`(1) IN GENERAL- The new qualified flexible fuel motor vehicle credit determined under this subsection is an amount equal to $1,000 for each new qualified flexible fuel motor vehicle placed in service by the taxpayer during the taxable year.
`(2) INCREASED AMOUNT FOR OPTIMUM FLEXIBLE FUEL VEHICLES- In the case of a new qualified flexible fuel motor vehicle which is an optimum flexible fuel vehicle, the dollar amount in effect under paragraph (1) shall be increased by $500.
`(3) NEW QUALIFIED FLEXIBLE FUEL MOTOR VEHICLE- For purposes of this subsection, the term `new qualified flexible fuel motor vehicle' means any motor vehicle--
`(A) which is capable of operating on--
`(i) both gasoline and either--
`(I) a blend of 85 percent ethanol fuel and 15 percent gasoline, or
`(II) a blend of 85 percent methanol fuel and 15 percent gasoline, or
`(ii) both diesel fuel and a blend of 20 percent biodiesel and 80 percent diesel fuel,
`(B) the original use of which commences with the taxpayer,
`(C) which is acquired by the taxpayer for use or lease, but not for resale, and
`(D) which is made by a manufacturer.
`(4) OPTIMUM FLEXIBLE FUEL VEHICLE- For purposes of this subsection, the term `optimum flexible fuel vehicle' means a new qualified flexible fuel motor vehicle which is certified by the Environmental Protection Agency--
`(A) in the case of a motor vehicle described in paragraph (3)(A)(i), to achieve an efficiency (determined in miles per gallon) when using a blend described in subclause (I) or (II) of paragraph (3)(A)(i) equal to or greater than the efficiency achieved by such vehicle when using gasoline alone, and
`(B) in the case of a motor vehicle described in paragraph (3)(A)(ii), to achieve an efficiency (determined in miles per gallon) when using a blend described in paragraph (3)(A)(ii) equal to or greater than the efficiency achieved by such vehicle when using diesel fuel alone.'.
(2) CONFORMING AMENDMENT- Section 30B(a) of such Code is amended by striking `and' at the end of paragraph (3), by striking the period at the end of paragraph (4) and inserting `, and', and by adding at the end the following new paragraph:
`(5) the new qualified flexible fuel motor vehicle credit determined under subsection (i).'.
U.S. Congress - Text of S.3025 as Introduced in Senate Flex Fuel for All Americans Act
