To amend the Internal Revenue Code of 1986 to include room air conditioners as qualified energy property for purposes of the energy efficient home improvement credit.
Impact
The modification proposed by HB 9065 could potentially enhance the accessibility of energy efficiency incentives, broadening the options for consumers looking to improve their energy use in their homes. By including room air conditioners in the scope of the energy-efficient home improvement credit, the bill aligns with broader environmental goals, promoting the use of equipment that contributes to reducing carbon footprints and energy costs for households.
Summary
House Bill 9065 aims to amend the Internal Revenue Code of 1986 to classify room air conditioners that meet Energy Star Most Efficient criteria as qualified energy property. This change is significant as it allows homeowners and businesses to claim energy efficient home improvement credits when purchasing eligible room air conditioners. The intent behind the bill is to encourage the adoption of energy-efficient appliances, which in turn could lead to reduced energy consumption and lower utility bills.
Contention
While the bill appears to be beneficial for consumers aiming for energy efficiency, there may be contention regarding the implications for manufacturers and the market dynamics for room air conditioners. Some stakeholders may argue about the potential for increased costs associated with compliance for manufacturers or the possibility that this could lead consumer demand to favor specific brands. Furthermore, discussions might arise about the criteria used by Energy Star and its impact on product availability and pricing.
To amend the Internal Revenue Code of 1986 to allow a credit against income tax for qualified conservation contributions which include National Scenic Trails.
To amend the Internal Revenue Code of 1986 to permit qualified business trade expenses to be treated as qualified higher education expenses for purposes of 529 accounts.