2006 New Energy Bill

http://energycommerce.house.gov/108/0205_E...Conf_report.pdf
Beginning on page 1391.
B)

 

Thanks - now, to convert this into an Excel worksheet. Yow!

 

another excel addict! yay!

 

Not exactly, but there's a lot of very cool things that can be done with Excel. You should check out a book entitled "Professional Excel Development" by Stephen Bullen, Rob Bovey, and John Green (ISBN: 0-321-26250-6).

These guys are Excel addicts! Scary!

 

i got stuck taking a really boring software class in college, but the last few weeks were spent on using excel as a database. i loved it! all those ifs made me feel like i was using basic again =P

we use excel for all our online order forms, and i use it for everything. normal people have post it notes to jot down information. geeks keep notepad open. i have excel =)


EDIT: thanks for the book rec - will have to pick it up.

 

B) You're welcome.
I've got a 2006 order in place but when I was looking to buy a 2005, I made an Excel spreadsheet on which I could turn on and off different packages and options and instantly see dealer cost, msrp, and dealer profit.
I had my laptop open when talking with the salesdroid.

 

Aren't the salesdroids the worst!?!? It's so strange that thye know so little, but are our only life-line to the Prius.

 

Could someone post an excerpt of the appropriate section of the Energy Bill. For those of us that still use dialup, downloading the entire Bill takes awhile.

Thanks.

 

Sorry, the PDF is set to not allow copying selected text.

 

That sounds so cool! I do that kind of thing with my debt and such, though I lack some of the details for the Prius (05 or 06) in pricing, dealer, etc.

Think you could share that at all?

 

I got most of the 2005 pricing info at
http://www.edmunds.com/new/2005/toyota/pri...ion=1&x=84&y=13

I ordered my 2006 for January delivery back in August.
(Pre gasoline price spike so I locked in a good deal. )

I'm pretty sure I can find the file and could clean it up enough to post it here.
I doubt it will really help folks though under the current market conditions.
Gas prices are high, Prii are popular, and dealer stock is low.
Most folks won't be able to get a better deal than MSRP on a 2005 regardless of how much pricing information they have.

I had been planning on updating the spreadsheet and posting it when the 2006 prices became available.
Guess I'll try and do both.
B)

 

Found the file.

<_< It will want some changes prior to my posting it.

I had squeezed the format so it would print on a single page.
I left out pricing for non-package options that I had no interest in so I'll need to add those.
Also, some cells have abbreviations which ought to be expanded for people who are not me.
A short set of instructions for its use would be helpful too, I'd bet.
State tax is hardcoded into some formulas (PA 6%). That'd need to be moved to its own cell.
I assumed a 28% tax bracket for purposes of comparing 2005 tax benefit vs. 2006 tax credit. This should also be moved to a new cell.

After selection of package and options, two tables are updated (and totals), one table shows sales prices based on dealer profit %, the other shows dealer profit % based on sale price.

There's also a state incentive cell (PA for me) and a dealer discount cell,
i.e. dealer says he'll sell the car for $X under MSRP.

I'll see if I can find some spare moments today to clean this spreadsheet up.
Hopefully, I may get it into good enough shape by tomorrow.

 

The original poster gave a link to the House conference report. This ended up being Public Law No: 109-58, not sure if there were significant changes since the house report.

The complete law is at
txt version: http://thomas.loc.gov/cgi-bin/toGPO/http:/...d=fubl058.109
or
pdf version:
http://thomas.loc.gov/cgi-bin/toGPO/http:/...publ058.109.pdf

Here is the relevant section:


Subtitle D--Alternative Motor Vehicles and Fuels Incentives

SEC. 1341. ALTERNATIVE MOTOR 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. ALTERNATIVE MOTOR 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 sum of--

[[Page 119 STAT. 1039]]

``(1) the new qualified fuel cell motor vehicle credit
determined under subsection (b),
``(2) the new advanced lean burn technology motor vehicle
credit determined under subsection ©,
``(3) the new qualified hybrid motor vehicle credit
determined under subsection (d), and
``(4) the new qualified alternative fuel motor vehicle
credit determined under subsection (e).

