In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE; FINDINGS; PURPOSE.

(a) Short Title.--This Act may be cited as the ''Home Lead Safety
Tax Credit Act of 2005''.
(b) Findings.--Congress finds that:
(1) Of the 98,000,000 housing units in the United States,
38,000,000 have lead-based paint.
(2) Of the 38,000,000 housing units with lead-based paint,
25,000,000 pose a hazard, as defined by Environmental
Protection Agency and Department of Housing and Urban
Development standards, due to conditions such as peeling paint
and settled dust on floors and windowsills that contain lead at
levels above Federal safety standards.
(3) Though the number of children in the United States ages
1 through 5 with blood levels higher than the Centers for
Disease Control action level of 10 micrograms per deciliter has
declined to 300,000, lead poisoning remains a serious, entirely
preventable threat to a child's intelligence, behavior, and
learning.
(4) The Secretary of Health and Human Services has
established a national goal of ending childhood lead poisoning
by 2010.
(5) Current Federal lead abatement programs, such as the
Lead Hazard Control Grant Program of the Department of Housing
and Urban Development, only have resources sufficient to make
approximately 7,000 homes lead-safe each year. In many cases,
when State and local public health departments identify a lead-
poisoned child, resources are insufficient to reduce or
eliminate the hazards.
(6) Old windows typically pose significant risks because
wood trim is more likely to be painted with lead-based paint,
moisture causes paint to deteriorate, and friction generates
lead dust. The replacement of old windows that contain lead
based paint significantly reduces lead poisoning hazards in
addition to producing significant energy savings.
(7) Childhood lead poisoning can be dramatically reduced by
the abatement or complete removal of all lead-based paint.
Empirical studies also have shown substantial reductions in
lead poisoning when the affected properties have undergone so-
called ''interim control measures'' that are far less costly
than abatement.
(c) Purpose.--The purpose of this section is to encourage the safe
removal of lead hazards from homes and thereby decrease the number of
children who suffer reduced intelligence, learning difficulties,
behavioral problems, and other health consequences due to lead-
poisoning.

SEC. 2. HOME LEAD HAZARD REDUCTION ACTIVITY TAX CREDIT.

(a) In General.--Subpart B of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to foreign tax credit,
etc.) is amended by adding at the end the following new section:

''SEC. 30D. HOME LEAD HAZARD REDUCTION ACTIVITY.

