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‘‘(5) M
ANUFACTURED
HOMES
INCLUDED
.—For
1
purposes of this section, the term ‘dwelling’ includes
2
a manufactured home which conforms to Federal
3
Manufactured Home Construction and Safety Stand-
4
ards (24 C.F.R. 3280).
5
‘‘(g) B
ASIS
A
DJUSTMENT
.—For purposes of this sub-
6
title, if a credit is allowed under this section for any ex-
7
penditure with respect to any property, the increase in the
8
basis of such property which would (but for this subsection)
9
result from such expenditure shall be reduced by the amount
10
of the credit so allowed.
11
‘‘(h) A
PPLICATION OF
S
ECTION
.—Subsection (a) shall
12
apply to qualified energy efficiency improvements installed
13
during the period beginning on the date of the enactment
14
of this section and ending on December 31, 2006.’’.
15
(b) C
REDIT
A
LLOWED
A
GAINST
R
EGULAR
T
AX AND
16
A
LTERNATIVE
M
INIMUM
T
AX
.—
17
(1) I
N GENERAL
.—Section 25D(b), as added by
18
subsection (a), is amended by adding at the end the
19
following new paragraph:
20
‘‘(3) L
IMITATION BASED ON AMOUNT OF TAX
.—
21
The credit allowed under subsection (a) for the tax-
22
able year shall not exceed the excess of—
23
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‘‘(A) the sum of the regular tax liability (as
1
defined in section 26(b)) plus the tax imposed by
2
section 55, over
3
‘‘(B) the sum of the credits allowable under
4
this subpart (other than this section) and section
5
27 for the taxable year.’’.
6
(2) C
ONFORMING AMENDMENTS
.—
7
(A) Section 25D(c), as added by subsection
8
(a), is amended by striking ‘‘section 26(a) for
9
such taxable year reduced by the sum of the cred-
10
its allowable under this subpart (other than this
11
section)’’ and inserting ‘‘subsection (b)(3)’’.
12
(B) Section 23(b)(4)(B), as amended by this
13
Act, is amended by striking ‘‘section 25C’’ and
14
inserting ‘‘sections 25C and 25D’’.
15
(C) Section 24(b)(3)(B), as amended by this
16
Act, is amended by striking ‘‘and 25C’’ and in-
17
serting ‘‘25C, and 25D’’.
18
(D) Section 25(e)(1)(C), as amended by this
19
Act, is amended by inserting ‘‘25D,’’ after
20
‘‘25C,’’.
21
(E) Section 25B(g)(2), as amended by this
22
Act, is amended by striking ‘‘23 and 25C’’ and
23
inserting ‘‘23, 25C, and 25D’’.
24
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(F) Section 26(a)(1), as amended by this
1
Act, is amended by striking ‘‘and 25C’’ and in-
2
serting ‘‘25C, and 25D’’.
3
(G) Section 904(h), as amended by this Act,
4
is amended by striking ‘‘and 25C’’ and inserting
5
‘‘25C, and 25D’’.
6
(H) Section 1400C(d), as amended by this
7
Act, is amended by striking ‘‘and 25C’’ and in-
8
serting ‘‘25C, and 25D’’.
9
(c) A
DDITIONAL
C
ONFORMING
A
MENDMENTS
.—
10
(1) Section 23(c), as in effect for taxable years
11
beginning before January 1, 2004, and as amended
12
by this Act, is amended by inserting ‘‘, 25D,’’ after
13
‘‘sections 25C’’.
14
(2) Section 25(e)(1)(C), as in effect for taxable
15
years beginning before January 1, 2004, and as
16
amended by this Act, is amended by inserting ‘‘25D,’’
17
after ‘‘25C,’’.
18
(3) Subsection (a) of section 1016, as amended
19
by this Act, is amended by striking ‘‘and’’ at the end
20
of paragraph (32), by striking the period at the end
21
of paragraph (33) and inserting ‘‘; and’’, and by add-
22
ing at the end the following new paragraph:
23
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‘‘(34) to the extent provided in section 25D(f), in
1
the case of amounts with respect to which a credit has
2
been allowed under section 25D.’’.
3
(4) Section 1400C(d), as in effect for taxable
4
years beginning before January 1, 2004, and as
5
amended by this Act, is amended by striking ‘‘section
6
25C’’ and inserting ‘‘sections 25C and 25D’’.
7
(5) The table of sections for subpart A of part IV
8
of subchapter A of chapter 1, as amended by this Act,
9
is amended by inserting after the item relating to sec-
10
tion 25C the following new item:
11
‘‘Sec. 25D. Energy efficiency improvements to existing homes.’’.
(d) E
FFECTIVE
D
ATES
.—
12
(1) I
N GENERAL
.—Except as provided by para-
13
graph (2), the amendments made by this section shall
14
apply to expenditures after December 31, 2002, in
15
taxable years ending after such date.
16
(2) S
UBSECTION (
b
)
.—The amendments made by
17
subsection (b) shall apply to taxable years beginning
18
after December 31, 2003.