``(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--
``(A) $8,000 ($4,000 in the case of a vehicle placed
in service after December 31, 2009), if such vehicle has
a gross vehicle weight rating of not more than 8,500
pounds,
``(B) $10,000, if such vehicle has a gross vehicle
weight rating of more than 8,500 pounds but not more
than 14,000 pounds,
``© $20,000, if such vehicle has a gross vehicle
weight rating of more than 14,000 pounds but not more
than 26,000 pounds, and
``(D) $40,000, if such vehicle has a gross vehicle
weight rating of more than 26,000 pounds.
``(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 150 percent but less than 175 percent of the
2002 model year city fuel economy,
``(ii) $1,500, if such vehicle achieves at
least 175 percent but less than 200 percent of the
2002 model year city fuel economy,
``(iii) $2,000, if such vehicle achieves at
least 200 percent but less than 225 percent of the
2002 model year city fuel economy,
``(iv) $2,500, if such vehicle achieves at
least 225 percent but less than 250 percent of the
2002 model year city fuel economy,
``(v) $3,000, if such vehicle achieves at
least 250 percent but less than 275 percent of the
2002 model year city fuel economy,
``(vi) $3,500, if such vehicle achieves at
least 275 percent but less than 300 percent of the
2002 model year city fuel economy, and
``(vii) $4,000, if such vehicle achieves at
least 300 percent of the 2002 model year city fuel
economy.
``(B) 2002 model year city fuel economy.--For
purposes of subparagraph (A), the 2002 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:


[[Page 119 STAT. 1040]]


The 2002 model year city..................
``If vehicle inertiafuel economy is:..........................
class is:
1,500 or 1,750 lbs 45.2 mpg
2,000 lbs 39.6 mpg
2,250 lbs 35.2 mpg
2,500 lbs 31.7 mpg
2,750 lbs 28.8 mpg
3,000 lbs 26.4 mpg
3,500 lbs 22.6 mpg
4,000 lbs 19.8 mpg
4,500 lbs 17.6 mpg
5,000 lbs 15.9 mpg
5,500 lbs 14.4 mpg
6,000 lbs 13.2 mpg
6,500 lbs 12.2 mpg
7,000 to 8,500 lbs 11.3 mpg.

``(ii) In the case of a light truck:

The 2002 model year city..................
``If vehicle inertiafuel economy is:..........................
class is:
1,500 or 1,750 lbs 39.4 mpg
2,000 lbs 35.2 mpg
2,250 lbs 31.8 mpg
2,500 lbs 29.0 mpg
2,750 lbs 26.8 mpg
3,000 lbs 24.9 mpg
3,500 lbs 21.8 mpg
4,000 lbs 19.4 mpg
4,500 lbs 17.6 mpg
5,000 lbs 16.1 mpg
5,500 lbs 14.8 mpg
6,000 lbs 13.7 mpg
6,500 lbs 12.8 mpg
7,000 to 8,500 lbs 12.1 mpg.

``© 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, has received on or after the date of the
enactment of this section a certificate that such
vehicle meets or exceeds the Bin 5 Tier II emission
level established in regulations prescribed by the
Administrator of the Environmental Protection Agency
under section 202(i) of the Clean Air Act for that make
and model year vehicle,
``© the original use of which commences with the
taxpayer,

[[Page 119 STAT. 1041]]

``(D) which is acquired for use or lease by the
taxpayer and not for resale, and
``(E) which is made by a manufacturer.

``© New Advanced Lean Burn Technology Motor Vehicle Credit.--
``(1) In general.--For purposes of subsection (a), the new
advanced lean burn technology motor vehicle credit determined
under this subsection for the taxable year is the credit amount
determined under paragraph (2) with respect to a new advanced
lean burn technology motor vehicle placed in service by the
taxpayer during the taxable year.
``(2) Credit amount.--
``(A) Fuel economy.--
``(i) In general.--The credit amount
determined under this paragraph shall be
determined in accordance with the following table:

``In the case of a vehicle whiThe credit amount is--....................
achieves a fuel economy (expressed
as a percentage of the 2002 model
year city fuel economy) of--
At least 125 percent but less than 150 $400
percent
At least 150 percent but less than 175 $800
percent
At least 175 percent but less than 200 $1,200
percent
At least 200 percent but less than 225 $1,600
percent
At least 225 percent but less than 250 $2,000
percent
At least 250 percent $2,400.

``(ii) 2002 model year city fuel economy.--For
purposes of clause (i), the 2002 model year city
fuel economy with respect to a vehicle shall be
determined on a gasoline gallon equivalent basis
as determined by the Administrator of the
Environmental Protection Agency using the tables
provided in subsection (b)(2)(B) with respect to
such vehicle.
``(B) Conservation credit.--The amount determined
under subparagraph (A) with respect to a new advanced
lean burn technology motor vehicle shall be increased by
the conservation credit amount determined in accordance
with the following table:

``In the case of a vehicle whiThe conservation credit amount is--.......
achieves a lifetime fuel savings
(expressed in gallons of gasoline)
of--
At least 1,200 but less than 1,800 $250
At least 1,800 but less than 2,400 $500
At least 2,400 but less than 3,000 $750
At least 3,000 $1,000.

