,,ii #aafth ,,congress #ast ,session ,s4 #behh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bf1 #bjai ,ms4 ,hassan 7for herself and ,ms4 ,collins7 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 extend and update the credit for nonbusiness energy property4 #a4 ,short title ,this ,act may be cited as the ,home ,energy ,savings ,act4 #b4 ,extension of credit for nonbusiness energy property 7a7 ,in general ,subsection 7g77#b7 of section #be;,c of the ,internal ,revenue ,code of #aihf is amended by striking ,december #ca1 #bjag and inserting ,december #ca1 #bjai4 7b7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjag4 #c4 ,updating credit for nonbusiness energy property 7a7 ,in general ,section #be;,c of the ,internal ,revenue ,code of #aihf1 as amended by section #b1 is amended-- 7#a7 in subsection 7a77#a71 by striking #aj percent and inserting #ae percent1 7#b7 in subsection 7b7-- 7,a7 in paragraph 7#a7-- 7i7 by striking #ejj and inserting #a1bjj1 and 7ii7 by striking ,december #ca1 #bjje and inserting ,december #ca1 #bjai1 and 7,b7 by striking paragraphs 7#b7 and 7#c7 and inserting the following3 7#b7 ,limitation on insulation material or system ,in the case of amounts paid or incurred for components described in subsection 7c77#c77;,a7 by any taxpayer for any taxable year1 the credit allowed under this section with respect to such amounts for such year shall not exceed the excess 7if any7 of #fjj over the aggregate credits allowed under this section with respect to such amounts for all prior taxable years ending after ,december #ca1 #bjai4 7#c7 ,limitation on windows 7,a7 ,in general 7i7 ,energy ,star ,most efficient ,in the case of amounts paid or incurred by any taxpayer for any taxable year for components described in subsection 7c77#c77;,b7 which meet the most efficient certification under applicable ,energy ,star program requirements1 the credit allowed under this section with respect to such amounts for such year shall not exceed the excess 7if any7 of #fjj over the aggregate credits allowed under this section with respect to such amounts for all prior taxable years ending after ,december #ca1 #bjai4 7ii7 ,energy ,star ,in the case of amounts paid or incurred by any taxpayer for any taxable year for components described in subsection 7c77#c77;,b7 which do not meet the most efficient certification under applicable ,energy ,star program requirements1 the credit allowed under this section with respect to such amounts for such year shall not exceed the excess 7if any7 of #bjj over the aggregate credits allowed under this section with respect to such amounts for all prior taxable years ending after ,december #ca1 #bjai4 7,b7 ,election 7i7 ,in general ,for purposes of any amounts paid or incurred by any taxpayer for components described in subsection 7c77#c77;,b71 the credit allowed under this section shall only be allowed for components described in clause 7i7 of subparagraph 7,a7 or clause 7ii7 of such subparagraph1 but not both1 as elected by the taxpayer during the first taxable year in which such credit is being claimed by the taxpayer4 7ii7 ,irrevocability ,the ,secretary shall1 through such rules1 regulations1 and procedures as are determined appropriate1 establish procedures for making an election under this subparagraph1 which shall require that-- 7,i7 any election made by the taxpayer shall be irrevocable1 and 7,,ii7 such election shall remain in effect for all subsequent taxable years4 7#d7 ,limitation on doors ,in the case of amounts paid or incurred for components described in subsection 7c77#c77;,c7 by any taxpayer for any taxable year1 the credit allowed under this section with respect to such amounts for such year shall not exceed-- 7,a7 the excess 7if any7 of #ejj over the aggregate credits allowed under this section with respect to such amounts for all prior taxable years ending after ,december #ca1 #bjai1 or 7,b7 #bej for each exterior door4 7#e7 ,limitation on residential energy property expenditures ,the amount of the credit allowed under this section by reason of subsection 7a77#b7 shall not exceed-- 7,a7 in the case of any energy-efficient building property-- 7i7 for any item of property described in subparagraph 7,a71 7,b71 or 7,c7 of subsection 7d77#c71 #fjj1 and 7ii7 for any item of property described in subparagraph 7,d7 or 7,e7 of such subsection1 #djj1 and 7,b7 in the case of any qualified natural gas1 propane1 or oil furnace or hot water boiler 7as defined in subsection 7d77#d771 