Home > 106th Congressional Bills > S. 588 (is) To amend title II of the Social Security Act to provide for retirement [Introduced in Senate] ...S. 588 (is) To amend title II of the Social Security Act to provide for retirement [Introduced in Senate] ...
108th CONGRESS
1st Session
S. 587
To promote the use of hydrogen fuel cell vehicles, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 11, 2003
Mr. Wyden introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To promote the use of hydrogen fuel cell vehicles, 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.
This Act may be cited as the ``Hydrogen Transportation Wins Over
Growing Reliance on Oil (H2 GROW) Act''.
SEC. 2. REFERENCES; TABLE OF CONTENTS.
(a) References.--Except as otherwise expressly provided, whenever
in this Act 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.
(b) Table of Contents.--The table of contents of this Act is as
follows:
Sec. 1. Short title.
Sec. 2. References; table of contents.
TITLE I--HYDROGEN FUEL CELL VEHICLES
Sec. 101. Fuel cell vehicle credit.
Sec. 102. No depreciation limit for hydrogen vehicles.
Sec. 103. Minimum Federal fleet requirement.
Sec. 104. Replacement of reliance on foreign oil through hydrogen
powered fuel cells.
TITLE II--HYDROGEN FUEL
Sec. 201. Credit for retail sale of hydrogen fuel as motor vehicle
fuel.
Sec. 202. Credit for production of hydrogen fuel.
Sec. 203. Tax holiday for hydrogen fuel.
Sec. 204. Sense of Congress regarding hydrogen fuel taxes.
Sec. 205. Hydrogen fueling fringe benefit.
Sec. 206. Exclusion of earnings from hydrogen fuel sales.
Sec. 207. Credit for use of ethanol or renewable motor fuel to produce
hydrogen fuel.
TITLE III--HYDROGEN FUELING INFRASTRUCTURE
Sec. 301. Credit for installation of hydrogen fueling stations.
Sec. 302. Exclusion of earnings from hydrogen fueling equipment sales.
Sec. 303. Extension of deduction for hydrogen fueling infrastructure.
Sec. 304. Deduction for refueling use of hydrogen fuel cells.
Sec. 305. Accelerated depreciation for qualified hydrogen fueling
equipment.
TITLE I--HYDROGEN FUEL CELL VEHICLES
SEC. 101. FUEL CELL 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. FUEL CELL 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 new qualified fuel cell motor vehicle credit determined
under subsection (b).
``(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 equal to--
``(A) in the case of any vehicle placed in service
before 2010, the lesser of--
``(i) 25 percent of the retail sale price
of such fuel cell motor vehicle, or
``(ii) $50,000
``(B) in the case of any vehicle placed in service
after 2009 and before 2012, the lesser of--
``(i) 15 percent of the retail sale price
of such fuel cell motor vehicle, or
``(ii) $25,000, and
``(C) in the case of any vehicle placed in service
after 2012, the lesser of--
``(i) 5 percent of the retail sale price of
such fuel cell motor vehicle, or
``(ii) $10,000.
``(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 125 percent but less than 150 percent of
the 2000 model year city fuel economy,
``(ii) $2,000, if such vehicle achieves at
least 150 percent but less than 175 percent of
the 2000 model year city fuel economy,
``(iii) $3,000, if such vehicle achieves at
least 175 percent but less than 200 percent of
the 2000 model year city fuel economy,
``(iv) $4,000, if such vehicle achieves at
least 200 percent but less than 225 percent of
the 2000 model year city fuel economy, and
``(v) $5,000, if such vehicle achieves at
least 225 percent of the 2000 model year city
fuel economy.
``(B) 2000 model year city fuel economy.--For
purposes of subparagraph (A), the 2000 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 2000 model year city
``If vehicle inertia weight class fuel economy is:
is:
1,500 or 1,750 lbs............................ 43.7 mpg
2,000 lbs..................................... 38.3 mpg
2,250 lbs..................................... 34.1 mpg
2,500 lbs..................................... 30.7 mpg
2,750 lbs..................................... 27.9 mpg
3,000 lbs..................................... 25.6 mpg
3,500 lbs..................................... 22.0 mpg
4,000 lbs..................................... 19.3 mpg
4,500 lbs..................................... 17.2 mpg
5,000 lbs..................................... 15.5 mpg
5,500 lbs..................................... 14.1 mpg
6,000 lbs..................................... 12.9 mpg
6,500 lbs..................................... 11.9 mpg
7,000 to 8,500 lbs............................ 11.1 mpg.