19
SEC. 2110. ALLOWANCE OF DEDUCTION FOR QUALIFIED
20
NEW OR RETROFITTED WATER SUBMETERING
21
DEVICES.
22
(a) I
N
G
ENERAL
.—Part VI of subchapter B of chapter
23
1 (relating to itemized deductions for individuals and cor-
24
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HR 6 EAS1S/PP
porations), as amended by this Act, is amended by inserting
1
after section 179D the following new section:
2
‘‘SEC. 179E. DEDUCTION FOR QUALIFIED NEW OR RETRO-
3
FITTED WATER SUBMETERING DEVICES.
4
‘‘(a) A
LLOWANCE OF
D
EDUCTION
.—In the case of a
5
taxpayer who is an eligible resupplier, there shall be allowed
6
as a deduction an amount equal to the cost of each qualified
7
water submetering device placed in service during the tax-
8
able year.
9
‘‘(b) M
AXIMUM
D
EDUCTION
.—The deduction allowed
10
by this section with respect to each qualified water sub-
11
metering device shall not exceed $30.
12
‘‘(c) E
LIGIBLE
R
ESUPPLIER
.—For purposes of this
13
section, the term ‘eligible resupplier’ means any taxpayer
14
who purchases and installs qualified water submetering de-
15
vices in every unit in any multi-unit property.
16
‘‘(d) Q
UALIFIED
W
ATER
S
UBMETERING
D
EVICE
.—The
17
term ‘qualified water submetering device’ means any tan-
18
gible property to which section 168 applies if such property
19
is a submetering device (including ancillary equipment)—
20
‘‘(1) which is purchased and installed by the tax-
21
payer to enable consumers to manage their purchase
22
or use of water in response to water price and usage
23
signals, and
24
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‘‘(2) which permits reading of water price and
1
usage signals on at least a daily basis.
2
‘‘(e) P
ROPERTY
U
SED
O
UTSIDE THE
U
NITED
S
TATES
3
N
OT
Q
UALIFIED
.—No deduction shall be allowed under sub-
4
section (a) with respect to property which is used predomi-
5
nantly outside the United States or with respect to the por-
6
tion of the cost of any property taken into account under
7
section 179.
8
‘‘(f) B
ASIS
R
EDUCTION
.—
9
‘‘(1) I
N GENERAL
.—For purposes of this title, the
10
basis of any property shall be reduced by the amount
11
of the deduction with respect to such property which
12
is allowed by subsection (a).
13
‘‘(2) O
RDINARY INCOME RECAPTURE
.—For pur-
14
poses of section 1245, the amount of the deduction al-
15
lowable under subsection (a) with respect to any
16
property that is of a character subject to the allow-
17
ance for depreciation shall be treated as a deduction
18
allowed for depreciation under section 167.
19
‘‘(g) T
ERMINATION
.—This section shall not apply to
20
any property placed in service after December 31, 2007.’’.
21
(b) C
ONFORMING
A
MENDMENTS
.—
22
(1) Section 263(a)(1), as amended by this Act, is
23
amended by striking ‘‘or’’ at the end of subparagraph
24
(J), by striking the period at the end of subparagraph
25
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HR 6 EAS1S/PP
(K) and inserting ‘‘, or’’, and by inserting after sub-
1
paragraph (K) the following new subparagraph:
2
‘‘(L) expenditures for which a deduction is
3
allowed under section 179E.’’.
4
(2) Section 312(k)(3)(B), as amended by this
5
Act, is amended by striking ‘‘or 179D’’ each place it
6
appears in the heading and text and inserting ‘‘,
7
179D, or 179E’’.
8
(3) Section 1016(a), as amended by this Act, is
9
amended by striking ‘‘and’’ at the end of paragraph
10
(34), by striking the period at the end of paragraph
11
(35) and inserting ‘‘, and’’, and by adding at the end
12
the following new paragraph:
13
‘‘(36) to the extent provided in section
14
179E(f)(1).’’.
15
(4) Section 1245(a), as amended by this Act, is
16
amended by inserting ‘‘179E,’’ after ‘‘179D,’’ both
17
places it appears in paragraphs (2)(C) and (3)(C).
18
(5) The table of contents for subpart B of part
19
IV of subchapter A of chapter 1, as amended by this
20
Act, is amended by inserting after the item relating
21
to section 179D the following new item:
22
‘‘Sec. 179E. Deduction for qualified new or retrofitted water sub-
metering devices.’’.
(c) E
FFECTIVE
D
ATE
.—The amendments made by this
23
section shall apply to qualified water submetering devices
24
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HR 6 EAS1S/PP
placed in service after the date of the enactment of this Act,
1
in taxable years ending after such date.
2
SEC. 2111. THREE-YEAR APPLICABLE RECOVERY PERIOD
3
FOR DEPRECIATION OF QUALIFIED WATER
4
SUBMETERING DEVICES.
