US Congress Senate Bill 775 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: Introduced on April 22 2013 - 25% progression, died in committee
Action: 2013-04-22 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Mechanical Insulation Installation Incentive Act of 2013 - Amends the Internal Revenue Code to allow an additional tax deduction for the cost of installing mechanical insulation property. Limits the amount of such deduction to the lesser of 30% or the reduction in energy loss from the installed mechanical insulation property compared to property that meets the minimum requirements of American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) standard 90.1-2007. Allows the cost of replacing mechanical insulation property to be treated as a deductible business expense in the current taxable year. Defines "mechanical insulation property" as insulation materials, facings, and accessory products: (1) placed in service in connection with a mechanical system which is located in the United States and of a character subject to an allowance for depreciation; and (2) utilized for thermal, acoustical, and personnel safety requirements for mechanical piping and equipment, hot and cold applications, and heating, venting and air conditioning applications which can be used in a variety of facilities. Allows a tax deduction for capital expenditures related to mechanical insulation property.

Mechanical Insulation Installation Incentive Act of 2013

Sen. Kirsten Gillibrand [D-NY]	Sen. Mike Johanns [R-NE]	Sen. Mary Landrieu [D-LA]	Sen. Jeff Merkley [D-OR]
Sen. John Rockefeller [D-WV]	Sen. Elizabeth Warren [D-MA]

Date	Chamber	Action
2013-04-22	Senate	Read twice and referred to the Committee on Finance.

HB184 (Same As) 2013-01-04 - Referred to the House Committee on Ways and Means.
HB4956 (Related) 2014-11-17 - Referred to the Subcommittee on Higher Education and Workforce Training.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/775/all-info
Text	https://www.congress.gov/113/bills/s775/BILLS-113s775is.pdf