,,ii  #aafth ,,congress  #ast ,session  
,s4 #aaig  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #aa1    
#bjai ,mr4 ,markey introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to establish a  
tax credit for construction of new      
all-electric homes4  #a4 ,short title   
,this ,act may be cited as the          
,all-,electric ,homes ,act of #bjai4    
#b4 ,credit for new all-electric homes  
7a7 ,in general ,subpart ,d of part ,,iv
 of subchapter ,a of chapter #a of the  
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new section3  #de,t4 ,new     
,all-,electric ,home ,credit  7a7       
,allowance of credit  7#a7 ,in general  
,for purposes of section #ch1 in the    
case of an eligible contractor1 the new 
all-electric home credit for the taxable
 year is the applicable amount for each 
qualified new all-electric home which   

is--  7,a7 constructed by the eligible  
contractor1 and  7,b7 acquired by a     
person from such eligible contractor for
 use as a residence during the taxable  
year4  7#b7 ,applicable amount ,for     
purposes of paragraph 7#a71 the         
applicable amount is an amount equal    
to-- 7,a7 in the case of a qualified new
 all-electric home which is a           
single-family residence1 #e1jjj1 and    
7,b7 in the case of a qualified new     
all-electric home which is a            
multi-family residence1 an amount equal 
to the product of--  7i7 #agej1         
multiplied by  7ii7 the total number of 
residential units4  7b7 ,definitions    
,for purposes of this section-- 7#a7    
,eligible contractor ,the term eligible 
contractor means the person who         
constructed the qualified new           
all-electric home4  7#b7 ,qualified new 
all-electric home ,the term qualified   
new all-electric home means a dwelling  
unit-- 7,a7 located in the ,united      
,states1  7,b7 the construction of which

 is substantially completed after the   
date of the enactment of this section1  
7,c7 for which all appliances and       
mechanical systems are powered solely by
 electricity1  7,d7 which does not have 
any gas line or gas service to such     
dwelling unit1 and  7,e7 which meets the
 highest energy efficiency standards for
 the ,united ,states 7as determined by  
the ,secretary1 in consultation with the
 ,secretary of ,energy and the          
,administrator of the ,environmental    
,protection ,agency7 for purposes of the
 building envelope and any appliances   
and mechanical systems within the       
dwelling unit4  7#c7 ,construction ,the 
term construction includes substantial  
reconstruction and rehabilitation4  7#d7
 ,acquire ,the term acquire includes    
purchase4  7c7 ,basis adjustment ,for   
purposes of this subtitle1 if a credit  
is allowed under this section in        
connection with any expenditure for any 
property1 the increase in the basis of  
such property which would 7but for this 

subsection7 result from such expenditure
 shall be reduced by the amount of the  
credit so determined4  7d7 ,coordination
 with investment credit ,for purposes of
 this section1 expenditures taken into  
account under section #dg or #dh7;a7    
shall not be taken into account under   
this section4  4  7b7 ,conforming       
amendments  7#a7 ,section #ch7;b7 of the
 ,internal ,revenue ,code of #aihf is   
amended by striking plus at the end of  
paragraph 7#ca71 by striking the period 
at the end of paragraph 7#cb7 and       
inserting 1 plus1 and by adding at the  
end the following new paragraph3  7#cc7 
the new all-electric home credit        
determined under section #de,t7a74  4   
7#b7 ,section #aif7;c7 of such ,code is 
amended by striking and at the end of   
paragraph 7#ac71 by striking the period 
at the end of paragraph 7#ad7 and       
inserting 1 and1 and by adding at the   
end the following new paragraph3  7#ae7 
the new all-electric home credit        
determined under section #de,t7a74  4   

7#c7 ,section #ajaf7;a7 of such ,code is
 amended by striking and at the end of  
paragraph 7#cg71 by striking the period 
at the end of paragraph 7#ch7 and       
inserting 1 and1 and by inserting after 
paragraph 7#ch7 the following new       
paragraph3  7#ci7 to the extent provided
 in section #de,t7c71 in the case of    
amounts with respect to which a credit  
has been allowed under section #de,t4  4
  7#d7 ,the table of sections for       
subpart ,d of part ,,iv of subchapter ,a
 of chapter #a of such ,code is amended 
by inserting after the item relating to 
section #de,s the following new item3   
#de,t4 ,new ,all-,electric ,home        
,credit4  4  7c7 ,effective date ,the   
amendments made by this section shall   
apply to qualified new all-electric     
homes acquired after ,december #ca1     
#bjai1 in taxable years ending after    
such date4