S 3228 ISCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to allow a credit for green roofs.CommentsClose CommentsPermalink

July 8, 2008CommentsClose CommentsPermalink

Mr. SMITH (for himself and Ms. CANTWELL) introduced the following bill; which was read twice and referred to the Committee on FinanceCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to allow a credit for green roofs.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. TAX CREDIT FOR GREEN ROOFS.

(a) Findings and Purpose-CommentsClose CommentsPermalink





(1) FINDINGS- Congress makes the following findings:CommentsClose CommentsPermalink





(A) Green roofs reduce storm water run off.CommentsClose CommentsPermalink





(B) Green roofs reduce heating and cooling loads on a building.CommentsClose CommentsPermalink





(C) Green roofs filter pollutants and carbon dioxide out of the air.CommentsClose CommentsPermalink





(D) Green roofs filter pollutants and heavy metals out of rainwater.CommentsClose CommentsPermalink





(E) Construction of green roofs has the potential to reduce the size of heating, ventilation, and air conditioning equipment on new or retrofitted buildings resulting in capital and operational savings.CommentsClose CommentsPermalink





(F) Green roofs have the potential to reduce the amount of standard insulation used.CommentsClose CommentsPermalink





(G) After installation, green roofs can reduce sewage system loads by assimilating large amounts of rainwater.CommentsClose CommentsPermalink





(H) Green roofs absorb air pollution, collect airborne particulates, and store carbon.CommentsClose CommentsPermalink





(I) Green roofs protect underlying roof material by eliminating exposure to the sun’s ultraviolet radiation and extreme daily temperature fluctuations.CommentsClose CommentsPermalink





(J) Green roofs reduce noise transfer from the outdoors.CommentsClose CommentsPermalink





(K) Green roofs insulate a building from extreme temperatures, mainly by keeping the building interior cool in the summer.CommentsClose CommentsPermalink





(L) Green roofs provide habitat for beneficial insects, such as honeybees and other pollinators, and small animals such as birds.CommentsClose CommentsPermalink





(2) PURPOSE- The purpose of this section is to encourage the construction of green roofs thereby--CommentsClose CommentsPermalink





(A) reducing rooftop temperatures and heat transfer; decreasing summertime indoor temperatures;CommentsClose CommentsPermalink





(B) lessening pressure on sewer systems through the absorption of rainwater;CommentsClose CommentsPermalink





(C) filtering pollution--including heavy metals and excess nutrients;CommentsClose CommentsPermalink





(D) protecting underlying roof material;CommentsClose CommentsPermalink





(E) reducing noise;CommentsClose CommentsPermalink





(F) providing a habitat for birds and other small animals;CommentsClose CommentsPermalink





(G) improving the quality of life for building inhabitants; andCommentsClose CommentsPermalink





(H) reducing the urban heat island effect by decreasing rooftop temperatures.CommentsClose CommentsPermalink





(b) Green Roofs Eligible for Energy Credit-CommentsClose CommentsPermalink





(1) IN GENERAL- Subparagraph (A) of section 48(a)(3) of the Internal Revenue Code of 1986 is amended by striking ‘or’ at the end of clause (iii), by striking the period at the end of clause (iv) and inserting ‘, or’, and by adding at the end the following new clause:CommentsClose CommentsPermalink





‘(v) a qualified green roof (as defined in section 25D(d)(4)(B)).’.CommentsClose CommentsPermalink





(2) CREDIT ALLOWED AGAINST ALTERNATIVE MINIMUM TAX- Subparagraph (B) of section 38(c)(4) of such Code is amended by striking ‘and’ at the end of clause (iii), by redesignating clause (iv) as clause (v), and by inserting after clause (iii) the following new clause:CommentsClose CommentsPermalink





‘(iv) so much of the credit determined under section 46 as is attributable to the credit determined under section 48, and’.CommentsClose CommentsPermalink





(3) EFFECTIVE DATE- The amendments made by this subsection shall apply to periods after December 31, 2008, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect before the date of the enactment of the Revenue Reconciliation Act of 1990).CommentsClose CommentsPermalink





(c) Credit for Residential Green Roofs-CommentsClose CommentsPermalink





(1) IN GENERAL-CommentsClose CommentsPermalink





(A) ALLOWANCE OF CREDIT- Section 25D(a) of the Internal Revenue Code of 1986 (relating to allowance of credit) is amended by striking ‘and’ at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting ‘, and’, and by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(4) 30 percent of the qualified green roof property expenditures made by the taxpayer during such year.’.CommentsClose CommentsPermalink





