OFFICIAL CONGRESSIONAL SUMMARY: Allows a tax credit for 50% of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.
EXCERPTS OF BILL:
Congress finds that:
Of the 98 million housing units in the United States, 38 million have lead-based paint.
Of the 38 million housing units with lead-based paint, 25 million pose a hazard due to conditions such as peeling paint and settled dust on floors and windowsills that contain lead at levels above Federal safety standards.
Lead poisoning remains a serious, entirely preventable threat to a child's intelligence, behavior, and learning.
The Administration has established a national goal of ending childhood lead poisoning by 2010.
Current Federal lead abatement programs only have resources sufficient to make approximately 7,000 homes lead-safe each year.
The replacement of old windows that contain lead based paint significantly reduces lead poisoning hazards in addition to producing significant energy savings.
Childhood lead poisoning can be dramatically reduced by the abatement or complete removal of all lead-based paint.
There shall be allowed as a tax credit, an amount equal to 50% of the lead hazard reduction activity cost paid, up to $1,000 per year for certain activities and $3,000 per year for other activities.
LEGISLATIVE OUTCOME:Referred to Senate Committee on Finance; never came to a vote.
