text: SECTION 1. SHORT TITLE; FINDINGS; PURPOSE.
  
      (a) Short Title.--This Act may be cited as the ``Home Lead Safety 
  Tax Credit Act of 2003''.
      (b) Findings.--Congress finds that:
              (1) Of the 98,000,000 housing units in the United States, 
          38,000,000 have lead-based paint.
              (2) Of the 38,000,000 housing units with lead-based paint, 
          25,000,000 pose a hazard, as defined by Environmental 
          Protection Agency and Department of Housing and Urban 
          Development standards, due to conditions such as peeling paint 
          and settled dust on floors and windowsills that contain lead at 
          levels above Federal safety standards.
              (3) Though the number of children in the United States ages 
          1 through 5 with blood levels higher than the Centers for 
          Disease Control action level of 10 micrograms per deciliter has 
          declined to 300,000, lead poisoning remains a serious, entirely 
          preventable threat to a child's intelligence, behavior, and 
          learning.
              (4) The Secretary of Health and Human Services has 
          established a national goal of ending childhood lead poisoning 
          by 2010.
              (5) Current Federal lead abatement programs, such as the 
          Lead Hazard Control Grant Program of the Department of Housing 
          and Urban Development, only have resources sufficient to make 
          approximately 7,000 homes lead-safe each year. In many cases, 
          when State and local public health departments identify a lead-
          poisoned child, resources are insufficient to reduce or 
          eliminate the hazards.
              (6) Approximately 15 percent of children are lead-poisoned 
          by home renovation projects performed by remodelers who fail to 
          follow basic safeguards to control lead dust.
              (7) Old windows typically pose significant risks because 
          wood trim is more likely to be painted with lead-based paint, 
          moisture causes paint to deteriorate, and friction generates 
          lead dust. The replacement of old windows that contain lead 
          based paint significantly reduces lead poisoning hazards in 
          addition to producing significant energy savings.
      (c) Purpose.--The purpose of this section is to encourage the safe 
  removal of lead hazards from homes and thereby decrease the number of 
  children who suffer reduced intelligence, learning difficulties, 
  behavioral problems, and other health consequences due to lead-
  poisoning.
  
  SEC. 2. LEAD ABATEMENT TAX CREDIT.
  
      (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
  (relating to foreign tax credit, etc.) is amended by adding at the end 
  the following new section:
  
  ``SEC. 30B. HOME LEAD ABATEMENT.
  