(B) LIMITATION- Section 25D(b)(1) of such Code (relating to maximum credit) is amended by striking ‘and’ at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting ‘, and’, and by adding at the end the following new subparagraph:CommentsClose CommentsPermalink





‘(D) $2,000 with respect to any qualified green roof property expenditures.’.CommentsClose CommentsPermalink





(C) QUALIFIED GREEN ROOF PROPERTY EXPENDITURES- Section 25D(d) of such Code (relating to definitions) is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(4) QUALIFIED GREEN ROOF PROPERTY EXPENDITURE-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The term ‘qualified green roof property expenditure’ means an expenditure for a qualified green roof which is installed on a building located in the United States and used as a residence by the taxpayer.CommentsClose CommentsPermalink





‘(B) QUALIFIED GREEN ROOF- The term ‘qualified green roof’ means any green roof at least 40 percent of which is vegetated.CommentsClose CommentsPermalink





‘(C) GREEN ROOF- The term ‘green roof’ means any roof which consists of vegetation and soil, or a growing medium, planted over a waterproofing membrane and its associated components, such as a protection course, a root barrier, a drainage layer, or thermal insulation and an aeration layer.’.CommentsClose CommentsPermalink





(D) MAXIMUM EXPENDITURES IN CASE OF JOINT OCCUPANCY- Section 25D(e)(4)(A) of such Code (relating to maximum expenditures) is amended by striking ‘and’ at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ‘, and’, and by adding at the end the following new clause:CommentsClose CommentsPermalink





‘(iv) $1,667 in the case of any qualified green roof property expenditures.’.CommentsClose CommentsPermalink





(2) CREDIT ALLOWED AGAINST ALTERNATIVE MINIMUM TAX-CommentsClose CommentsPermalink





(A) IN GENERAL- Subsection (c) of section 25D of the internal Revenue Code of 1986 is amended to read as follows:CommentsClose CommentsPermalink





‘(c) Limitation Based on Amount of Tax; Carryforward of Unused Credit-CommentsClose CommentsPermalink





‘(1) LIMITATION BASED ON AMOUNT OF TAX- In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for the taxable year shall not exceed the excess of--CommentsClose CommentsPermalink





‘(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, overCommentsClose CommentsPermalink





‘(B) the sum of the credits allowable under this subpart (other than this section) and section 27 for the taxable year.CommentsClose CommentsPermalink





‘(2) CARRYFORWARD OF UNUSED CREDIT-CommentsClose CommentsPermalink





‘(A) RULE FOR YEARS IN WHICH ALL PERSONAL CREDITS ALLOWED AGAINST REGULAR AND ALTERNATIVE MINIMUM TAX- In the case of a taxable year to which section 26(a)(2) applies, if the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a)(2) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.CommentsClose CommentsPermalink





‘(B) RULE FOR OTHER YEARS- In the case of a taxable year to which section 26(a)(2) does not apply, if the credit allowable under subsection (a) exceeds the limitation imposed by paragraph (1) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.’.CommentsClose CommentsPermalink





(B) CONFORMING AMENDMENTS-CommentsClose CommentsPermalink





(i) Section 23(b)(4)(B) of the Internal Revenue Code of 1986 is amended by inserting ‘and section 25D’ after ‘this section’.CommentsClose CommentsPermalink





(ii) Section 24(b)(3)(B) of such Code is amended by striking ‘and 25B’ and inserting ‘, 25B, and 25D’.CommentsClose CommentsPermalink





(iii) Section 25B(g)(2) of such Code is amended by striking ‘section 23’ and inserting ‘sections 23 and 25D’.CommentsClose CommentsPermalink





(iv) Section 26(a)(1) of such Code is amended by striking ‘and 25B’ and inserting ‘25B, and 25D’.CommentsClose CommentsPermalink





(3) EFFECTIVE DATE-CommentsClose CommentsPermalink





(A) IN GENERAL- The amendments made by this subsection shall apply to property placed in service after December 31, 2008, in taxable years ending after such date.CommentsClose CommentsPermalink





(B) APPLICATION OF EGTRRA SUNSET- The amendments made by clauses (i) and (ii) of paragraph (2)(B) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 in the same manner as the provisions of such Act to which such amendments relate.CommentsClose CommentsPermalink