The easiest way to email your members of CongressDonate Now
H.R.184 - Mechanical Insulation Installation Incentive Act of 2013
To amend the Internal Revenue Code of 1986 to provide a tax incentive for the installation and maintenance of mechanical insulation property.
Loading Bill Text
Rollover any line of text to comment and/or link to it.
SECTION 1. SHORT TITLE.
SEC. 2. EXPENSING OF MECHANICAL INSULATION PROPERTY.
(a) In General- Part VI of subchapter B of chapter 1 of subtitle A of the Internal Revenue Code of 1986 (relating to itemized deductions for individuals and corporations) is amended by inserting after section 179E the following new section:CommentsClose CommentsPermalink
‘SEC. 179F. MECHANICAL INSULATION PROPERTY.
‘(a) Treatment as Expenses- In addition to any other deduction in this subtitle, there shall be allowed as a deduction an amount equal to the applicable percentage of the cost of mechanical insulation property placed in service during the taxable year.CommentsClose CommentsPermalink
‘(B) the reduction in energy loss (expressed as a percentage) from the installed mechanical insulation property compared to reference mechanical insulation property which meets the minimum requirements of ASHRAE standard 90.1-2007.CommentsClose CommentsPermalink
‘(B) the cost of such property shall be treated as an expense for which a deduction is allowed under section 162 instead of being treated as depreciable for purposes of the deduction provided by section 167.CommentsClose CommentsPermalink
‘(B) utilized for thermal requirements for mechanical piping and equipment, hot and cold applications, and heating, venting and air conditioning applications which can be used in a variety of facilities.CommentsClose CommentsPermalink
‘(A) the amounts paid or incurred for the installation of such property for that incremental portion above the minimums in ASHRAE standard 90.1-2007 and the total insulation cost for maintenance applications,CommentsClose CommentsPermalink
‘(B) in the case of removal and disposal of the old mechanical insulation property, 10 percent of the cost of the new mechanical insulation property (determined without regard to this subparagraph), andCommentsClose CommentsPermalink
‘(d) Coordination- Subsection (a) shall not apply to the cost of mechanical insulation property which is taken into account under section 179D or which, but for subsection (b) of section 179D, would be taken into account under such section.CommentsClose CommentsPermalink
‘(e) Allocation of Deduction for Tax-Exempt Property- In the case of mechanical insulation property installed on or in property owned by an entity described in paragraph (3) or (4) of section 50(b), the person who is the primary contractor for the installation of such property shall be treated as the taxpayer that placed such property in service.CommentsClose CommentsPermalink
‘(f) Certification- For purposes of this section, energy savings shall be certified under regulations or other guidance provided by the Secretary, in consultation with the Secretary of Energy.CommentsClose CommentsPermalink
‘(g) Termination- This section shall not apply to any property placed in service after the end of the 5-year period beginning on the date of the enactment of this section.’.CommentsClose CommentsPermalink
(b) Deduction for Capital Expenditures- Section 263(a)(1) of such Code (relating to capital expenditures) is amended by striking ‘or’ at the end of subparagraph (K), by striking the period at the end of paragraph (L) and inserting ‘, or’, and by adding at the end the following new subparagraph:CommentsClose CommentsPermalink
(3) The table of sections for part VI of subchapter B of chapter 1 of subtitle A of such Code is amended by inserting after the item relating to section 179E the following new item:CommentsClose CommentsPermalink