To amend the Internal Revenue Code of 1986 to allow a credit for the installation of hydrogen fueling stations.

Amends the Internal Revenue Code to allow a tax credit for 50 percent of the cost of a qualified hydrogen-powered vehicle refueling property. Defines "qualified hydrogen-powered vehicle refueling property" as a depreciable property for the production, storage or dispensing of hydrogen fuel into the fuel tank of a motor vehicle propelled by such fuel. Terminates the credit after 2013.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4205 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4205

 To amend the Internal Revenue Code of 1986 to allow a credit for the 
               installation of hydrogen fueling stations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 22, 2004

   Mr. Cox 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 allow a credit for the 
               installation of hydrogen fueling stations.

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

SECTION 1. CREDIT FOR INSTALLATION OF HYDROGEN FUELING STATIONS.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to foreign tax credit, 
etc.) is amended by adding at the end the following new section:

``SEC. 30B. HYDROGEN-POWERED 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 
50 percent of the amount paid or incurred by the taxpayer during the 
taxable year for the qualified hydrogen-powered vehicle refueling 
property and the installation thereof.
    ``(b) Year Credit Allowed.--The credit allowed under subsection (a) 
shall be allowed in the taxable year in which the qualified hydrogen-
powered vehicle refueling property is placed in service by the 
taxpayer.
    ``(c) Definition of Qualified Hydrogen-Powered Vehicle Refueling 
Property.--The term `qualified hydrogen-powered vehicle refueling 
property' means any property (not including a building and its 
structural components) if--
            ``(1) such property is of a character subject to the 
        allowance for depreciation,
            ``(2) the original use of such property begins with the 
        taxpayer, and
            ``(3) such property is for the production, storage or 
        dispensing of hydrogen fuel into the fuel tank of a motor 
        vehicle propelled by such fuel.
    ``(d) Application With Other Credits.--The credit allowed under 
subsection (a) for any taxable year shall not exceed the excess (if 
any) of--
            ``(1) the regular tax for the taxable year reduced by the 
        sum of the credits allowable under subpart A and sections 27, 
        29, 30, and 30A, over
            ``(2) the tentative minimum tax for the taxable year.
    ``(e) Basis Reduction.--For purposes of this title, the basis of 
any property shall be reduced by the portion of the cost of such 
property taken into account under subsection (a).
    ``(f) No Double Benefit.--No deduction shall be allowed under 
section 179A with respect to any property with respect to which a 
credit is allowed under subsection (a).
    ``(g) Carryforward Allowed.--
            ``(1) In general.--If the credit amount allowable under 
        subsection (a) for a taxable year exceeds the amount of the 
        limitation under subsection (d) for such taxable year (referred 
        to as the `unused credit year' in this subsection), such excess 
        shall be allowed as a credit carryforward for each of the 20 
        taxable years following the unused credit year.
            ``(2) Rules.--Rules similar to the rules of section 39 
        shall apply with respect to the credit carryforward under 
        paragraph (1).
    ``(h) Special Rules.--Rules similar to the rules of paragraphs (4) 
and (5) of section 179A(e) shall apply.
    ``(i) Regulations.--The Secretary shall prescribe such regulations 
as necessary to carry out the provisions of this section.
    ``(j) Termination.--This section shall not apply to any property 
placed in service after December 31, 2013.''.
    (b) Conforming Amendments.--
            (1) Section 1016(a) of such Code is amended by striking 
        ``and'' at the end of paragraph (27), by striking the period at 
        the end of paragraph (28) and inserting ``, and'', and by 
        adding at the end the following new paragraph:
            ``(29) to the extent provided in section 30B(e).''.
            (2) Section 55(c)(2) of such Code is amended by inserting 
        ``30B(d),'' after ``30(b)(3),''.
            (3) The table of sections for subpart B of part IV of 
        subchapter A of chapter 1 of such Code is amended by inserting 
        after the item relating to section 30A the following new item:

``Sec. 30B. Hydrogen-powered vehicle refueling property credit.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service in taxable years beginning after 
the date of the enactment of this Act.
                                 <all>