To require the Secretary to establish a Joint Flexible Fuel/Hybrid Vehicle Commercialization Initiative, and for other purposes.

1. Adds SEC. 706. JOINT FLEXIBLE FUEL/HYBRID VEHICLE COMMERCIALIZATION INITIATIVE on page 424, between lines 7 and 8

   Adds a sectionPrinted page

   Inserted: SEC. 706. JOINT FLEXIBLE FUEL/HYBRID VEHICLE COMMERCIALIZATION INITIATIVE.

   Inserted: (a) Definitions.--In this section:

   Inserted: (1) Eligible entity.--The term eligible entity means--

   Inserted: (A) a for-profit corporation;

   Inserted: (B) a nonprofit corporation; or

   Inserted: (C) an institution of higher education.

   Inserted: (2) Program.--The term "program" means the applied research program established under subsection (b).

   Inserted: (b) Establishment.--The Secretary shall establish an applied research program to improve technologies for the commercialization of--

   Inserted: (1) a combination hybrid/flexible fuel vehicle; or

   Inserted: (2) a plug-in hybrid/flexible fuel vehicle.

   Inserted: (c) Grants.--In carrying out the program, the Secretary shall provide grants that give preference to proposals that--

   Inserted: (1) achieve the greatest reduction in miles per gallon of petroleum fuel consumption;

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   Inserted: (2) achieve not less than 250 miles per gallon of petroleum fuel consumption; and

   Inserted: (3) have the greatest potential of commercialization to the general public within 5 years.

   Inserted: (d) Verification.--Not later than 90 days after the date of enactment of this Act, the Secretary shall publish in the Federal Register procedures to verify--

   Inserted: (1) the hybrid/flexible fuel vehicle technologies to be demonstrated; and

   Inserted: (2) that grants are administered in accordance with this section.

   Inserted: (e) Report.--Not later than 260 days after the date of enactment of this Act, and annually thereafter, the Secretary shall submit to Congress a report that--

   Inserted: (1) identifies the grant recipients;

   Inserted: (2) describes the technologies to be funded under the program;

   Inserted: (3) assesses the feasibility of the technologies described in paragraph (2) in meeting the goals described in subsection (c);

   Inserted: (4) identifies applications submitted for the program that were not funded; and

   Inserted: (5) makes recommendations for Federal legislation to achieve commercialization of the technology demonstrated.

   Inserted: (f) Authorization of Appropriations.--There are authorized to be appropriated to carry out this section, to remain available until expended--

   Inserted: (1) $3,000,000 for fiscal year 2005;

   Inserted: (2) $7,000,000 for fiscal year 2006;

   Inserted: (3) $10,000,000 for fiscal year 2007; and

   Inserted: (4) $20,000,000 for fiscal year 2008.

   Inserted: SEC. 707. DESIGNATION OF FUEL ECONOMY PENALTIES FOR FUEL ECONOMY RESEARCH.

   Inserted: (a) In General.--Chapter 329 of title 49, United States Code, is amended by inserting after section 32915 the following new section:

   Inserted: "Sec. 32915A. Use of Civil Penalties For Fuel Economy Research

   Inserted: "(a) Establishment of Account.--Not later than 180 days after the date of enactment of the Energy Policy Act of 2005, the Secretary of the Treasury shall establish an account in the Treasury of the United States consisting of--

   Inserted: "(1) such amounts as are collected as civil penalties imposed under section 32912 of this title after the date of enactment of the Energy Policy Act of 2005;

   Inserted: "(2) such amounts as were collected as civil penalties imposed under section 32912 of this title before the date of enactment of the Energy Policy Act of 2005 and that remain unobligated on such date;

   Inserted: "(3) such amounts as may be appropriated to the account; and

   Inserted: "(4) any interest earned on investment of amounts in the account.

   Inserted: "(b) Expenditures From Account.--On request by the Secretary of Transportation, the Secretary of the Treasury shall transfer from the account established under subsection (a) to the Secretary of Transportation, without further appropriation, such amounts as the Secretary of Transportation determines are necessary to carry out the flexible fuel/hybrid vehicle commercialization initiative established under section 706 of the Energy Policy Act of 2005.

   Inserted: "(c) Investment of Amounts.--

   Inserted: "(1) In general.--The Secretary of the Treasury shall invest such portion of the account as is not, in the judgment of the Secretary of the Treasury, required to meet current withdrawals.

   Inserted: "(2) Interest-bearing obligations.--Investments may be made only in interest-bearing obligations of the United States.

   Inserted: "(3) Credits to account.--The interest on, and the proceeds from the sale or redemption of, any obligations held in the account shall be credited to and form a part of the account.

   Inserted: "(d) Transfers of Amounts.--

   Inserted: "(1) In general.--The amounts required to be transferred to the account under this section shall be transferred at least monthly from the general fund of the Treasury to the account on the basis of estimates made by the Secretary of the Treasury.

   Inserted: "(2) Adjustments.--Proper adjustment shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred.".

   Inserted: (b) Conforming Amendment.--The analysis for chapter 329 of title 49, United States Code, is amended by inserting after the item relating to section 32915 the following:

   Inserted: "32915A. Use of Civil Penalties For Fuel Economy Research.".

   Original wording

   On page 424, between lines 7 and 8, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed