Ways and Means
Co-Sponsors: 2–1 Democrat, 1 Republican
The bill amends the Internal Revenue Code to allow expensing and accelerated cost recovery for certain energy efficient heating and air-conditioning property. It encourages the deployment of combined heat and power (CHP) and waste heat to power (WHP). CHP technologies utilize a variety of fuels, both fossil- and renewable-based, and WHP uses waste heat as the energy source. The bill applies to certain real property: (1) with respect to which depreciation (or amortization in lieu of depreciation) is allowable; (2) which is installed as part of the heating, cooling, ventilation, and hot water systems; and (3) which is within the scope of specified standards of the American Society of Heating, Refrigerating, and Air Conditioning Engineers and the Illuminating Engineering Society of North America.
This bill addresses Green Real Deal goal 2(J)p.6 to incentivize homeowners for energy efficiency upgrades and 2(K)p.6 to make buildings more energy efficient.