Fueling America's Future Act of 2014 - Amends the Internal Revenue Code, with respect to the tax treatment of zero carbon emission refueling property, to: (1) exempt the tax credit for such property from the limitation applicable to the alternative fuel vehicle refueling property tax credit; (2) extend through December 31, 2024, the termination date of the alternative fuel vehicle refueling property tax credit allowed for zero carbon emission refueling property; and (3) exclude from gross income, for income tax purposes, income derived from the operation of zero carbon emission refueling property placed in service prior to 2025. Defines "zero carbon emission fuel" as any fuel that does not emit carbon when used as a fuel to propel a motor vehicle.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5457 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 5457
To amend the Internal Revenue Code of 1986 to provide incentives for
zero carbon emissions refueling property.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 11, 2014
Mr. Murphy of Florida (for himself and Mr. Dent) 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 provide incentives for
zero carbon emissions 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 ``Fueling America's Future Act of
2014''.
SEC. 2. EXTENSION AND MODIFICATION OF ALTERNATIVE FUEL VEHICLE
REFUELING PROPERTY CREDIT.
(a) Repeal of Limitation for Zero Carbon Emission Fuel.--Paragraph
(6) of section 30C(e) of the Internal Revenue Code of 1986 is amended
to read as follows:
``(6) Special rule for zero carbon emission refueling
property.--In the case of any property relating to zero-
emission fuel, subsection (b) shall not apply.''.
(b) Extension for Zero Carbon Emission Fuel.--Subsection (g) of
section 30C of such Code 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 any property relating to zero carbon
emission fuel, after December 31, 2024, and''.
(c) Zero Carbon Emission Fuel.--Subsection (e) of section 30C of
such Code is amended by adding at the end the following new paragraph:
``(7) Zero carbon emission fuel.--For purposes of this
section, the term `zero carbon emission fuel' means any fuel
that does not emit carbon when used as fuel to propel a motor
vehicle (including electricity, hydrogen, or any other zero-
tailpipe emission producing fuel, as determined by the
Secretary of Energy for purposes of this section).''.
(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.
SEC. 3. TAX HOLIDAY FOR BUSINESSES PLACING IN SERVICE ZERO CARBON
EMISSION REFUELING PROPERTY.
Part III of subchapter B of chapter 1 of the Internal Revenue Code
of 1986 is amended by inserting before section 140 the following new
section:
``SEC. 139F. ZERO CARBON EMISSION REFUELING PROPERTY.
``(a) In General.--In the case of any taxpayer who--
``(1) is engaged in the trade or business of storing and
dispensing fuel into the fuel tanks of motor vehicles propelled
by such fuel,
``(2) with respect to such trade or business places in
service any qualified alternative fuel vehicle refueling
property which stores and dispenses zero carbon emission fuel,
and
``(3) elects the application of this section,
gross income shall not include any income derived from such trade or
business (including any income derived from any activities ancillary to
such trade or business and carried on for the convenience of customers
refueling motor vehicles) during the 1-year period beginning on the
date such property was placed in service.
``(b) Special Rules and Definitions.--
``(1) Point-of-sale charger access fee.--
``(A) In general.--For purposes of subsection (a),
in the case of any qualified alternative fuel vehicle
refueling property the only consideration for the use
of which is allocable to a portion of the purchase
price of a vehicle paid at the point of sale of such
vehicle, the taxpayer may elect to treat such allocable
portion as the only gross income derived from the trade
or business of storing and dispensing fuel into the
fuel tanks of motor vehicles.
``(B) Limitation.--Subparagraph (A) shall only
apply with respect to any portion of the purchase price
of a vehicle the original use of which commences with
the purchaser and which is acquired for use or lease by
such purchaser and not for resale.
``(2) Coordination with alternative fuel vehicle refueling
property credit.--No credit shall be allowed under section 30C
with respect to any taxable year of the taxpayer during which
an election is in effect under this section.
``(3) Special rule for electric vehicle supply equipment.--
This section shall not apply with respect to qualified fuel
vehicle refueling property that dispenses electricity unless
such property utilizes a DC Fast Charge or technologically
equivalent or superior system capable of replenishing at least
150 miles of electric-only range in not more than 30 minutes.
``(4) Qualified alternative fuel vehicle refueling
property; zero carbon emission fuel.--For purposes of this
section, the terms `qualified alternative fuel vehicle
refueling property' and `zero carbon emission fuel' shall have
the respective meanings given such terms in section 30C.
``(5) Election.--A taxpayer (including any successor in
interest) may only elect the application of this section once.
``(c) Termination.--This section shall not apply to any property
placed in service after December 31, 2024.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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