S 1708 — Storm Shelter Act of 2019

Summary

Storm Shelter Act of 2019 This bill establishes a one-time refundable tax credit of up to $2,500 for the costs of installing a storm shelter to be used at a taxpayer's principal residence. To qualify for the credit, the residence may not be valued at more than $250,000.

Bill Text

• Introduced Introduced in Senate Current html June 04, 2019

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill adds a refundable tax credit for the installation of storm shelters at qualified residences.

• Internal Revenue Code of 1986, Subpart C of part IV of subchapter A of chapter 1

  SEC. 36A. STORM SHELTER CREDIT. (a) Allowance of Credit.--In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the lesser of-- (1) the total amount of any expenditures made by the taxpayer for a storm shelter which is for use at a qualified residence and placed in service during such taxable year, or (2) $2,500.

  Introduces a new tax credit for individuals installing storm shelters.

• Internal Revenue Code of 1986, Section 6211(b)(4)(A)

  36A,

  Updates the code to include the new storm shelter credit.

• Internal Revenue Code of 1986, table of sections for subpart C of part IV of subchapter A of chapter 1

  Sec. 36A. Storm shelter credit.

  Adds a new item to the table of sections for the storm shelter credit.

• Internal Revenue Code of 1986

  In this section-- (1) Qualified residence.--(A) In general.--The term 'qualified residence' means a dwelling unit which is--(i) located in the United States,... (2) Storm shelter.--The term 'storm shelter' means a hardened structure which--(A) is designed to provide critical protection during extreme wind events,...

  Provides definitions for 'qualified residence' and 'storm shelter' to clarify the credit's eligibility.

• Internal Revenue Code of 1986

  Expenditures incurred by the taxpayer for--(1) any labor costs properly allocable to the onsite preparation, assembly, or original installation of the storm shelter, and (2) the certification described in subsection (b)(2)(C), shall be taken into account for purposes of subsection (a)(1).

  Specifies what expenditures are eligible for the tax credit.

• Internal Revenue Code of 1986

  If a credit is allowed under this section for any expenditure with respect to a storm shelter which is for use at a qualified residence, the increase in the basis of the qualified residence which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed.

  Adjusts the basis of the residence when a storm shelter credit is claimed.

• Internal Revenue Code of 1986

  In general.--Subject to paragraph (2), an individual may not claim the credit allowed under subsection (a) more than once.

  Limits the credit claim for storm shelters to once per individual.

• Internal Revenue Code of 1986

  In the case of a joint return, the taxpayer may claim the credit allowed under subsection (a) unless the credit has previously been allowed to each individual filing such return.

  Allows joint filers to claim the credit under specific conditions.

• Internal Revenue Code of 1986

  The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

  Establishes the effective date for the new tax credit.

Action History

1. June 04, 2019

   Introduced in Senate

2. June 04, 2019

   Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3219)

Sponsors

• Doug Jones · Primary

Subjects