Formaldehyde Foam Removal Tax Act

[AI summary unavailable — showing source text] Formaldehyde Foam Removal Tax Act - Title I: Tax Credit - Amends the Internal Revenue Code to allow individuals a refundable income tax credit for 100 percent of expenditures incurred to remove formaldehyde foam insulation from the principal residence of the taxpayer. Limits such credit to $10,000 for any taxable year. Provides that previous expenditures for urea- formaldehyde foam insulation shall not be taken into account in computing the dollar limitation on the residential energy tax credit. Title II: Responsibilities of Federal Agencies - Requires the Consumer Product Safety Commission (in the case of a dwelling unit in which formaldehyde foam has been installed) and the Department of Housing and Urban Development (in the case of a manufactured home) to provide, upon written request of any owner of a dwelling unit, a dosimeter or other device suitable for measuring the level of formaldehyde gas in such a dwelling unit. Requires followup tests by the designated agency if the results of the owner's test show a level of formaldehyde gas in excess of a specified level. Requires the designated agency to provide an owner with technical assistance to reduce the level of formaldehyde …