“To amend the Internal Revenue Code of 1986 to establish the emergency generator tax credit.”
No CRS summary available for this bill.
This section establishes a new nonrefundable tax credit under new Internal Revenue Code section 25F of up to $500 against income tax for the purchase of an emergency generator for a qualified individual's principal residence (i.e., as defined in IRC §121). A qualified individual is one whose principal residence is in an area with two or more covered major disasters (i.e., major disasters declared under §401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, excluding those for public health purposes) during the prior five taxable years and who received individual assistance under Stafford Act §408 for at least one such disaster. The credit phases out by $100 for every $25,000 by which modified adjusted gross income exceeds $150,000 ($300,000 joint return); it applies to generators purchased after enactment and terminates for purchases made more than two years after enactment.