,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #agjh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #d1 #bjai ,mr4   
,jones introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to e/abli% a      
refundable tax cr$it = ! in/allation ( a
 /orm %elt] at a qualifi$ resid5ce4  #a4
 ,%ort title  ,?is ,act may be cit$ z ! 
,/orm ,%elt] ,act ( #bjai4  #b4         
,refundable tax cr$it = /orm %elt]s  7a7
 ,9 g5]al ,subp>t ,c ( "p ,,iv (        
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #cf ! foll[+ new section3 
#cf;,a4 ,/orm %elt] cr$it  7a7 ,all[ance
 ( cr$it ,9 ! case ( an individual1 !re 
%all be all[$ z a cr$it aga9/ ! tax     
impos$ by ?is *apt] = ! taxable ye> an  
am\nt equal to ! less] (--  7#a7 ! total
 am\nt ( any exp5ditures made by !      
taxpay] = a /orm %elt] :i* is = use at a
 qualifi$ resid5ce & plac$ 9 s]vice dur+
 su* taxable ye>1 or  7#b7 #b1ejj4  7b7 

,def9itions ,9 ?is section--  7#a7      
,qualifi$ resid5ce  7,a7 ,9 g5]al ,! t]m
 qualifi$ resid5ce means a dwell+ unit  
:i* is-- 7i7 locat$ 9 ! ,unit$ ,/ates1  
7ii7 us$ z ! pr9cipal resid5ce 7z su*   
t]m is us$ 9 section #aba7 ( ! taxpay]1 
&  7iii7 valu$ at n great] ?an #bej1jjj 
7z det]m9$ "u subp>agraph 7,b774  7,b7  
,valuation ,= purposes ( subp>agraph    
7,a77iii71 ! value ( a dwell+ unit %all 
be det]m9$ bas$ ^u ! mo/ rec5t prop]ty  
tax assessm5t p]=m$ by ! ,/ate1 or local
 gov]nm5t or a political subdivision    
!re(1 9 :i* su* unit is locat$4  7#b7   
,/orm %elt] ,! t]m /orm %elt] means a   
h>d5$ /ructure :i*-- 7,a7 is design$ to 
provide critical protection dur+ extreme
 w9d ev5ts1  7,b7 is int]nally or       
ext]nally locat$ 9 relation to !        
qualifi$ resid5ce1 &  7,c7 has be5      
c]tifi$ by an inspector employ$ or      
lic5s$ by ! ,/ate1 or local gov]nm5t or 
a political subdivision !re(1 9 :i* !   
qualifi$ resid5ce is locat$ z--  7i7    
satisfy+ ! requirem5ts "u subp>agraph   

7,a71 &  7ii7 hav+ be5 con/ruct$ 9      
compliance ) any applicable build+ code 
requirem5ts4  7c7 ,relat$ co/s          
,exp5ditures incurr$ by ! taxpay] =--   
7#a7 any labor co/s prop]ly allocable to
 ! onsite prep>ation1 assembly1 or      
orig9al in/allation ( ! /orm %elt]1 &   
7#b7 ! c]tification describ$ 9          
subsection 7b77#b77;,c71  %all be tak5  
into acc\nt = purposes ( subsection     
7a77#a74  7d7 ,limitation  7#a7 ,9 g5]al
 ,subject to p>agraph 7#b71 an          
individual may n claim ! cr$it all[$ "u 
subsection 7a7 m ?an once4  7#b7 ,jo9t  
return ,9 ! case ( a jo9t return1 !     
taxpay] may claim ! cr$it all[$ "u      
subsection 7a7 unless ! cr$it has       
previ\sly be5 all[$ to ea* individual   
fil+ su* return4  7e7 ,basis adju/m5ts  
,= purposes ( ?is subtitle1 if a cr$it  
is all[$ "u ?is section = any exp5diture
 ) respect to a /orm %elt] :i* is = use 
at a qualifi$ resid5ce1 ! increase 9 !  
basis ( ! qualifi$ resid5ce :i* w\ld 7b 
= ?is subsection7 result f su*          

exp5diture %all be r$uc$ by ! am\nt ( ! 
cr$it s all[$4  4  7b7 ,con=m+ am5dm5ts 
7#a7 ,section #fbaa7;b77#d77;,a7 ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ #cf;,a1 aft] #cf14  7#b7 ,!   
table ( sections = subp>t ,c ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( su* ,code is  
am5d$ by ins]t+ aft] ! item relat+ to   
section #cf ! foll[+ new item3  ,sec4   
#cf;,a4 ,/orm %elt] cr$it4  4  7c7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4