''(a) Allowance of Credit.--There shall be allowed as a credit
against the tax imposed by this chapter for the taxable year an amount
equal to 50 percent of the lead 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) $3,000 in the case of lead hazard reduction
activity cost including lead abatement measures
described in clauses (i), (ii), (iv) and (v) of
subsection (c)(1)(A), or
''(B) $1,000 in the case of lead hazard reduction
activity cost including interim lead control measures
described in clauses (i), (iii), (iv), and (v) of
subsection (c)(1)(A), reduced by
''(2) the aggregate lead hazard reduction activity cost
taken into account under subsection (a) with respect to such
unit for all preceding taxable years.
''(c) Definitions and Special Rules.--For purposes of this section:
''(1) Lead hazard reduction activity cost.--
''(A) In general.--The term 'lead hazard reduction
activity cost' means, with respect to any eligible
dwelling unit--
''(i) the cost for a certified risk
assessor to conduct an assessment to determine
the presence of a lead-based paint hazard,
''(ii) the cost for performing lead
abatement measures by a certified lead
abatement supervisor, including the removal of
paint and dust, the permanent enclosure or
encapsulation of lead-based paint, the
replacement of painted surfaces, windows, or
fixtures, or the removal or permanent covering
of soil when lead-based paint hazards are
present in such paint, dust, or soil,
''(iii) the cost for performing interim
lead control measures to reduce exposure or
likely exposure to lead-based paint hazards,
including specialized cleaning, repairs,
maintenance, painting, temporary containment,
ongoing monitoring of lead-based paint hazards,
and the establishment and operation of
management and resident education programs, but
only if such measures are evaluated and
completed by a certified lead abatement
supervisor using accepted methods, are
conducted by a qualified contractor, and have
an expected useful life of more than 10 years,
''(iv) the cost for a certified lead
abatement supervisor, those working under the
supervision of such supervisor, or a qualified
contractor to perform all preparation, cleanup,
disposal, and clearance testing activities
associated with the lead abatement measures or
interim lead 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
occupant protection (as defined under section
35.1345 of title 24, Code of Federal
Regulations).
''(B) Limitation.--The term 'lead 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).
''(2) Eligible dwelling unit.--
''(A) In general.--The term 'eligible dwelling
unit' means, with respect to any taxable year, any
dwelling unit--
''(i) placed in service before 1960,
''(ii) located in the United States,
''(iii) in which resides, for a total
period of not less than 50 percent of the
taxable year, at least 1 child who has not
attained the age of 6 years or 1 woman of
child-bearing age, and
''(iv) each of the residents of which
during such taxable year has an adjusted gross
income of less than 185 percent of the poverty
line (as determined for such taxable year in
accordance with criteria established by the
Director of the Office of Management and
Budget).
''(B) Dwelling unit.--The term 'dwelling unit' has
the meaning given such term by section 280A(f)(1).
''(3) Lead-based paint hazard.--The term 'lead-based paint
hazard' has the meaning given such term by section 745.61 of
title 40, Code of Federal Regulations.
''(4) Certified lead abatement supervisor.--The term
'certified lead abatement supervisor' means an individual
certified by the Environmental Protection Agency pursuant to
section 745.226 of title 40, Code of Federal Regulations, or an
appropriate State agency pursuant to section 745.325 of title
40, Code of Federal Regulations.
''(5) Certified inspector.--The term 'certified inspector'
means an inspector certified by the Environmental Protection
Agency pursuant to section 745.226 of title 40, Code of Federal
Regulations, or an appropriate State agency pursuant to section
745.325 of title 40, Code of Federal Regulations.
''(6) Certified risk assessor.--The term 'certified risk
assessor' means a risk assessor certified by the Environmental
Protection Agency pursuant to section 745.226 of title 40, Code
of Federal Regulations, or an appropriate State agency pursuant
to section 745.325 of title 40, Code of Federal Regulations.
''(7) Qualified contractor.--The term 'qualified
contractor' means any contractor who has successfully completed
a training course on lead safe work practices which has been
approved by the Department of Housing and Urban Development and
the Environmental Protection Agency.
''(8) Documentation required for credit allowance.--No
credit shall be allowed under subsection (a) with respect to
any eligible dwelling unit for any taxable year unless--
''(A) after lead hazard reduction activity is
complete, a certified inspector or certified risk
assessor provides written documentation to the taxpayer
that includes--
''(i) evidence that--
''(I) the eligible dwelling unit
passes the clearance examinations
required by the Department of Housing
and Urban Development under part 35 of
title 40, Code of Federal Regulations,
''(II) the eligible dwelling unit
does not contain lead dust hazards (as
defined by section 745.227(e)(8)(viii)
of such title 40), or
''(III) the eligible dwelling unit
meets lead hazard evaluation criteria
established under an authorized State
or local program, and
''(ii) documentation showing that the lead
hazard reduction activity meets the
requirements of this section, and
''(B) the taxpayer files with the appropriate State
agency and attaches to the tax return for the taxable
year--
''(i) the documentation described in
subparagraph (A),
''(ii) documentation of the lead hazard
reduction activity costs paid or incurred
during the taxable year with respect to the
eligible dwelling unit, and
''(iii) a statement certifying that the
dwelling unit qualifies as an eligible dwelling
unit for such taxable year.
''(9) Basis reduction.--The basis of any property for which
a credit is allowable under subsection (a) shall be reduced by
the amount of such credit (determined without regard to
subsection (d)).
''(10) No double benefit.--Any deduction allowable for
costs taken into account in computing the amount of the credit
for lead-based paint abatement shall be reduced by the amount
of such credit attributable to such costs.
''(d) 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 defined in
section 26(b)) plus the tax imposed by section 55, over
''(2) the sum of the credits allowable under subpart A and
sections 27, 29, 30, 30A, 30B, and 30C for the taxable year.
''(e) Carryforward Allowed.--
''(1) In general.--If the credit amount allowable under
subsection (a) for a taxable year exceeds the amount of the
limitation under subsection (d) 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 section 39
shall apply with respect to the credit carryforward under
paragraph (1).''.
(b) Conforming Amendments.--
(1) Section 1016(a) of the Internal Revenue Code of 1986 is
amended by striking ''and'' in paragraph (36), by striking the
period and inserting '', and'' in paragraph (37), and by
inserting at the end the following new paragraph:
''(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 30D, to the extent
provided in section 30D(c)(9).''.
(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 section 30C the following new item:

''Sec. 30D. Home lead hazard reduction activity.''.
(c) Effective Date.--The amendments made by this section shall
apply to lead hazard reduction activity costs incurred after December
31, 2005, in taxable years ending after that date.
A:
Home Lead Safety Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.