S.Amdt. 752

SA 752. Mr. OBAMA (for himself, Mr. Coleman, Mr. Lugar, Mr. Durbin,
Mr. Harkin, Mr. Salazar, Mr. Bayh, Mr. Talent, Mr. Dayton, and Mr.
Nelson of Nebraska) submitted an amendment intended to proposed by him
to the bill H.R. 3, to authorize funds for Federal-aid highways,
highway safety programs, and transmit programs, and for other purposes;
which was ordered to lie on the table; as follows:

At the end of the amendment; 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 cost of any qualified
alternative fuel vehicle refueling property placed in service
by the taxpayer during the taxable year.
``(b) Limitation.--The credit allowed under subsection
(a)--
``(1) with respect to any retail alternative fuel vehicle
refueling property, shall not exceed $30,000, and
``(2) with respect to any residential alternative fuel
vehicle refueling property, shall not exceed $1,000.
``(c) 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 of a character subject to an allowance for
depreciation.
``(d) 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.
``(e) 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 (d) for such taxable year, 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).
``(f) Special Rules.--For purposes of this section--
``(1) Basis reduction.--The basis of any property shall be
reduced by the portion of the cost of such property taken
into account under subsection (a).
``(2) 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).
``(3) Property used by tax-exempt entity.--In the case of
any qualified alternative fuel vehicle refueling property the
use of which is described in paragraph (3) or (4) of section
50(b) and which is not subject to a lease, the person who
sold such property to the person or entity using such
property shall be treated as the taxpayer that placed such
property in service, but only if such person clearly
discloses to such person or entity in a document the amount
of any credit allowable under subsection (a) with respect to
such property (determined without regard to subsection (d)).
``(4) Property used outside united states, etc., not
qualified.--No credit shall be allowable under subsection (a)
with respect to any property referred to in section 50(b)(1)
or with respect to the portion of the cost of any property
taken into account under section 179.
``(5) Election not to take credit.--No credit shall be
allowed under subsection (a) for any property if the taxpayer
elects not to have this section apply to such property.
``(6) Recapture rules.--Rules similar to the rules of
section 179A(e)(4) shall apply.
``(g) Regulations.--The Secretary shall prescribe such
regulations as necessary to carry out the provisions of this
section.
``(h) Termination.--This section shall not apply to any
property placed in service after December 31, 2009.''.
(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)(1).''.
(2) Section 55(c)(2) is amended by inserting ``30B(d),''
after ``30(b)(3),''.
(3) Section 6501(m) is amended by inserting ``30B(f)(5),''
after ``30(d)(4),''.
(4) 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.

SEC. 5310. MODIFICATION OF RECAPTURE RULES FOR AMORTIZABLE
SECTION 197 INTANGIBLES.

(a) In General.--Subsection (b) of section 1245 is amended
by adding at the end the following new paragraph:
``(9) Disposition of amortizable section 197 intangibles.--
``(A) In general.--If a taxpayer disposes of more than 1
amortizable section 197 intangible (as defined in section
197(c)) in a transaction or a series of related transactions,
all such amortizable 197 intangibles shall be treated as 1
section 1245 property for purposes of this section.
``(B) Exception.--Subparagraph (A) shall not apply to any
amortizable section 197 intangible (as so defined) with
respect to which the adjusted basis exceeds the fair market
value.''.
(b) Effective Date.--The amendment made by this section
shall apply to dispositions of property after the date of the
enactment of this Act.
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