``(ii) In the case of a light truck:
The 2000 model year city
``If vehicle inertia weight class fuel economy is:
is:
1,500 or 1,750 lbs............................ 37.6 mpg
2,000 lbs..................................... 33.7 mpg
2,250 lbs..................................... 30.6 mpg
2,500 lbs..................................... 28.0 mpg
2,750 lbs..................................... 25.9 mpg
3,000 lbs..................................... 24.1 mpg
3,500 lbs..................................... 21.3 mpg
4,000 lbs..................................... 19.0 mpg
4,500 lbs..................................... 17.3 mpg
5,000 lbs..................................... 15.8 mpg
5,500 lbs..................................... 14.6 mpg
6,000 lbs..................................... 13.6 mpg
6,500 lbs..................................... 12.8 mpg
7,000 to 8,500 lbs............................ 12.0 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 1 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 for 2003 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,
``(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) Application With Other Credits.--The credit allowed under
subsection (a) for any taxable year shall not exceed the excess (if
any) of--
``(1) the sum of the regular tax plus the tax imposed by
section 55, over
``(2) the sum of the credits allowable under sections 27,
29, and 30A, for the taxable year.
``(d) Credit May Be Transferred.--
``(1) In general.--A taxpayer may transfer the credit
allowable under this section through an assignment. Such
transfer may be revoked only with the consent of the Secretary.
``(2) Regulations.--The Secretary shall prescribe such
regulations as necessary to ensure that any credit described in
paragraph (1) is claimed once and not reassigned by an assignee
described in paragraph (1).
``(e) Other Definitions and Special Rules.--For purposes of this
section--
``(1) Motor vehicle.--The term `motor vehicle' has the
meaning given such term by section 30(c)(2).
``(2) City fuel economy.--The Secretary of Energy shall
calculate the city fuel economy of fuel cell motor vehicles
which are passenger automobiles and light trucks in a manner
consistent with the procedures for calculating the fuel economy
for alternative fuel automobiles under section 32905(a) of
title 49, United States Code.
``(3) Retail sales price.--The retail sales price for any
vehicle shall be determined under the rules of section 4052(b).
``(4) Other terms.--The terms `automobile', `passenger
automobile', `light truck', and `manufacturer' have the
meanings given such terms 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.).
``(5) Reduction in basis.--For purposes of this subtitle,
the basis of any property for which a credit is allowable under
subsection (a) shall be reduced by the amount of such credit so
allowed (determined without regard to subsection (c)).
``(6) Recapture.--
``(A) In general.--The Secretary shall, by
regulations, provide for recapturing the benefit of any
credit allowable under subsection (a) with respect to
any property which ceases to be property eligible for
such credit (including recapture in the case of a lease
period of less than the economic life of a vehicle).
``(B) Economic life.--The regulations provided by
the Secretary pursuant to subparagraph (A) shall
provide that the economic life of a vehicle is 4 years.
``(7) Property used outside united states, etc., not
qualified.--No credit shall be allowed under subsection (a)
with respect to any property referred to in section 50(b) or
with respect to the portion of the cost of any property taken
into account under section 179.
``(8) Election to not take credit.--No credit shall be
allowed under subsection (a) for any vehicle if the taxpayer
elects to not have this section apply to such vehicle.
``(9) Carryback and carryforward allowed.--
``(A) In general.--If the credit amount allowable
under subsection (a) for a taxable year exceeds the
amount of the limitation under subsection (c) for such
taxable year (in this paragraph referred to as the
`unused credit year'), such excess shall be allowed as
a credit carryback for each of the 3 taxable years
beginning after January 1, 2003, which precede the
unused credit year and a credit carryforward for each
of the 20 taxable years which succeed the unused credit
year.
``(B) Rules.--Rules similar to the rules of section
39 shall apply with respect to the credit carryback and
credit carryforward under subparagraph (A).
``(10) Interaction with air quality and motor vehicle
safety standards.--Unless otherwise provided in this section, a
motor vehicle shall not be considered eligible for a credit
under this section unless such vehicle is in compliance with--
``(A) the applicable provisions of the Clean Air
Act for the applicable make and model year of the
vehicle (or applicable air quality provisions of State
law in the case of a State which has adopted such
provision under a waiver under section 209(b) of the
Clean Air Act), and
``(B) the motor vehicle safety provisions of
sections 30101 through 30169 of title 49, United States
Code.
``(f) Regulations.--
``(1) In general.--Except as provided in paragraph (2), the
Secretary shall promulgate such regulations as necessary to
carry out the provisions of this section.
``(2) Coordination in prescription of certain
regulations.--The Secretary of the Treasury, in coordination
with the Secretary of Transportation and the Administrator of
the Environmental Protection Agency, shall prescribe such
regulations as necessary to determine whether a motor vehicle
meets the requirements to be eligible for a credit under this
section.
``(g) Termination.--This section shall not apply to any property
placed in service after December 31, 2015.''.
Other Popular 106th Congressional Bills Documents:
|
| GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information. |
 |