Home > 107th Congressional Bills > H.R. 1055 (ih) To amend the Federal Deposit Insurance Act and the Truth in Lending Act to prohibit federally insured institutions from engaging in high-cost payday loans, to expand protections for consumers in connection with the making of such loans by u...H.R. 1055 (ih) To amend the Federal Deposit Insurance Act and the Truth in Lending Act to prohibit federally insured institutions from engaging in high-cost payday loans, to expand protections for consumers in connection with the making of such loans by u...
108th CONGRESS 1st Session H. R. 1054 To amend the Internal Revenue Code of 1986 to encourage and accelerate the nationwide production, retail sale, and consumer use of new motor vehicles that are powered by fuel cell technology, hybrid technology, battery electric technology, alternative fuels, or other advanced motor vehicle technologies, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 4, 2003 Mr. Camp (for himself, Mrs. Bono, and Mr. Ramstad) 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 encourage and accelerate the nationwide production, retail sale, and consumer use of new motor vehicles that are powered by fuel cell technology, hybrid technology, battery electric technology, alternative fuels, or other advanced motor vehicle technologies, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; ETC. (a) Short Title.--This Act may be cited as the ``Clean Efficient Automobiles Resulting From Advanced Car Technologies (CLEAR ACT) Act of 2003''. (b) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this division an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Table of Contents.--The table of contents for this Act is as follows: Sec. 1. Short title; etc. Sec. 2. Findings and purposes. Sec. 3. Alternative motor vehicle credit. Sec. 4. Modification of credit for qualified electric vehicles. Sec. 5. Credit for installation of alternative fueling stations. Sec. 6. Credit for retail sale of alternative fuels as motor vehicle fuel. Sec. 7. Study of effectiveness of certain provisions by GAO. SEC. 2. FINDINGS AND PURPOSES. (a) Findings.--Congress finds the following: (1) The United States is a large and diverse geographic area that includes densely populated urban and suburban areas along with large sparsely populated rural areas separated by long distances, and, as a result, Americans require reliable, efficient, and diversified modes of transportation. (2) According to the Energy Information Administration's (referred to in this section as the ``EIA'') March 2000 publication ``International Energy Outlook'', oil currently provides a larger share of world energy consumption than any other energy source and most of the growth in oil consumption in industrialized countries, including the United States, is projected for the transportation sector, where few alternatives are currently economical. (3) To meet all its national security, economic development, and public health and welfare needs, the United States depends on oil as the primary fuel source for the transportation of people and goods and services in intrastate and interstate commerce. (4) Since 1994, the United States has imported over 50 percent of the oil it has consumed and the EIA expects North American petroleum imports from the Persian Gulf to more than double over the forecast period of 1997-2020, with additional imports from offshore Atlantic Basin producers and refiners; this increasingly heavy reliance on imported oil presents national security risks, contributes negatively to the balance of trade of the United States, and adversely affects the United States economy, public health, and the environment. (5) The United States currently has 121 areas containing over a third of its population that do not meet the National Ambient Air Quality Standards resulting in losses of many billions of dollars in extra economic costs and lost opportunities, immeasurable health problems, and a general reduction in the quality of life for millions of Americans. (6) Mobile sources have become a top cause of emissions in the United States. (7) This heavy reliance on imported oil and failure to meet the National Ambient Air Quality Standards demonstrate the need to accelerate development of advanced fuel cell technology, hybrid technology, battery electric technology, and alternative fuels technology for new motor vehicles in the transportation of people and goods and services as an important means of helping to reverse the trends of increasing dependence on oil imports and non-attainment of air quality standards, contributing to lessening national security risks, improving our balance of trade with other nations, increasing economic growth, improving health and quality of life for millions of Americans, and providing public health, welfare, and economic benefits. (8) Despite the availability of significant Federal and private sector funds and programs to encourage technological advancement for the development and use of motor vehicles that are powered by fuel cell and hybrid technologies, battery electric technology, and alternative technologies, consumer acceptance of such vehicles and fuels has been restrained by 3 major barriers--the increased costs of these technologies, the cost of alternative fuels, and the lack of adequate infrastructure to refuel the alternative-fueled vehicles. (b) Purposes.--The purposes of this Act are to-- (1) help instill consumer confidence and acceptance of alternative motor vehicles by lowering the 3 major barriers to this confidence and acceptance; (2) enable the accelerated introduction into the marketplace of new motor vehicle technologies without adverse emission impact, while retaining a policy of fuel neutrality in order to foster private innovation and commercialization and allow market forces to decide the technologies and fuels that are consumer-friendly, safe, environmentally sound, and economic; (3) provide, for a limited time period, financial incentives to encourage consumers nationwide to purchase or lease new fuel cell, hybrid, battery electric, and alternative fuel motor vehicles; (4) increase demand of such vehicles so as to make the annual production by manufacturers and retail sale of such vehicles economically and commercially viable for the consumer; (5) promote and expand the use of such vehicles nationwide; and (6) promote a nationwide diversity of motor vehicle fuels for advanced and hybrid technology and alternatively fueled motor vehicles. SEC. 3. ALTERNATIVE MOTOR VEHICLE CREDIT. (a) In General.