,,ii  #aafth ,,congress  #ast ,session  
,s4 #agjh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #d1 #bjai
 ,mr4 ,jones 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 refundable tax 
credit for the installation of a storm  
shelter at a qualified residence4  #a4  
,short title  ,this ,act may be cited as
 the ,storm ,shelter ,act of #bjai4  #b4
 ,refundable tax credit for storm       
shelters  7a7 ,in general ,subpart ,c of
 part ,,iv of subchapter ,a of chapter  
#a of the ,internal ,revenue ,code of   
#aihf is amended by inserting after     
section #cf the following new section3  
#cf;,a4 ,storm shelter credit  7a7      
,allowance of credit ,in the case of an 
individual1 there shall be allowed as a 
credit against the tax imposed by this  
chapter for the taxable year an amount  
equal to the lesser of--  7#a7 the total
 amount of any expenditures made by the 

taxpayer for a storm shelter which is   
for use at a qualified residence and    
placed in service during such taxable   
year1 or  7#b7 #b1ejj4  7b7 ,definitions
 ,in this section--  7#a7 ,qualified    
residence  7,a7 ,in general ,the term   
qualified residence means a dwelling    
unit which is-- 7i7 located in the      
,united ,states1  7ii7 used as the      
principal residence 7as such term is    
used in section #aba7 of the taxpayer1  
and  7iii7 valued at not greater than   
#bej1jjj 7as determined under           
subparagraph 7,b774  7,b7 ,valuation    
,for purposes of subparagraph 7,a77iii71
 the value of a dwelling unit shall be  
determined based upon the most recent   
property tax assessment performed by the
 ,state1 or local government or a       
political subdivision thereof1 in which 
such unit is located4  7#b7 ,storm      
shelter ,the term storm shelter means a 
hardened structure which-- 7,a7 is      
designed to provide critical protection 
during extreme wind events1  7,b7 is    

internally or externally located in     
relation to the qualified residence1 and
  7,c7 has been certified by an         
inspector employed or licensed by the   
,state1 or local government or a        
political subdivision thereof1 in which 
the qualified residence is located as-- 
7i7 satisfying the requirements under   
subparagraph 7,a71 and  7ii7 having been
 constructed in compliance with any     
applicable building code requirements4  
7c7 ,related costs ,expenditures        
incurred by the taxpayer for-- 7#a7 any 
labor costs properly allocable to the   
onsite preparation1 assembly1 or        
original installation of the storm      
shelter1 and  7#b7 the certification    
described in subsection 7b77#b77;,c71   
shall be taken into account for purposes
 of subsection 7a77#a74  7d7 ,limitation
  7#a7 ,in general ,subject to paragraph
 7#b71 an individual may not claim the  
credit allowed under subsection 7a7 more
 than once4  7#b7 ,joint return ,in the 
case of a joint return1 the taxpayer may

 claim the credit allowed under         
subsection 7a7 unless the credit has    
previously been allowed to each         
individual filing such return4  7e7     
,basis adjustments ,for purposes of this
 subtitle1 if a credit is allowed under 
this section for any expenditure with   
respect to a storm shelter which is for 
use at a qualified residence1 the       
increase in the basis of the qualified  
residence which would 7but for this     
subsection7 result from such expenditure
 shall be reduced by the amount of the  
credit so allowed4  4  7b7 ,conforming  
amendments  7#a7 ,section               
#fbaa7;b77#d77;,a7 of the ,internal     
,revenue ,code of #aihf is amended by   
inserting #cf;,a1 after #cf14  7#b7 ,the
 table of sections for subpart ,c of    
part ,,iv of subchapter ,a of chapter #a
 of such ,code is amended by inserting  
after the item relating to section #cf  
the following new item3  ,sec4 #cf;,a4  
,storm shelter credit4  4  7c7          
,effective date ,the amendments made by 

this section shall apply to taxable     
years beginning after the date of the   
enactment of this ,act4