      ``(a) Allowance of Credit.--There shall be allowed as a credit 
  against the tax imposed by this chapter an amount equal to 50 percent 
  of the abatement cost paid or incurred by the taxpayer during the 
  taxable year for each eligible dwelling unit of the taxpayer.
      ``(b) Limitation.--The amount of the credit allowed under 
  subsection (a) for any eligible dwelling unit shall not exceed--
              ``(1) $1,500, over
              ``(2) the aggregate cost taken into account under 
          subsection (a) with respect to such unit for all preceding 
          taxable years.
      ``(c) Definitions and Special Rules.--For purposes of this section:
              ``(1) Abatement cost.--
                      ``(A) In general.--The term `abatement cost' means, 
                  with respect to any eligible dwelling unit--
                              ``(i) the cost for a certified risk 
                          assessor to conduct an assessment to determine 
                          the presence of a lead-based paint hazard,
                              ``(ii) the cost for a certified lead 
                          abatement supervisor to perform the removal of 
                          paint and dust, the permanent enclosure or 
                          encapsulation of lead-based paint, the 
                          replacement of painted surfaces or fixtures, or 
                          the removal or permanent covering of soil when 
                          lead-based paint hazards are present in such 
                          paint, dust, or soil,
                              ``(iii) the cost for a certified lead 
                          abatement supervisor to perform all 
                          preparation, cleanup, disposal, and 
                          postabatement clearance testing activities 
                          associated with the activities described in 
                          clause (ii), and
                              ``(iv) costs incurred by or on behalf of 
                          any occupant of such dwelling unit for any 
                          relocation which is necessary to achieve 
                          occupant protection (as defined under section 
                          1345 of title 24, Code of Federal Regulations).
                      ``(B) Limitation.--The term `abatement cost' does 
                  not include any cost to the extent such cost is funded 
                  by any grant, contract, or otherwise by another person 
                  (or any governmental agency).
              ``(2) Eligible dwelling unit.--
                      ``(A) In general.--The term `eligible dwelling 
                  unit' means any dwelling unit--
                              ``(i) placed in service before 1978,
                              ``(ii) located in the United States, and
                              ``(iii) determined by a certified risk 
                          assessor to have a lead-based paint hazard.
                      ``(B) Dwelling unit.--The term `dwelling unit' has 
                  the meaning given such term by section 280A(f)(1).
              ``(3) Lead-based paint hazard.--The term `lead-based paint 
          hazard' has the meaning given such term under part 745 of title 
          40, Code of Federal Regulations.
              ``(4) Certified lead abatement supervisor.--The term 
          `certified lead abatement supervisor' means an individual 
          certified by the Environmental Protection Agency pursuant to 
          section 745.226 of title 40, Code of Federal Regulations, or an 
          appropriate State agency pursuant to section 745.325 of title 
          40, Code of Federal Regulations.
              ``(5) Certified inspector.--The term `certified inspector' 
          means an inspector certified by the Environmental Protection 
          Agency pursuant to section 745.226 of title 40, Code of Federal 
          Regulations, or an appropriate State agency pursuant to section 
          745.325 of title 40, Code of Federal Regulations.
              ``(6) Certified risk assessor.--The term `certified risk 
          assessor' means a risk assessor certified by the Environmental 
          Protection Agency pursuant to section 745.226 of title 40, Code 
          of Federal Regulations, or an appropriate State agency pursuant 
          to section 745.325 of title 40, Code of Federal Regulations.
              ``(7) Documentation required for credit allowance.--No 
          credit shall be allowed under subsection (a) with respect to 
          any eligible dwelling unit unless--
                      ``(A) after lead abatement is complete, a certified 
                  inspector or certified risk assessor provides written 
                  documentation to the taxpayer that includes--
                              ``(i) a certification that the 
                          postabatement procedures (as defined by section 
                          745.227 of title 40, Code of Federal 
                          Regulations) have been performed and that the 
                          unit does not contain lead dust hazards (as 
                          defined by section 745.227(e)(8)(viii) of title 
                          40, Code of Federal Regulations), and
                              ``(ii) documentation showing that the lead 
                          abatement meets the requirements of this 
                          section, and
                      ``(B) the taxpayer files with the appropriate State 
                  agency--
                              ``(i) the documentation described in 
                          subparagraph (A),
                              ``(ii) a receipt from the certified risk 
                          assessor documenting the costs of determining 
                          the presence of a lead-based paint hazard,
                              ``(iii) a receipt from the certified lead 
                          abatement supervisor documenting the abatement 
                          cost (other than the costs described in 
                          paragraph (1)(A)(i)), and
                              ``(iv) a statement indicating the age of 
                          the dwelling unit.
              ``(8) Basis reduction.--The basis of any property for which 
          a credit is allowable under subsection (a) shall be reduced by 
          the amount of such credit (determined without regard to 
          subsection (d)).
      ``(d) Limitation Based on Amount of Tax.--The credit allowed under 
  subsection (a) for the taxable year shall not exceed the excess of--
              ``(1) the sum of the regular tax liability (as defined in 
          section 26(b)) plus the tax imposed by section 55, over
              ``(2) the sum of the credits allowable under subpart A and 
          sections 27, 29, 30, and 30A for the taxable year.
      ``(e) Carryforward Allowed.--
              ``(1) In general.--If the credit amount allowable under 
          subsection (a) for a taxable year exceeds the amount of the 
          limitation under subsection (d) for such taxable year (referred 
          to as the `unused credit year' in this subsection), such excess 
          shall be allowed as a credit carryforward for each of the 20 
          taxable years following the unused credit year.
              ``(2) Rules.--Rules similar to the rules of section 39 
          shall apply with respect to the credit carryforward under 
          paragraph (1).''.
      (b) Conforming Amendments.--
              (1) Section 1016(a) is amended by striking ``and'' in 
          paragraph (27), by striking the period and inserting ``, and'' 
          in paragraph (28), and by inserting at the end the following 
          new paragraph:
              ``(29) in the case of an eligible dwelling unit with 
          respect to which a credit for lead abatement was allowed under 
          section 30B, to the extent provided in section 30B(c)(8).''.
              (2) The table of sections for subpart B of part IV of 
          subchapter A of chapter 1 is amended by inserting after the 
          item relating to section 30A the following new item:
  
          ``Sec. 30B. Home lead abatement.''.
      (c) Effective Date.--The amendments made by this section shall 
  apply to abatement costs incurred after December 31, 2003, in taxable 
  years ending after that date.
target: Home Lead Safety Tax Credit Act of 2003 - Amends the Internal Revenue Code to provide owners of residential properties built in the United States before 1978 with a tax credit for lead-based paint abatement costs performed by a certified lead abatement contractor (50 percent of the cost of the abatement, not to exceed $1,500 per dwelling unit).
feat_title: A bill to amend the Internal Revenue Code of 1986 to provide a tax credit for property owners who remove lead-based paint hazards.