A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for expenditures by a taxpayer for solar heating and cooling equipment installed in new or existing buildings, and a tax credit for expenditures by an individual for insulation in such individual's principal resident.

[AI summary unavailable — showing source text] Allows as a credit against the income tax, a portion of the expenditures paid between April 9, 1975, and January 1, 1980, for the installation of solar heating or cooling equipment in any building owned by the taxpayer. Prorates the allowable credit among joint owners and tenant stockholders. Prohibits any increase in the structure's basis to the extent that this credit is claimed. Defines "solar heating and cooling equipment" as equipment meeting the criteria of the Solar Heating and Cooling Demonstration Act, with a useful life of at least three years, and which is originally used by the taxpayer. Allows as a credit against the income tax, 25 percent of the expenditures paid for insulating the taxpayer's residence between April 9, 1975, and January 1, 1980. Prorates the allowable credit among joint owners and tenant stockholders. Prohibits any increase in the basis of such residence to the extent that this credit is taken. Applies these provisions to buildings in use as residences on January 1, 1975.…