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(A) Section 53(d)(1)(B)(iii) is amended by
1
striking ‘‘section 30(b)(3)(B)’’ and inserting
2
‘‘section 30(b)(2)(B)’’.
3
(3) Section 55(c)(2), as amended by this Act, is
4
amended by striking ‘‘30(b)(3)’’ and inserting
5
‘‘30(b)(2)’’.
6
(b) Q
UALIFIED
B
ATTERY
E
LECTRIC
V
EHICLE
.—
7
(1) I
N GENERAL
.—Section 30(c)(1)(A) (defining
8
qualified electric vehicle) is amended to read as fol-
9
lows:
10
‘‘(A) which is—
11
‘‘(i) operated solely by use of a battery
12
or battery pack, or
13
‘‘(ii) powered primarily through the
14
use of an electric battery or battery pack
15
using a flywheel or capacitor which stores
16
energy produced by an electric motor
17
through regenerative braking to assist in ve-
18
hicle operation,’’.
19
(2) L
EASED VEHICLES
.—Section 30(c)(1)(C) is
20
amended by inserting ‘‘or lease’’ after ‘‘use’’.
21
(3) C
ONFORMING AMENDMENTS
.—
22
(A) Subsections (a), (b)(2), and (c) of sec-
23
tion 30 are each amended by inserting ‘‘battery’’
24
after ‘‘qualified’’ each place it appears.
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(B) The heading of subsection (c) of section
1
30 is amended by inserting ‘‘B
ATTERY
’’ after
2
‘‘Q
UALIFIED
’’.
3
(C) The heading of section 30 is amended
4
by inserting ‘‘
BATTERY
’’ after ‘‘
QUALIFIED
’’.
5
(D) The item relating to section 30 in the
6
table of sections for subpart B of part IV of sub-
7
chapter A of chapter 1 is amended by inserting
8
‘‘battery’’ after ‘‘qualified’’.
9
(E) Section 179A(c)(3) is amended by in-
10
serting ‘‘battery’’ before ‘‘electric’’.
11
(F) The heading of paragraph (3) of section
12
179A(c) is amended by inserting ‘‘
BATTERY
’’ be-
13
fore ‘‘
ELECTRIC
’’.
14
(c) A
DDITIONAL
S
PECIAL
R
ULES
.—Section 30(d) (re-
15
lating to special rules) is amended by adding at the end
16
the following new paragraphs:
17
‘‘(5) N
O DOUBLE BENEFIT
.—The amount of any
18
deduction or other credit allowable under this chapter
19
for any cost taken into account in computing the
20
amount of the credit determined under subsection (a)
21
shall be reduced by the amount of such credit attrib-
22
utable to such cost.
23
‘‘(6) P
ROPERTY
USED
BY
TAX
-
EXEMPT
ENTI
-
24
TIES
.—In the case of a credit amount which is allow-
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able with respect to a vehicle which is acquired by an
1
entity exempt from tax under this chapter, the person
2
which sells or leases such vehicle to the entity shall be
3
treated as the taxpayer with respect to the vehicle for
4
purposes of this section and the credit shall be allowed
5
to such person, but only if the person clearly discloses
6
to the entity at the time of any sale or lease the spe-
7
cific amount of any credit otherwise allowable to the
8
entity under this section.
9
‘‘(7) C
ARRYBACK
AND
CARRYFORWARD
AL
-
10
LOWED
.—
11
‘‘(A) I
N GENERAL
.—If the credit amount al-
12
lowable under subsection (a) for a taxable year
13
exceeds the amount of the limitation under sub-
14
section (b)(2) for such taxable year (in this para-
15
graph referred to as the ‘unused credit year’),
16
such excess shall be allowed as a credit carryback
17
for each of the 3 taxable years beginning after
18
September 30, 2002, which precede the unused
19
credit year and a credit carryforward for each of
20
the 20 taxable years which succeed the unused
21
credit year.
22
‘‘(B) R
ULES
.—Rules similar to the rules of
23
section 39 shall apply with respect to the credit
24
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HR 6 EAS1S/PP
carryback and credit carryforward under sub-
1
paragraph (A).’’.
2
(d) E
FFECTIVE
D
ATE
.—The amendments made by this
3
section shall apply to property placed in service after Sep-
4
tember 30, 2002, in taxable years ending after such date.
5
SEC. 2003. CREDIT FOR INSTALLATION OF ALTERNATIVE
6
FUELING STATIONS.
7
(a) I
N
G
ENERAL
.—Subpart B of part IV of subchapter
8
A of chapter 1 (relating to foreign tax credit, etc.), as
9
amended by this Act, is amended by adding at the end the
10
following new section:
11
‘‘SEC. 30C. CLEAN-FUEL VEHICLE REFUELING PROPERTY
12
CREDIT.
