 2023-01-24
Policy area: Taxation
Latest action: action_date: 2023-01-24
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-01-24
action_desc: Introduced in Senate
text: <p>This bill increases the allowable amount of the energy efficient home improvement tax credit for biomass stoves and boilers.</p>

tv_txt: II 118th CONGRESS 1st Session S. 54 IN THE SENATE OF THE UNITED STATES January 24 (legislative day, January 3), 2023 Mr. King (for himself, Ms. Collins , Mrs. Shaheen , Ms. Hassan , and Ms. Murkowski ) 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 increase the limitation on the credit for biomass stoves and boilers.

1. Increased limitation for biomass stoves and boilers under energy efficient home improvement credit (a) In general Section 25C(b)(5) of the Internal Revenue Code of 1986 is amended— (1) by striking shall not, in the aggregate, exceed and all that follows and inserting the following: shall not exceed— (A) with respect to amounts paid or incurred, in the aggregate, for property described in clauses (i) and (ii) of subsection (d)(2)(A), $2,000, and (B) with respect to amounts paid or incurred, in the aggregate, for property described in subsection (d)(2)(B), $8,000. . (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2022.