Renewable Energy and Energy Conservation Tax Act

[AI summary unavailable — showing source text] Renewable Energy and Energy Conservation Tax Act - Allows an income tax credit for 30 percent of the expenditures not exceeding $750 which the taxpayer paid or incurred during the taxable year for the installation of insulation or energy-conserving components which improve heating plant efficiency in his principal residence. Limits the application of this credit to expenditures paid or incurred for installations made between 1976 and 1982 in pre-existing dwellings. Allows an income tax credit for 40 percent of the first $1,000, and a secondary credit for 25 percent of the next $6,400 paid or incurred by the taxpayer during the taxable year for the installation of qualified solar, wind and geothermal energy equipment in his principal residence. Allows an income tax credit for 20 percent of the first $1,000, and a secondary credit for 12.5 percent of the next $6,400 paid or incurred for the installation of wood stove, heat pump, or burner equipment in connection with new solar, wind or geothermal energy equipment which will be the principal source of space heat in the taxpayer's principal residence. Reduces these limitations in subsequent tax years by subtracting the amounts taken in…