an amount equal to-- 7i7 #fjj for a hot water boiler1 and 7ii7 in the case of a furnace1 an amount equal to the sum of-- 7,i7 #cjj1 plus 7,,ii7 if the taxpayer is converting from a non-condensing furnace to a condensing furnace1 #cjj4 1 7#c7 in subsection 7c7-- 7,a7 in paragraph 7#b7-- 7i7 by striking subparagraphs 7,a7 and 7,b7 and inserting the following3 7,a7 applicable ,energy ,star program requirements1 in the case of an exterior window1 a skylight1 or an exterior door1 and 1 7ii7 by redesignating subparagraph 7,c7 as subparagraph 7,b71 and 7iii7 in subparagraph 7,b71 as so redesignated1 by striking #bjji ,international and all that follows through ,act of #bjji and inserting #bjae ,,iecc 7as defined in section #de,l7b77#e771 7,b7 in paragraph 7#c7-- 7i7 in subparagraph 7,b71 by adding and at the end1 7ii7 in subparagraph 7,c71 by striking 1 and and inserting a period1 and 7iii7 by striking subparagraph 7,d71 and 7,c7 by adding at the end the following new paragraph3 7#e7 ,labor costs ,the term qualified energy efficiency improvements includes expenditures for labor costs properly allocable to the onsite preparation1 assembly1 or original installation of any energy efficient building envelope component4 1 7#d7 in subsection 7d7-- 7,a7 in paragraph 7#b77;,a7-- 7i7 in clause 7i71 by adding or at the end1 7ii7 in clause 7ii71 by striking 1 or and inserting a period1 and 7iii7 by striking clause 7iii71 7,b7 in paragraph 7#c7-- 7i7 by striking subparagraph 7,a7 and inserting the following3 7,a7 an electric heat pump water heater which1 in the standard ,department of ,energy test procedure1 yields a uniform energy factor of at least #c4j1 1 7ii7 in subparagraph 7,b71 by striking ,january #a1 #bjji and inserting the date of enactment of the ,home ,energy ,savings ,act1 7iii7 in subparagraph 7,c71 by striking ,january #a1 #bjji and inserting the date of enactment of the ,home ,energy ,savings ,act1 7iv7 by striking subparagraph 7,d7 and inserting the following3 7,d7 a natural gas1 propane1 or oil water heater which1 in the standard ,department of ,energy test procedure1 yields-- 7i7 in the case of a storage tank water heater-- 7,i7 in the case of a medium-draw water heater1 a uniform energy factor of not less than #j4gh1 and 7,,ii7 in the case of a high-draw water heater1 a uniform energy factor of not less than #j4hj1 and 7ii7 in the case of a tankless water heater-- 7,i7 in the case of a medium-draw water heater1 a uniform energy factor of not less than #j4hg1 and 7,,ii7 in the case of a high-draw water heater1 a uniform energy factor of not less than #j4ij1 and 1 and 7v7 in subparagraph 7,e71 by striking of at least #ge percent and inserting the following3 7as determined pursuant to the applicable list published by the ,environmental ,protection ,agency for certified wood stoves1 hydronic heaters1 or forced-air furnaces7 of at least-- 7i7 in the case of any stove placed in service before ,january #a1 #bjba1 #gc percent1 and 7ii7 in the case of any stove placed in service after ,december #ca1 #bjbj1 #ge percent4 1 7,c7 in paragraph 7#d71 by striking not less than #ie and inserting the following3 not less than-- 7,a7 in the case of a furnace1 #ig percent1 and 7,b7 in the case of a hot water boiler1 #ie percent4 1 7,d7 by striking paragraph 7#e71 and 7,e7 by redesignating paragraph 7#f7 as paragraph 7#e71 7#e7 in subsection 7e71 by adding the following new paragraphs at the end3 7#d7 ,installation standards ,the terms energy efficient building envelope component and qualified energy property shall not include any components or property which are not installed according to any applicable ,air ,conditioning ,contractors of ,america ,quality ,installation standards which are in effect at the time that such components or property are placed in service4 7#e7 ,replacement of terminated standards ,in the case of any standard1 requirement1 or criteria applicable to any energy efficient building envelope component or qualified energy property which is terminated after the date of enactment of the ,home ,energy ,savings ,act1 the ,secretary1 in consultation with the ,secretary of ,energy1 shall identify a similar standard1 requirement1 or criteria for purposes of determining the eligibility of any such component or property for purposes of credit allowed under this section4 1 and 7#f7 in subsection 7g77#b71 by striking ,december #ca1 #bjai and inserting ,december #ca1 #bjbf4 7b7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjai4