S.Amdt. 595

SA 595. Mr. OBAMA submitted an amendment intended to be proposed by
him to the bill H.R. 3, Reserved; which was ordered to lie on the
table; as follows:

At the appropriate place in title V insert the following:

SEC. __. INCENTIVES FOR THE INSTALLATION OF ALTERNATIVE FUEL
REFUELING STATIONS.

(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 FUEL VEHICLE REFUELING PROPERTY
CREDIT.

``(a) Credit Allowed.--There shall be allowed as a credit
against the tax imposed by this chapter for the taxable year
an amount equal to 50 percent of the amount paid or incurred
by the taxpayer during the taxable year for the installation
of qualified alternative fuel vehicle refueling property.
``(b) Limitation.--
``(1) In general.--The credit allowed under subsection
(a)--
``(A) with respect to any retail alternative fuel vehicle
refueling property, shall not exceed $30,000, and
``(B) with respect to any residential alternative fuel
vehicle refueling property, shall not exceed $1,000.
``(2) Phaseout.--
``(A) In general.--In the case of any qualified alternative
fuel vehicle refueling property placed in service after
December 31, 2010, the limit otherwise applicable under
paragraph (1) shall be reduced by--
``(i) 25 percent in the case of any alternative fuel
vehicle refueling property placed in service in calendar year
2011, and
``(ii) 50 percent in the case of any alternative fuel
vehicle refueling property placed in service in calendar year
2012.
``(c) Year Credit Allowed.--The credit allowed under
subsection (a) shall be allowed in the taxable year in which
the qualified alternative fuel vehicle refueling property is
placed in service by the taxpayer.
``(d) Definitions.--For purposes of this section--
``(1) Qualified alternative fuel vehicle refueling
property.--The term `qualified alternative fuel vehicle
refueling property' has the same meaning given for clean-fuel
vehicle refueling property by section 179A(d), but only with
respect to any fuel at least 85 percent of the volume of
which consists of ethanol.
``(2) Residential alternative fuel vehicle refueling
property.--The term `residential alternative fuel vehicle
refueling property' means qualified alternative fuel vehicle
refueling property which is installed on property which is
used as the principal residence (within the meaning of
section 121) of the taxpayer.
``(3) Retail alternative fuel vehicle refueling property.--
The term `retail alternative fuel vehicle refueling property'
means qualified alternative fuel vehicle refueling property
which is installed on property (other than property described
in paragraph (2)) used in a trade or business of the
taxpayer.
``(e) Application With Other Credits.--The credit allowed
under subsection (a) for any taxable year shall not exceed
the excess (if any) of--
``(1) the regular tax for the taxable year reduced by the
sum of the credits allowable under subpart A and sections 27,
29, and 30, over
``(2) the tentative minimum tax for the taxable year.
``(f) Basis Reduction.--For purposes of this title, the
basis of any property shall be reduced by the portion of the
cost of such property taken into account under subsection
(a).
``(g) No Double Benefit.--No deduction shall be allowed
under section 179A with respect to any property with respect
to which a credit is allowed under subsection (a).
``(h) Refueling Property Installed for Tax-exempt
Entities.--In the case of qualified alternative fuel vehicle
refueling property installed on property owned or used by an
entity exempt from tax under this chapter, the person which
installs such refueling property for the entity shall be
treated as the taxpayer with respect to the refueling
property for purposes of this section (and such refueling
property shall be treated as retail alternative fuel vehicle
refueling property) and the credit shall be allowed to such
person, but only if the person clearly discloses to the
entity in any installation contract the specific amount of
the credit allowable under this section.
``(i) Carryforward Allowed.--
``(1) In general.--If the credit amount allowable under
subsection (a) for a taxable year exceeds the amount of the
limitation under subsection (e) for such taxable year
(referred to as the `unused credit year' in this subsection),
such excess shall be allowed as a credit carryforward for
each of the 20 taxable years following the unused credit
year.
``(2) Rules.--Rules similar to the rules of section 39
shall apply with respect to the credit carryforward under
paragraph (1).
``(j) Special Rules.--Rules similar to the rules of
paragraphs (4) and (5) of section 179A(e) shall apply.
``(k) Regulations.--The Secretary shall prescribe such
regulations as necessary to carry out the provisions of this
section.
``(l) Termination.--This section shall not apply to any
property placed in service after December 31, 2013.''.
(b) Conforming Amendments.--
(1) Section 1016(a) is amended by striking ``and'' at the
end of paragraph (30), by striking the period at the end of
paragraph (31) and inserting ``, and'', and by adding at the
end the following new paragraph:
``(32) to the extent provided in section 30B(f).''.
(2) Section 55(c)(2) is amended by inserting ``30B(e),''
after ``30(b)(3),''.
(3) The table of sections for subpart B of part IV of
subchapter A of chapter 1 is amended by inserting after the
item relating to section 30A the following new item:

``Sec. 30B. Alternative fuel vehicle refueling property credit.''.

(c) Effective Date.--The amendments made by this section
shall apply to property placed in service after the date of
the enactment of this Act, in taxable years ending after such
date.
______