13
‘‘(a) C
REDIT
A
LLOWED
.—There shall be allowed as a
14
credit against the tax imposed by this chapter for the tax-
15
able year an amount equal to 50 percent of the amount
16
paid or incurred by the taxpayer during the taxable year
17
for the installation of qualified clean-fuel vehicle refueling
18
property.
19
‘‘(b) L
IMITATION
.—The credit allowed under sub-
20
section (a)—
21
‘‘(1) with respect to any retail clean-fuel vehicle
22
refueling property, shall not exceed $30,000, and
23
‘‘(2) with respect to any residential clean-fuel ve-
24
hicle refueling property, shall not exceed $1,000.
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‘‘(c) Y
EAR
C
REDIT
A
LLOWED
.—The credit allowed
1
under subsection (a) shall be allowed in the taxable year
2
in which the qualified clean-fuel vehicle refueling property
3
is placed in service by the taxpayer.
4
‘‘(d) D
EFINITIONS
.—For purposes of this section—
5
‘‘(1) Q
UALIFIED CLEAN
-
FUEL VEHICLE REFUEL
-
6
ING PROPERTY
.—The term ‘qualified clean-fuel vehicle
7
refueling property’ has the same meaning given such
8
term by section 179A(d).
9
‘‘(2) R
ESIDENTIAL
CLEAN
-
FUEL
VEHICLE
RE
-
10
FUELING PROPERTY
.—The term ‘residential clean-fuel
11
vehicle refueling property’ means qualified clean-fuel
12
vehicle refueling property which is installed on prop-
13
erty which is used as the principal residence (within
14
the meaning of section 121) of the taxpayer.
15
‘‘(3) R
ETAIL CLEAN
-
FUEL VEHICLE REFUELING
16
PROPERTY
.—The term ‘retail clean-fuel vehicle refuel-
17
ing property’ means qualified clean-fuel vehicle refuel-
18
ing property which is installed on property (other
19
than property described in paragraph (2)) used in a
20
trade or business of the taxpayer.
21
‘‘(e) A
PPLICATION
W
ITH
O
THER
C
REDITS
.—The credit
22
allowed under subsection (a) for any taxable year shall not
23
exceed the excess (if any) of—
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‘‘(1) the regular tax for the taxable year reduced
1
by the sum of the credits allowable under subpart A
2
and sections 27, 29, 30, and 30B, over
3
‘‘(2) the tentative minimum tax for the taxable
4
year.
5
‘‘(f) B
ASIS
R
EDUCTION
.—For purposes of this title, the
6
basis of any property shall be reduced by the portion of
7
the cost of such property taken into account under sub-
8
section (a).
9
‘‘(g) N
O
D
OUBLE
B
ENEFIT
.—No deduction shall be al-
10
lowed under section 179A with respect to any property with
11
respect to which a credit is allowed under subsection (a).
12
‘‘(h) R
EFUELING
P
ROPERTY
I
NSTALLED FOR
T
AX
-E
X
-
13
EMPT
E
NTITIES
.—In the case of qualified clean-fuel vehicle
14
refueling property installed on property owned or used by
15
an entity exempt from tax under this chapter, the person
16
which installs such refueling property for the entity shall
17
be treated as the taxpayer with respect to the refueling prop-
18
erty for purposes of this section (and such refueling prop-
19
erty shall be treated as retail clean-fuel vehicle refueling
20
property) and the credit shall be allowed to such person,
21
but only if the person clearly discloses to the entity in any
22
installation contract the specific amount of the credit allow-
23
able under this section.
24
‘‘(i) C
ARRYFORWARD
A
LLOWED
.—
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‘‘(1) I
N GENERAL
.—If the credit amount allow-
1
able under subsection (a) for a taxable year exceeds
2
the amount of the limitation under subsection (e) for
3
such taxable year (referred to as the ‘unused credit
4
year’ in this subsection), such excess shall be allowed
5
as a credit carryforward for each of the 20 taxable
6
years following the unused credit year.
7
‘‘(2) R
ULES
.—Rules similar to the rules of sec-
8
tion 39 shall apply with respect to the credit
9
carryforward under paragraph (1).
10
‘‘(j) S
PECIAL
R
ULES
.—Rules similar to the rules of
11
paragraphs (4) and (5) of section 179A(e) shall apply.
12
‘‘(k) R
EGULATIONS
.—The Secretary shall prescribe
13
such regulations as necessary to carry out the provisions
14
of this section.
15
‘‘(l) T
ERMINATION
.—This section shall not apply to
16
any property placed in service—
17
‘‘(1) in the case of property relating to hydrogen,
18
after December 31, 2011, and
19
‘‘(2) in the case of any other property, after De-
20
cember 31, 2006.’’.
