II
110th CONGRESS
2d Session
S. 3506
IN THE SENATE OF THE UNITED STATES
September 17, 2008
Mr. Reid (for Mr. Obama) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to increase the credit for purchase of vehicles fueled by natural gas or liquefied natural gas and to amend the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users to reauthorize the Clean School Bus Program of the Environmental Protection Agency.
Increased credit for purchase of vehicles fueled by natural gas or liquified natural gas; extension of credit
In general
Subsection (e) of section 30B of the Internal Revenue Code of 1986 (relating to new qualified alternative motor vehicle credit) is amended by adding at the end the following new paragraph:
Increased credit for natural gas vehicles
Increased credit percentage
In the case of any natural gas vehicle, the applicable percentage under paragraph (2) shall be 100 percent.
Higher incremental cost limits for fleet purchasers
In the case of a taxpayer who places in service 100 or more natural gas vehicles during the taxable year, paragraph (3) shall be applied for such year by doubling the amounts contained in such paragraph.
Natural gas vehicle
For purposes of this
paragraph, the term natural gas vehicle
means any new qualified
alternative fuel motor vehicle fueled by natural gas or liquified natural
gas.
.
Extension of credit for all new qualified alternative fuel vehicles through 2017
Paragraph (4) of section 30B(j) of such Code is amended by
striking December 31, 2010
and inserting December 31,
2017
.
Effective date
The amendments made by this section shall apply to vehicles placed in service after December 31, 2008, in taxable years ending after such date.
Clean School Bus Program
In general
Section 6015 of the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (42 U.S.C. 16091a) is amended—
in subsection (b)(5)—
in subparagraph (A)—
in
the subparagraph heading, by striking 50
and inserting
75
; and
in
the matter preceding clause (i), by striking one-half
and
inserting 75 percent
; and
in subparagraph (B)—
in
the subparagraph heading, by striking 25
and inserting
50
; and
in
the matter preceding clause (i), by striking one-fourth
and
inserting 50 percent
; and
in subsection (d)—
in paragraph (1),
by striking and
at the end;
in paragraph (2),
by striking 2008, 2009, and 2010.
and inserting 2008 and
2009; and
; and
by adding at the end the following:
$110,000,000 for each of fiscal years 2010 through 2015.
.
Technical correction
Section 741 of the Energy Policy Act of 2005 (42 U.S.C. 16091) is repealed.
Natural gas vehicles in Federal fleet
The Administrator of General Services, in consultation with the Administrator of the Environmental Protection Agency, shall conduct, and submit to Congress a report describing the results of, a study to determine whether and the extent to which the number of natural gas vehicles in the Federal fleet should be increased.