HR 825 IH
110th CONGRESS
1st Session
H. R. 825
To amend the Internal Revenue Code of 1986 to extend and expand tax incentives for renewable fuels.
IN THE HOUSE OF REPRESENTATIVES
February 5, 2007
Mr. WELLER of Illinois introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to extend and expand tax incentives for renewable fuels.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. EXTENSION OF ALTERNATIVE TECHNOLOGY VEHICLE CREDIT.
Subsection (j) of section 30B of the Internal Revenue Code of 1986 (relating to alternative motor vehicle credit) is amended to read as follows:
`(j) Termination- This section shall not apply to any property purchased after December 31, 2014.'.
SEC. 2. EXTENSION AND EXPANSION OF ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY CREDIT.
(a) Extension- Subsection (g) of section 30C of the Internal Revenue Code of 1986 is amended to read as follows:
`(g) Termination- This section shall not apply to any property placed in service after December 31, 2024.'.
(b) Increase- Subsection (a) of section 30C of such Code is amended to read as follows:
`(a) Credit Allowed- There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable percentage of the cost of any qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year.
`(b) Applicable Percentage- For purposes of subsection (a), the applicable percentage is--
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
`In the case of taxable years beginning during: The applicable percentage is:
2007 through 2011 75 percent
2012 through 2016 50 percent
2017 through 2025 25 percent.'.
--------------------------------------------------------------------------------
(c) 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. EXTENSION OF VOLUMETRIC EXCISE TAX CREDIT FOR ALTERNATIVE FUELS; ALTERNATIVE FUEL MIXTURE CREDIT.
(a) Volumetric Excise Tax Credit- Paragraph (4) of section 6426(d) of the Internal Revenue Code of 1986 is amended to read as follows:
`(4) TERMINATION- This subsection shall not apply to any sale or use after September 30, 2014.'.
(b) Alternative Fuel Mixture Credit- Paragraph (3) of section 6426(e) of such Code is amended to read as follows:
`(3) TERMINATION- This subsection shall not apply to any sale or use for any period after September 30, 2014.'.
(c) Conforming Amendment- Paragraph (5) of section 6427(e) of such Code is amended by adding `and' at the end of subparagraph (B), by striking subparagraphs (C) and (D) and inserting the following new subparagraph:
(d) Biodiesel Producer Credit- Subsection (g) of section 40A of such Code is amended by striking `December 31, 2008' and inserting `December 31, 2024'.
(e) Small Ethanol Producer Credit- Paragraph (1) of section 40(e) of such Code is amended by adding at the end the following flush sentence:
`In the case of the small ethanol producer credit under subsection (a)(3), the preceding sentence shall be applied by substituting `December 31, 2024' for `December 31, 2010' and by substituting `January 1, 2025' for `January 1, 2011'.'.
U.S. Congress - Text of H.R.825 as Introduced in House To amend the Internal Revenue Code of 1986 to extend and expand tax incentives for rene...
