HomeMy WebLinkAboutAppendix J- Alt Fuel Refueling Credit Enacting LanguageHR 6
(Energy Policy Act of 2005)
SEC. 1342. CREDIT FOR INSTALLATION OF
ALTERNATIVE FUELING STATIONS.
(a) In General- Subpart B of part IV of subchapter A of chapter 1
(relating to other credits), as amended by this Act, is amended
by adding at the end the following new section:
`SEC. 30C. ALTERNATIVE FUEL VEHICLE REFUELING
PROPERTY CREDIT.
`(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 30 percent of the cost of any qualified alternative fuel
vehicle refueling property placed in service by the taxpayer
during the taxable year.
`(b) Limitation- The credit allowed under subsection (a) with
respect to any alternative fuel vehicle refueling property shall
not exceed--
`(1) $30,000 in the case of a property of a character
subject to an allowance for depreciation, and
`(2) $1,000 in any other case.
`(c) Qualified Alternative Fuel Vehicle Refueling Property-
`(1) IN GENERAL- Except as provided in paragraph (2),
the term `qualified alternative fuel vehicle refueling
property' has the meaning given to such term by section
179A(d), but only with respect to any fuel--
`(A) at least 85 percent of the volume of which
consists of one or more of the following: ethanol,
natural gas, compressed natural gas, liquefied
natural gas, liquefied petroleum gas, or hydrogen, or
`(B) any mixture of biodiesel (as defined in section
40A(d)(1)) and diesel fuel (as defined in section
4083(a)(3)), determined without regard to any use
of kerosene and containing at least 20 percent
biodiesel.
`(2) RESIDENTIAL PROPERTY- In the case of any property
installed on property which is used as the principal
residence (within the meaning of section 121) of the
taxpayer, paragraph (1) of section 179A(d) shall not apply.
`(d) Application With Other Credits-
`(1) BUSINESS CREDIT TREATED AS PART OF GENERAL
BUSINESS CREDIT- So much of the credit which would be
allowed under subsection (a) for any taxable year
(determined without regard to this subsection) that is
attributable to property of a character subject to an
allowance for depreciation shall be treated as a credit
listed in section 38(b) for such taxable year (and not
allowed under subsection (a)).
`(2) PERSONAL CREDIT- The credit allowed under
subsection (a) (after the application of paragraph (1)) for
any taxable year shall not exceed the excess (if any) of--
`(A) the regular tax reduced by the sum of the
credits allowable under subpart A and sections 27,
30, and 30B, over
`(B) the tentative minimum tax for the taxable year.
`(e) Special Rules- For purposes of this section--
`(1) BASIS REDUCTION- The basis of any property shall
be reduced by the portion of the cost of such property
taken into account under subsection (a).
`(2) PROPERTY USED BY TAX-EXEMPT ENTITY- In the case
of any qualified alternative fuel vehicle refueling property
the use of which is described in paragraph (3) or (4) of
section 50(b) and which is not subject to a lease, the
person who sold such property to the person or entity
using such property shall be treated as the taxpayer that
placed such property in service, but only if such person
clearly discloses to such person or entity in a document the
amount of any credit allowable under subsection (a) with
respect to such property (determined without regard to
subsection (d)).
`(3) PROPERTY USED OUTSIDE UNITED STATES NOT
QUALIFIED- No credit shall be allowable under subsection
(a) with respect to any property referred to in section
50(b)(1) or with respect to the portion of the cost of any
property taken into account under section 179.
`(4) ELECTION NOT TO TAKE CREDIT- No credit shall be
allowed under subsection (a) for any property if the
taxpayer elects not to have this section apply to such
property.
`(5) RECAPTURE RULES- Rules similar to the rules of
section 179A(e)(4) shall apply.
`(f) Regulations- The Secretary shall prescribe such regulations
as necessary to carry out the provisions of this section.
`(g) Termination- This section shall not apply to any property
placed in service--
`(1) in the case of property relating to hydrogen, after
December 31, 2014, and
`(2) in the case of any other property, after December 31,
2009.'.
(b) Conforming Amendments-
(1) Section 38(b), as amended by this Act, is amended by
striking `plus' at the end of paragraph (24), by striking the
period at the end of paragraph (25) and inserting `, and',
and by adding at the end the following new paragraph:
`(26) the portion of the alternative fuel vehicle refueling
property credit to which section 30C(d)(1) applies.'.
(2) Section 1016(a), as amended by this Act, is amended
by striking `and' at the end of paragraph (35), by striking
the period at the end of paragraph (36) and inserting `,
and', and by adding at the end the following new
paragraph:
`(37) to the extent provided in section 30C(f).'.
(3) Section 55(c)(2), as amended by this Act, is amended
by inserting `30C(d)(2),' after `30B(g)(2),'.
(4) Section 6501(m) is amended by inserting `30C(e)(5),'
after `30B(h)(9),'.
(5) The table of sections for subpart B of part IV of
subchapter A of chapter 1, as amended by this Act, is
amended by inserting after the item relating to section 30B
the following new item:
`Sec. 30C. Clean-fuel vehicle refueling property credit.'.
(c) Effective Date- The amendments made by this section shall
apply to property placed in service after December 31, 2005, in
taxable years ending after such date.