,,ii #aagth ,,congress #ast ,session ,s4 #agec ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #bj1 #bjba,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 ,updating credit for nonbusiness energy property 7a7 ,in general ,section #be;,c of the ,internal ,revenue ,code of #aihf 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 #bjba1 and 7,b7 by striking paragraphs 7#b7 and 7#c7 and inserting the following3 7#b7 ,limitation on window attachment products ,in the case of amounts paid or incurred for products described in subsection 7c77#b77;,b7 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 #bjba4 7#c7 ,limitation on insulation material or system ,in the case of amounts paid or incurred for components described in subparagraph 7,a7 or 7,d7 of subsection 7c77#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 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 #bjba4 7#d7 ,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 #bjba4 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 #bjba4 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#e7 ,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 #bjba1 or 7,b7 #bej for each exterior door4 7#f7 ,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 clause 7ii7 of subparagraph 7,a7 of subsection 7d77#c71 #hjj1 7ii7 for any item of property described in clause 7i7 or 7iii7 of such subparagraph1 #fjj1 and 7iii7 for any item of property described in clause 7iv7 of such subparagraph1 #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#b71 by striking subparagraphs 7,a7 through 7,c7 and inserting the following3 7,a7 in the case of an exterior window1 a skylight1 or an exterior door1 applicable ,energy ,star program requirements1 7,b7 in the case of any window attachment product1 the applicable certification requirements for such product under the ,attachments ,energy ,rating ,council ,certification ,program1 and 7,c7 in the case of any other component1 the prescriptive criteria for such component established by the ,international ,energy ,conservation ,code1 as such ,code 7including supplements7 is in effect on ,january #a of the calendar year in which such component is installed4 1 7,b7 in paragraph 7#c71 by striking subparagraph 7,d7 and inserting the following3 7,d7 any air barrier material1 system1 or assembly which is specifically and primarily designed to minimize the passage of air through the building thermal envelope and its assemblies when installed in or on a dwelling unit4 1 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#b7-- 7i7 in subparagraph 7,a7-- 7,i7 in clause 7i71 by adding or at the end1 7,,ii7 in clause 7ii71 by striking 1 or and inserting a period1 and 7,,iii7 by striking clause 7iii71 and 7ii7 by striking subparagraphs 7,b7 and 7,c7 and inserting the following3 7,b7 ,efficiency standards ,property described in subparagraph 7,a7 shall meet or exceed the requirements of the highest efficiency tier 7not including any advanced tier7 established by the ,consortium for ,energy ,efficiency which are in effect on ,january #a of the calendar year in which the property was acquired4 1 7,b7 by striking paragraph 7#c7 and inserting the following3 7#c7 ,energy-efficient building property ,the term energy-efficient building property means property which-- 7,a7 is-- 7i7 an electric heat pump water heater1 7ii7 an electric heat pump1 7iii7 a central air conditioner1 or 7iv7 a natural gas1 propane1 or oil water heater1 and 7,b7 meets or exceeds the requirements of the highest efficiency tier 7not including any advanced tier7 established by the ,consortium for ,energy ,efficiency which are in effect on ,january #a of the calendar year in which the property was acquired4 1 7,c7 in paragraph 7#d71 by striking achieves an annual fuel utilization efficiency rate of not less than #ie and inserting meets or exceeds the requirements of the highest efficiency tier 7not including any advanced tier7 established by the ,consortium for ,energy ,efficiency which are in effect on ,january #a of the calendar year in which the property was acquired1 and 7,d7 by striking 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 #bjba and inserting ,december #ca1 #bjbh4 7b7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjba4