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HR 2505 IH

To amend the Internal Revenue Code of 1986 to increase and extend the vehicle refueling property credit, and for other purposes.

May 24, 2007

Mr. DONNELLY introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

To amend the Internal Revenue Code of 1986 to increase and extend the vehicle refueling property credit, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Promoting the Use of Mixed Petroleum Act' or the `E-85 PUMP Act'.

SEC. 2. MODIFICATIONS TO VEHICLE REFUELING PROPERTY CREDIT.

(a) Increase in Credit Percentage- Subsection (a) of section 30C of the Internal Revenue Code of 1986 (relating to alternative fuel vehicle refueling property credit allowed) is amended by striking `30 percent' and inserting `50 percent'.

(b) Increase in Credit Limitation- Paragraph (1) of section 30C(b) of such Code (relating to limitation) is amended by striking `$30,000' and inserting `$50,000'.

(c) Extension of Credit- Paragraph (2) of section 30C(g) of such Code (relating to termination) is amended by striking `2009' and inserting `2014'.

(d) Effective Date- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

SEC. 3. APPLICATION OF GASOHOL COMPETITION ACT OF 1980.

Section 26 of the Clayton Act (15 U.S.C. 26a) is amended--

(1) by redesignating subsection (c) as subsection (d); and

(2) by inserting after subsection (b) the following:

`(c) Restriction Prohibited- For purposes of subsection (a), restricting the right of a franchisee to install on the premises of that franchisee qualified alternative fuel vehicle refueling property (as defined in section 30C(c) of the Internal Revenue Code of 1986) shall be considered an unlawful restriction.'.