5
(a) I
N
G
ENERAL
.—Subparagraph (A) of section
6
168(e)(3) (relating to classification of property) is amended
7
by striking ‘‘and’’ at the end of clause (iii), by striking the
8
period at the end of clause (iv) and inserting ‘‘, and’’, and
9
by adding at the end the following new clause:
10
‘‘(v) any qualified water submetering
11
device.’’.
12
(b) D
EFINITION OF
Q
UALIFIED
W
ATER
S
UBMETERING
13
D
EVICE
.—Section 168(i) (relating to definitions and spe-
14
cial rules), as amended by this Act, is amended by inserting
15
at the end the following new paragraph:
16
‘‘(16) Q
UALIFIED
WATER
SUBMETERING
DE
-
17
VICE
.—The term ‘qualified water submetering device’
18
means any qualified water submetering device (as de-
19
fined in section 179E(d)) which is placed in service
20
before January 1, 2008, by a taxpayer who is an eli-
21
gible resupplier (as defined in section 179E(c)).’’.
22
(c) E
FFECTIVE
D
ATE
.—The amendments made by this
23
section shall apply to property placed in service after the
24
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HR 6 EAS1S/PP
date of the enactment of this Act, in taxable years ending
1
after such date.
2
TITLE XXII—CLEAN COAL
3
INCENTIVES
4
Subtitle A—Credit for Emission Re-
5
ductions and Efficiency Improve-
6
ments in Existing Coal-Based
7
Electricity Generation Facilities
8
SEC. 2201. CREDIT FOR PRODUCTION FROM A QUALIFYING
9
CLEAN COAL TECHNOLOGY UNIT.
10
(a) C
REDIT FOR
P
RODUCTION
F
ROM A
Q
UALIFYING
11
C
LEAN
C
OAL
T
ECHNOLOGY
U
NIT
.—Subpart D of part IV
12
of subchapter A of chapter 1 (relating to business related
13
credits), as amended by this Act, is amended by adding at
14
the end the following new section:
15
‘‘SEC. 45I. CREDIT FOR PRODUCTION FROM A QUALIFYING
16
CLEAN COAL TECHNOLOGY UNIT.
17
‘‘(a) G
ENERAL
R
ULE
.—For purposes of section 38, the
18
qualifying clean coal technology production credit of any
19
taxpayer for any taxable year is equal to the product of—
20
‘‘(1) the applicable amount of clean coal tech-
21
nology production credit, multiplied by
22
‘‘(2) the applicable percentage of the kilowatt
23
hours of electricity produced by the taxpayer during
24
such taxable year at a qualifying clean coal tech-
25
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nology unit, but only if such production occurs dur-
1
ing the 10-year period beginning on the date the unit
2
was returned to service after becoming a qualifying
3
clean coal technology unit.
4
‘‘(b) A
PPLICABLE
A
MOUNT
.—
5
‘‘(1) I
N GENERAL
.—For purposes of this section,
6
the applicable amount of clean coal technology pro-
7
duction credit is equal to $0.0034.
8
‘‘(2) I
NFLATION
ADJUSTMENT
.—For calendar
9
years after 2003, the applicable amount of clean coal
10
technology production credit shall be adjusted by mul-
11
tiplying such amount by the inflation adjustment fac-
12
tor for the calendar year in which the amount is ap-
13
plied. If any amount as increased under the pre-
14
ceding sentence is not a multiple of 0.01 cent, such
15
amount shall be rounded to the nearest multiple of
16
0.01 cent.
17
‘‘(c) A
PPLICABLE
P
ERCENTAGE
.—For purposes of this
18
section, with respect to any qualifying clean coal technology
19
unit, the applicable percentage is the percentage equal to
20
the ratio which the portion of the national megawatt capac-
21
ity limitation allocated to the taxpayer with respect to such
22
unit under subsection (e) bears to the total megawatt capac-
23
ity of such unit.
24
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‘‘(d) D
EFINITIONS AND
S
PECIAL
R
ULES
.—For pur-
1
poses of this section—
2
‘‘(1) Q
UALIFYING
CLEAN
COAL
TECHNOLOGY
3
UNIT
.—The term ‘qualifying clean coal technology
4
unit’ means a clean coal technology unit of the tax-
5
payer which—
6
‘‘(A) on the date of the enactment of this
7
section was a coal-based electricity generating
8
steam generator-turbine unit which was not a
9
clean coal technology unit,
10
‘‘(B) has a nameplate capacity rating of
11
not more than 300,000 kilowatts,
12
‘‘(C) becomes a clean coal technology unit
13
as the result of the retrofitting, repowering, or
14
replacement of the unit with clean coal tech-
15
nology during the 10-year period beginning on
16
the date of the enactment of this section,
17
‘‘(D) is not receiving nor is scheduled to re-
18
ceive funding under the Clean Coal Technology
19
Program, the Power Plant Improvement Initia-
20
tive, or the Clean Coal Power Initiative admin-
21
istered by the Secretary of Energy, and
22
‘‘(E) receives an allocation of a portion of
23
the national megawatt capacity limitation under
24
subsection (e).
25
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