HR 650 IH
111th CONGRESS
1st Session
H. R. 650
To amend the Internal Revenue Code of 1986 to increase the credit amount for new qualified alternative fuel motor vehicles weighing more than 26,000 pounds and to increase the credit for certain alternative fuel vehicle refueling properties, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
January 22, 2009
Mr. KAGEN 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 increase the credit amount for new qualified alternative fuel motor vehicles weighing more than 26,000 pounds and to increase the credit for certain alternative fuel vehicle refueling properties, 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.
SEC. 2. INCREASE IN ALTERNATIVE MOTOR VEHICLE CREDIT AMOUNT FOR NEW QUALIFIED ALTERNATIVE FUEL MOTOR VEHICLES WEIGHING MORE THAN 26,000 POUNDS.
(a) In General- Subparagraph (D) of section 30B(e)(3) of the Internal Revenue Code of 1986 is amended by striking ‘$40,000’ and inserting ‘$80,000’.
(b) Effective Date- The amendment made by subsection (a) shall apply to property placed in service after the date of the enactment of this Act.
SEC. 3. INCREASE IN CREDIT FOR CERTAIN ALTERNATIVE FUEL VEHICLE REFUELING PROPERTIES.
(a) In General- Subsection (b) of section 30C of the Internal Revenue Code of 1986 is amended by striking paragraphs (1) and (2) and inserting the following:
‘(1) except as provided in paragraph (2), $30,000 in the case of a property of a character subject to an allowance for depreciation,
‘(2) in the case of a compressed natural gas, liquefied natural gas, or liquefied petroleum gas property the aggregate cost of which exceeds $100,000, the lesser of--
‘(A) 30 percent of such cost, or
‘(B) $100,000, and
‘(3) $2,000 in any other case.’.
(b) Effective Date- The amendment made by subsection (a) shall apply to property placed in service after the date of the enactment of this Act.
SEC. 4. ALLOWANCE OF CREDITS AGAINST REGULAR AND MINIMUM TAX.
(a) Business Credits- Subparagraph (B) of section 38(c)(4) of the Internal Revenue Code of 1986 is amended by striking ‘and’ at the end of clause (vii), by striking the period at the end of clause (viii) and inserting a comma, and by inserting after clause (viii) the following new clauses:
‘(ix) the portion of the credit determined under section 30B which is attributable to the application of subsection (e)(3)(D) thereof, and
‘(x) the portion of the credit determined under section 30C which is attributable to compressed natural gas, liquefied natural gas, or liquefied petroleum gas property.’.
(b) Personal Credits-
(1) NEW QUALIFIED ALTERNATIVE FUEL MOTOR VEHICLES WEIGHING MORE THAN 26,000 POUNDS- Subsection (g) of section 30B of such Code is amended by adding at the end the following new paragraph:
‘(3) SPECIAL RULE RELATING TO CERTAIN NEW QUALIFIED ALTERNATIVE FUEL MOTOR VEHICLES- In the case of the portion of the credit determined under subsection (a) which is attributable to the application of subsection (e)(3)(D)--
‘(A) paragraph (2) shall (after the application of paragraph (1)) be applied separately with respect to such portion, and
‘(B) in lieu of the limitation determined under paragraph (2), such limitation shall not exceed the excess (if any) of--
‘(i) the sum of the regular tax liability (as defined in section 26(b)) plus the tentative minimum tax for the taxable year, reduced by
‘(ii) the sum of the credits allowable under subpart A and sections 27 and 30.’.
(2) ALTERNATIVE FUEL VEHICLE REFUELING PROPERTIES- Subsection (d) of section 30C of such Code is amended by adding at the end the following new paragraph:
‘(3) SPECIAL RULE RELATING TO CERTAIN ALTERNATIVE FUEL VEHICLE REFUELING PROPERTIES- In the case of the portion of the credit determined under subsection (a) which is attributable to compressed natural gas, liquefied natural gas, or liquefied petroleum gas property--
‘(A) paragraph (2) shall (after the application of paragraph (1)) be applied separately with respect to such portion, and
‘(B) in lieu of the limitation determined under paragraph (2), such limitation shall not exceed the excess (if any) of--
‘(i) the sum of the regular tax liability (as defined in section 26(b)) plus the tentative minimum tax for the taxable year, reduced by
‘(ii) the sum of the credits allowable under subpart A and sections 27, 30, and the portion of the credit determined under section 30B which is attributable to the application of subsection (e)(3)(D) thereof.’.
(c) Effective Date- The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
SEC. 5. CREDIT RELATING TO NEW QUALIFIED ALTERNATIVE FUEL MOTOR VEHICLES WEIGHING MORE THAN 26,000 POUNDS MAY BE TRANSFERRED.
(a) In General- Subsection (h) of section 30B is amended by adding at the end the following new paragraph:
‘(11) TRANSFERABILITY OF CREDIT- Nothing in any law or rule of law shall be construed to limit the transferability, through sale and repurchase agreements, of the credit allowed by reason of subsection (e)(3)(D).’.
(b) Effective Date- The amendment made by this section shall apply with respect to vehicles placed in service after the date of the enactment of this Act.
U.S. Congress - Text of H.R.650 as Introduced in House Cleaner Trucks for America Act of 2009
