12 2 STA T .38 1 6PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 (3)QUALIF I EDG E OTH E RM AL HEAT P UMP PROPERT Y E X PE N DI - TURE .—Section25D ( d ) ,as a m ended by s u bsection (c), is amended by addin g att h e end the f o l lo w ing new p a r agraph
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‘(5) QUALIFIED GEOTHERMAL HEAT PUMP PROPERTY EXPENDI- TURE.— ‘‘( A ) I N GENERAL.— T he term ‘ q ualified geothermal heat pump property e x penditure ’ means an expenditure for qualified geothermal heat pump property installed on or in connection with a dwelling unit located in the U nited States and used as a residence by the taxpayer. ‘‘( B ) QUALIFIED GEOTHERMAL HEAT PUMP PROPERTY.— The term ‘qualified geothermal heat pump property’ means any equipment which— ‘‘(i) uses the ground or ground water as a thermal energy source to heat the dwelling unit referred to in subparagraph (A) or as a thermal energy sin k to cool such dwelling unit, and ‘‘(ii) meets the requirements of the E nergy Star program which are in effect at the time that the expenditure for such equipment is made.’’. ( 4 ) M AXIMUM EXPENDITURE S IN C ASE OF J OINT OCCU- PANCY.—Section 25D(e)(4)(A), as amended by subsection (c), is amended by striking ‘‘and’’ at the end of clause (iii), by striking the period at the end of clause (i v ) and inserting ‘‘, and’’, and by adding at the end the following new clause: ‘‘(v) $6 ,66 7 in the case of any qualified geothermal heat pump property expenditures.’’. (e) C REDIT ALLO W ED AGAINST ALTERNATI V E MINIMUM TAX.— ( 1 ) IN GENERAL.—Subsection (c) of section 25D is amended to read as follows: ‘‘(c) L IMITATION BASED ON AMOUNT OF TAX
CARRYFORWARD OF UNUSED CREDIT.— ‘‘(1) LIMITATION B ASED ON AMOUNT OF TAX.—In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for the taxable year shall not exceed the excess of— ‘‘(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over ‘‘(B) the sum of the credits allowable under this subpart (other than this section) and section 27 for the taxable year. ‘‘(2) CARRYFORWARD OF UNUSED CREDIT.— ‘‘(A) R ULE FOR YEARS IN WHICH ALL PERSONAL CREDITS ALLOWED AGAINST REGULAR AND ALTERNATIVE MINIMUM TAX.—In the case of a taxable year to which section 26(a)(2) applies, if the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a)(2) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such suc- ceeding taxable year. ‘‘(B) RULE FOR OTHER YEARS.—In the case of a taxable year to which section 26(a)(2) does not apply, if the credit allowable under subsection (a) exceeds the limitation imposed by paragraph (1) for such taxable year, such excess shall be carried to the succeeding taxable year and added
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