21
(b) I
NCENTIVE FOR
P
RODUCTION OF
H
YDROGEN AT
22
Q
UALIFIED
C
LEAN
-F
UEL
V
EHICLE
R
EFUELING
P
ROP
-
23
ERTY
.—Section 179A(d) (defining qualified clean-fuel vehi-
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cle refueling property) is amended by adding at the end
1
the following new flush sentence:
2
‘‘In the case of clean-burning fuel which is hydrogen pro-
3
duced from another clean-burning fuel, paragraph (3)(A)
4
shall be applied by substituting ‘production, storage, or dis-
5
pensing’ for ‘storage or dispensing’ both places it appears.’’.
6
(c) C
ONFORMING
A
MENDMENTS
.—(1) Section 1016(a),
7
as amended by this Act, is amended by striking ‘‘and’’ at
8
the end of paragraph (28), by striking the period at the
9
end of paragraph (29) and inserting ‘‘, and’’, and by add-
10
ing at the end the following new paragraph:
11
‘‘(30) to the extent provided in section 30C(f).’’.
12
(2) Section 55(c)(2), as amended by this Act, is
13
amended by inserting ‘‘30C(e),’’ after ‘‘30B(e)’’.
14
(3) The table of sections for subpart B of part IV of
15
subchapter A of chapter 1, as amended by this Act, is
16
amended by inserting after the item relating to section 30B
17
the following new item:
18
‘‘Sec. 30C. Clean-fuel vehicle refueling property credit.’’.
(c) E
FFECTIVE
D
ATE
.—The amendments made by this
19
section shall apply to property placed in service after Sep-
20
tember 30, 2002, in taxable years ending after such date.
21
SEC. 2004. CREDIT FOR RETAIL SALE OF ALTERNATIVE
22
FUELS AS MOTOR VEHICLE FUEL.
23
(a) I
N
G
ENERAL
.—Subpart D of part IV of subchapter
24
A of chapter 1 (relating to business related credits) is
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amended by inserting after section 40 the following new sec-
1
tion:
2
‘‘SEC. 40A. CREDIT FOR RETAIL SALE OF ALTERNATIVE
3
FUELS AS MOTOR VEHICLE FUEL.
4
‘‘(a) G
ENERAL
R
ULE
.—For purposes of section 38, the
5
alternative fuel retail sales credit for any taxable year is
6
the applicable amount for each gasoline gallon equivalent
7
of alternative fuel sold at retail by the taxpayer during such
8
year as a fuel to propel any qualified motor vehicle.
9
‘‘(b) D
EFINITIONS
.—For purposes of this section—
10
‘‘(1) A
PPLICABLE AMOUNT
.—The term ‘applica-
11
ble amount’ means the amount determined in accord-
12
ance with the following table:
13
‘‘In the case of any taxable year
ending in—
The applicable amount is—
2002 and 2003 ...............................................................................
30 cents
2004 ................................................................................................
40 cents
2005 and 2006 ...............................................................................
50 cents.
‘‘(2) A
LTERNATIVE FUEL
.—The term ‘alternative
14
fuel’ means compressed natural gas, liquefied natural
15
gas, liquefied petroleum gas, hydrogen, and any liq-
16
uid at least 85 percent of the volume of which consists
17
of methanol or ethanol.
18
‘‘(3) G
ASOLINE GALLON EQUIVALENT
.—The term
19
‘gasoline gallon equivalent’ means, with respect to
20
any alternative fuel, the amount (determined by the
21
Secretary) of such fuel having a Btu content of
22
114,000.
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‘‘(4) Q
UALIFIED
MOTOR
VEHICLE
.—The term
1
‘qualified motor vehicle’ means any motor vehicle (as
2
defined in section 30(c)(2)) which meets any applica-
3
ble Federal or State emissions standards with respect
4
to each fuel by which such vehicle is designed to be
5
propelled.
6
‘‘(5) S
OLD AT RETAIL
.—
7
‘‘(A) I
N GENERAL
.—The term ‘sold at retail’
8
means the sale, for a purpose other than resale,
9
after manufacture, production, or importation.
10
‘‘(B) U
SE TREATED AS SALE
.—If any per-
11
son uses alternative fuel (including any use after
12
importation) as a fuel to propel any qualified
13
alternative fuel motor vehicle (as defined in sec-
14
tion 30B(d)(4)) before such fuel is sold at retail,
15
then such use shall be treated in the same man-
16
ner as if such fuel were sold at retail as a fuel
17
to propel such a vehicle by such person.
18
‘‘(c) N
O
D
OUBLE
B
ENEFIT
.—The amount of any de-
19
duction or other credit allowable under this chapter for any
20
fuel taken into account in computing the amount of the
21
credit determined under subsection (a) shall be reduced by
22
the amount of such credit attributable to such fuel.
23
‘‘(d) P
ASS
-T
HRU IN THE
C
ASE OF
E
STATES AND
24
T
RUSTS
.—Under regulations prescribed by the Secretary,
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