E-85 Investment Act of 2007

E-85 Investment Act of 2007 - Amends the Internal Revenue Code to modify the tax credit for alternative fuel vehicle refueling property by: (1) increasing to 75% the rate of such credit for property using 85% ethanol fuel; (2) reducing the maximum dollar amount of such credit in 2013 and 2014 for ethanol-related refueling property; and (3) extending such credit through 2016 for ethanol-related refueling property.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 604 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 604

 To amend the Internal Revenue Code of 1986 to increase the incentives 
               for E-85 fuel vehicle refueling property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 22, 2007

  Mr. Hayes 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 incentives 
               for E-85 fuel vehicle refueling property.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``E-85 Investment Act of 2007''.

SEC. 2. INCREASE IN INCENTIVES FOR ALTERNATIVE FUEL VEHICLE REFUELING 
              PROPERTY RELATING TO E-85.

    (a) Increase in Credit Percentage.--Subsection (a) of section 30C 
of the Internal Revenue Code of 1986 (relating to credit allowed) is 
amended by inserting ``(75 percent in the case of property relating to 
ethanol described in subsection (c)(1)(A))'' after ``30 percent''.
    (b) Phaseout of Credit Percentage.--Subsection (b) of section 30C 
of such Code (relating to limitation) is amended to read as follows:
    ``(b) Limitations.--
            ``(1) In general.--The credit allowed under subsection (a) 
        with respect to any alternative fuel vehicle refueling property 
        shall not exceed--
                    ``(A) $30,000 in the case of a property of a 
                character subject to an allowance for depreciation, and
                    ``(B) $1,000 in any other case.
            ``(2) Phaseout of credit relating to ethanol.--In the case 
        of any qualified alternative fuel vehicle refueling property 
        relating to ethanol described in subsection (c)(1)(A) placed in 
        service after December 31, 2012, the limit otherwise applicable 
        under paragraph (1) shall be reduced by--
                    ``(A) 25 percent in the case of any alternative 
                fuel vehicle refueling property placed in service in 
                calendar year 2013, and
                    ``(B) 50 percent in the case of any alternative 
                fuel vehicle refueling property placed in service after 
                calendar year 2014.''.
    (c) Extension of Credit.--Subsection (g) of section 30C of such 
Code (relating to termination) is amended by striking ``and'' at the 
end of paragraph (1), by redesignating paragraph (2) as paragraph (3), 
and by inserting after paragraph (1) the following new paragraph:
            ``(2) in the case of property relating to ethanol, after 
        December 31, 2016, and''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act in taxable years ending after such date.
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