Amends the Internal Revenue Code to qualify new flexible fuel hybrid motor vehicles for the alternative motor vehicle tax credit through December 31, 2014. Defines "new flexible fuel hybrid motor vehicle" as a qualified hybrid motor vehicle which is capable of operating on an alternative fuel, on gasoline, and on any blend thereof, and which is certified by the Administrator of the Environmental Protection Agency to have achieved a certain level of city fuel economy using E-85 ethanol fuel.
[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 765 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 765
To amend the Internal Revenue Code of 1986 to increase and extend the
alternative motor vehicle credit for certain flexible fuel hybrid
vehicles.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 31, 2007
Mr. Weller of Illinois 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 and extend the
alternative motor vehicle credit for certain flexible fuel hybrid
vehicles.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. INCREASE AND EXTENSION OF CREDIT FOR CERTAIN FLEXIBLE FUEL
HYBRID VEHICLES.
(a) In General.--Subsection (a) of section 30B of the Internal
Revenue Code of 1986 is amended by striking ``and'' at the end of
paragraph (3), by striking paragraph (4), and by inserting after
paragraph (3) the following new paragraphs:
``(4) the new flexible fuel hybrid motor vehicle credit
determined under subsection (e), and
``(5) the new qualified alternative fuel motor vehicle
credit determined under subsection (f).''.
(b) New Flexible Fuel Hybrid Motor Vehicle Credit.--Section 30B of
such Code is amended by redesignating subsections (e) through (j) as
subsections (f) through (k), respectively, and by inserting after
subsection (d) the following new subsection:
``(e) New Flexible Fuel Hybrid Motor Vehicle Credit.--
``(1) In general.--For purposes of subsection (a), the new
flexible fuel hybrid motor vehicle credit determined under this
subsection for the taxable year is the credit amount determined
under paragraph (2) with respect to a new hybrid flexible fuel
motor vehicle placed in service by the taxpayer during the
taxable year.
``(2) Credit amount.--
``(A) In general.--The credit amount determined
under this paragraph shall be determined in accordance
with the following table:
``In the case of a vehicle the The credit amount is--
city fuel economy of which
(expressed as a percentage of the
city fuel economy of the
comparable vehicle referred to in
paragraph (3)(B)) is--
At least 125 percent but less $1,500
than 150 percent.
At least 150 percent but less $2,000
than 175 percent.
At least 175 percent but less $2,500
than 200 percent.
At least 200 percent but less $3,000
than 225 percent.
At least 225 percent............ $3,500
``(B) Fuel economy.--For purposes of subparagraph
(A), the city fuel economy of the vehicle for which the
credit is being determined shall be determined on a E-
85 ethanol gallon equivalent basis (as determined by
the Administrator of the Environmental Protection
Agency), and the city fuel economy of the comparable
vehicle referred to in paragraph (3)(B) shall be
determined on a gasoline gallon equivalent basis (as so
determined).
``(3) New flexible fuel hybrid motor vehicle.--For purposes
of this subsection, the term `new flexible fuel hybrid motor
vehicle' means a new qualified hybrid motor vehicle--
``(A) which is capable of operating on an
alternative fuel, on gasoline, and on any blend
thereof, and
``(B) which is certified by the Administrator of
the Environmental Protection Agency, in consultation
with the manufacturer, to have achieved a city fuel
economy using E-85 ethanol which is at least 125
percent of the city fuel economy of a comparable
vehicle that is a nonhybrid internal combustion vehicle
fueled by gasoline.
``(4) Coordination with new qualified hybrid motor vehicle
credit.--Subsection (d) shall not apply to any motor vehicle
for which credit is allowed under this subsection.''.
(c) Extension of Termination.--Subsection (k) of section 30B of
such Code, as redesignated by this section, is amended by striking
``and'' at the end of paragraph (3), by redesignating paragraph (4) as
paragraph (5), and by inserting after paragraph (3) the following new
paragraph:
``(4) in the case of a new flexible fuel hybrid motor
vehicle (as described in subsection (e)), December 31, 2014,
and''.
(d) Vehicles Included in Numeric Limitation.--Paragraph (1) of
section 30B(g) of such Code, as redesignated by this section, is
amended by striking ``or (d)'' and inserting ``, (d), or (e)''.
(e) Conforming Amendments.--
(1) Subparagraph (A) of section 30B(i)(5) of such Code, as
redesignated by this section, is amended by striking
``subsection (e)'' and inserting ``subsection (f)''.
(2) Paragraph (6) of section 30B(i) of such Code, as
redesignated by this section, is amended by striking
``subsection (g)'' and inserting ``subsection (h)''.
(3) Subsection (k) of section 30(B) of such Code, as
redesignated by this section, is amended--
(A) in paragraph (2), by inserting ``other than a
new flexible fuel hybrid motor vehicle described in
subsection (e)'' after ``a new qualified hybrid motor
vehicle (as described in subsection (d)(2)(A))'',
(B) in paragraph (3), by inserting ``other than a
new flexible fuel hybrid motor vehicle described in
subsection (e)'' after ``a new qualified hybrid motor
vehicle (as described in subsection (d)(2)(B))'', and
(C) in paragraph (5), as redesignated by this
section, by striking ``subsection (e)'' and inserting
``subsection (f)''.
(4) Subsection (b) of section 38 of such Code is amended by
striking ``section 30B(g)(1)'' and inserting ``section
30B(h)(1)''.
(5) Paragraph (36) of section 1016(a) of such Code is
amended by striking ``section 30B(h)(4)'' and inserting
``section 30B(i)(4)''.
(f) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2006.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR E238)
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line