Energy Conservation Tax Credits for Residences and Small Businesses Amendment

[AI summary unavailable — showing source text] Energy Conservation Tax Credits for Residences and Small Businesses Amendment - Allows a refundable 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 obligated before 1980 for installations made between June 30, 1977, and 1980 in dwellings in existence on May 25, 1977. Allows a refundable 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 or wind and energy equipment in his principal residence. Reduces these limitations by subtracting the amounts taken into account for these credits in previous tax years. Limits these credits to equipment installed, and expenditures made or incurred, between June 30, 1977, and 1982. Prorates each of the above credits for residential improvements among joint owners and cooperative shareholders according to their proportion…