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S. 588 (is) To amend title II of the Social Security Act to provide for retirement [Introduced in Senate] ...


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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.''.

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