--Subpart B of part IV of subchapter A of chapter 1 (relating to foreign tax credit, etc.) is amended by adding at the end the following new section: ``SEC. 30B. ALTERNATIVE MOTOR VEHICLE CREDIT. ``(a) Allowance of Credit.--There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of-- ``(1) the new qualified fuel cell motor vehicle credit determined under subsection (b), ``(2) the new qualified hybrid motor vehicle credit determined under subsection (c), and ``(3) the new qualified alternative fuel motor vehicle credit determined under subsection (d). ``(b) New Qualified Fuel Cell Motor Vehicle Credit.-- ``(1) In general.--For purposes of subsection (a), the new qualified fuel cell motor vehicle credit determined under this subsection with respect to a new qualified fuel cell motor vehicle placed in service by the taxpayer during the taxable year is-- ``(A) $8,000 ($4,000 in the case of vehicles placed in service after December 31, 2008), if such vehicle has a gross vehicle weight rating of not more than 8,500 pounds, ``(B) $10,000, if such vehicle has a gross vehicle weight rating of more than 8,500 pounds but not more than 14,000 pounds, ``(C) $20,000, if such vehicle has a gross vehicle weight rating of more than 14,000 pounds but not more than 26,000 pounds, and ``(D) $40,000, if such vehicle has a gross vehicle weight rating of more than 26,000 pounds. ``(2) Increase for fuel efficiency.-- ``(A) In general.--The amount determined under paragraph (1)(A) with respect to a new qualified fuel cell motor vehicle which is a passenger automobile or light truck shall be increased by-- ``(i) $1,000, if such vehicle achieves at least 150 percent but less than 175 percent of the 2002 model year city fuel economy, ``(ii) $1,500, if such vehicle achieves at least 175 percent but less than 200 percent of the 2002 model year city fuel economy, ``(iii) $2,000, if such vehicle achieves at least 200 percent but less than 225 percent of the 2002 model year city fuel economy, ``(iv) $2,500, if such vehicle achieves at least 225 percent but less than 250 percent of the 2002 model year city fuel economy, ``(v) $3,000, if such vehicle achieves at least 250 percent but less than 275 percent of the 2002 model year city fuel economy, ``(vi) $3,500, if such vehicle achieves at least 275 percent but less than 300 percent of the 2002 model year city fuel economy, and ``(vii) $4,000, if such vehicle achieves at least 300 percent of the 2002 model year city fuel economy. ``(B) 2002 model year city fuel economy.--For purposes of subparagraph (A), the 2002 model year city fuel economy with respect to a vehicle shall be determined in accordance with the following tables: ``(i) In the case of a passenger automobile: The 2002 model year city ``If vehicle inertia weight class fuel economy is: is: 1,500 or 1,750 lbs............................ 45.2 mpg 2,000 lbs..................................... 39.6 mpg 2,250 lbs..................................... 35.2 mpg 2,500 lbs..................................... 31.7 mpg 2,750 lbs..................................... 28.8 mpg 3,000 lbs..................................... 26.4 mpg 3,500 lbs..................................... 22.6 mpg 4,000 lbs..................................... 19.8 mpg 4,500 lbs..................................... 17.6 mpg 5,000 lbs..................................... 15.9 mpg 5,500 lbs..................................... 14.4 mpg 6,000 lbs..................................... 13.2 mpg 6,500 lbs..................................... 12.2 mpg 7,000 to 8,500 lbs............................ 11.3 mpg. ``(ii) In the case of a light truck: The 2002 model year city ``If vehicle inertia weight class fuel economy is: is: 1,500 or 1,750 lbs............................ 39.4 mpg 2,000 lbs..................................... 35.2 mpg 2,250 lbs..................................... 31.8 mpg 2,500 lbs..................................... 29.0 mpg 2,750 lbs..................................... 26.8 mpg 3,000 lbs..................................... 24.9 mpg 3,500 lbs..................................... 21.8 mpg 4,000 lbs..................................... 19.4 mpg 4,500 lbs..................................... 17.6 mpg 5,000 lbs..................................... 16.1 mpg 5,500 lbs..................................... 14.8 mpg 6,000 lbs..................................... 13.7 mpg 6,500 lbs..................................... 12.8 mpg 7,000 to 8,500 lbs............................ 12.1 mpg. ``(C) Vehicle inertia weight class.--For purposes of subparagraph (B), the term `vehicle inertia weight class' has the same meaning as when defined in regulations prescribed by the Administrator of the Environmental Protection Agency for purposes of the administration of title II of the Clean Air Act (42 U.S.C. 7521 et seq.). ``(3) New qualified fuel cell motor vehicle.--For purposes of this subsection, the term `new qualified fuel cell motor vehicle' means a motor vehicle-- ``(A) which is propelled by power derived from one or more cells which convert chemical energy directly into electricity by combining oxygen with hydrogen fuel which is stored on board the vehicle in any form and may or may not require reformation prior to use, ``(B) which, in the case of a passenger automobile or light truck-- ``(i) for 2002 and later model vehicles, has received a certificate of conformity under the Clean Air Act and meets or exceeds the equivalent qualifying California low emission vehicle standard under section 243(e)(2) of the Clean Air Act for that make and model year, and ``(ii) for 2004 and later model vehicles, has received a certificate that such vehicle meets or exceeds the Bin 5 Tier II emission level established in regulations prescribed by the Administrator of the Environmental Protection Agency under section 202(i) of the Clean Air Act for that make and model year vehicle, ``(C) the original use of which commences with the taxpayer, ``(D) which is acquired for use or lease by the taxpayer and not for resale, and ``(E) which is made by a manufacturer. ``(c) New Qualified Hybrid Motor Vehicle Credit.-- ``(1) In general.--For purposes of subsection (a), the new qualified hybrid motor vehicle credit determined under this subsection with respect to a new qualified hybrid motor vehicle placed in service by the taxpayer during the taxable year is the credit amount determined under paragraph (2). ``(2) Credit amount.-- ``(A) In general.--The credit amount determined under this paragraph shall be determined in accordance with the following tables: ``(i) In the case of a new qualified hybrid motor vehicle which is a passenger automobile, Other Popular 107th Congressional Bills Documents:
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