Storm Shelter Affordability Act of 2014

“36C. Credit for certain storm shelters

“(a) In general—In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the storm shelter credit amount.

“(b) Storm shelter credit amount—For purposes of this section, the storm shelter credit amount is an amount equal to the lesser of—

“(1) 50 percent of the qualified storm shelter costs paid or incurred by the individual, or

“(2) $1,000.

“(c) Qualified storm shelter costs—For purposes of this section—

“(1) In general—The term qualified storm shelter costs means costs for the construction of a qualified storm shelter that is placed in service during the taxable year in, or on property adjacent to, a dwelling unit owned by the individual.

“(2) Qualified storm shelter—The term qualified storm shelter means a shelter with respect to which—

“(A) the taxpayer receives a State income tax deduction or rebate under a State program to encourage the construction of storm shelters, and

“(B) the taxpayer attaches to the return of tax proof of approval of the completed shelter by the relevant State agency.

“(3) Limitation—No amount shall be treated as qualified storm shelter costs for any taxable year with respect to an individual to whom a credit under this section has been allowed in any other taxable year.

“(d) Termination—Subsection (a) shall not apply to qualified storm shelters placed in service in taxable years beginning after December 31, 2017.”