``(3) New advanced lean burn technology motor vehicle.--For
purposes of this subsection, the term `new advanced lean burn
technology motor vehicle' means a passenger automobile or a
light truck--
``(A) with an internal combustion engine which--
``(i) is designed to operate primarily using
more air than is necessary for complete combustion
of the fuel,
``(ii) incorporates direct injection,
``(iii) achieves at least 125 percent of the
2002 model year city fuel economy,

[[Page 119 STAT. 1042]]

``(iv) for 2004 and later model vehicles, has
received a certificate that such vehicle meets or
exceeds--
``(I) in the case of a vehicle
having a gross vehicle weight rating of
6,000 pounds or less, the Bin 5 Tier II
emission standard established in
regulations prescribed by the
Administrator of the Environmental
Protection Agency under section 202(i)
of the Clean Air Act for that make and
model year vehicle, and
``(II) in the case of a vehicle
having a gross vehicle weight rating of
more than 6,000 pounds but not more than
8,500 pounds, the Bin 8 Tier II emission
standard which is so established,
``(B) the original use of which commences with the
taxpayer,
``© which is acquired for use or lease by the
taxpayer and not for resale, and
``(D) which is made by a manufacturer.
``(4) Lifetime fuel savings.--For purposes of this
subsection, the term `lifetime fuel savings' means, in the case
of any new advanced lean burn technology motor vehicle, an
amount equal to the excess (if any) of--
``(A) 120,000 divided by the 2002 model year city
fuel economy for the vehicle inertia weight class, over
``(B) 120,000 divided by the city fuel economy for
such vehicle.

``(d) New Qualified Hybrid Motor Vehicle Credit.--
``(1) In general.--For purposes of subsection (a), the new
qualified hybrid motor vehicle credit determined under this
subsection for the taxable year is the credit amount determined
under paragraph (2) with respect to a new qualified hybrid motor
vehicle placed in service by the taxpayer during the taxable
year.
``(2) Credit amount.--
``(A) Credit amount for passenger automobiles and
light trucks.--In the case of a new qualified hybrid
motor vehicle which is a passenger automobile or light
truck and which has a gross vehicle weight rating of not
more than 8,500 pounds, the amount determined under this
paragraph is the sum of the amounts determined under
clauses (i) and (ii).
``(i) Fuel economy.--The amount determined
under this clause is the amount which would be
determined under subsection ©(2)(A) if such
vehicle were a vehicle referred to in such
subsection.
``(ii) Conservation credit.--The amount
determined under this clause is the amount which
would be determined under subsection ©(2)(B) if
such vehicle were a vehicle referred to in such
subsection.
``(B) Credit amount for other motor vehicles.--
``(i) In general.--In the case of any new
qualified hybrid motor vehicle to which
subparagraph (A) does not apply, the amount
determined under this paragraph is the amount
equal to the applicable percentage of the
qualified incremental hybrid cost of the vehicle
as certified under clause (v).

[[Page 119 STAT. 1043]]

``(ii) Applicable percentage.--For purposes of
clause (i), the applicable percentage is--
``(I) 20 percent if the vehicle
achieves an increase in city fuel
economy relative to a comparable vehicle
of at least 30 percent but less than 40
percent,
``(II) 30 percent if the vehicle
achieves such an increase of at least 40
percent but less than 50 percent, and
``(III) 40 percent if the vehicle
achieves such an increase of at least 50
percent.
``(iii) Qualified incremental hybrid cost.--
For purposes of this subparagraph, the qualified
incremental hybrid cost of any vehicle is equal to
the amount of the excess of the manufacturer's
suggested retail price for such vehicle over such
price for a comparable vehicle, to the extent such
amount does not exceed--
``(I) $7,500, if such vehicle has a
gross vehicle weight rating of not more
than 14,000 pounds,
``(II) $15,000, if such vehicle has
a gross vehicle weight rating of more
than 14,000 pounds but not more than
26,000 pounds, and
``(III) $30,000, if such vehicle has
a gross vehicle weight rating of more
than 26,000 pounds.
``(iv) Comparable vehicle.--For purposes of
this subparagraph, the term `comparable vehicle'
means, with respect to any new qualified hybrid
motor vehicle, any vehicle which is powered solely
by a gasoline or diesel internal combustion engine
and which is comparable in weight, size, and use
to such vehicle.
``(v) Certification.--A certification
described in clause (i) shall be made by the
manufacturer and shall be determined in accordance
with guidance prescribed by the Secretary. Such
guidance shall specify procedures and methods for
calculating fuel economy savings and incremental
hybrid costs.
``(3) New qualified hybrid motor vehicle.--For purposes of
this subsection--
``(A) In general.--The term `new qualified hybrid
motor vehicle' means a motor vehicle--
``(i) which draws propulsion energy from
onboard sources of stored energy which are both--
``(I) an internal combustion or heat
engine using consumable fuel, and
``(II) a rechargeable energy storage
system,
``(ii) which, in the case of a vehicle to
which paragraph (2)(A) applies, 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, and
``(I) in the case of a vehicle
having a gross vehicle weight rating of
6,000 pounds or less, the Bin 5 Tier II
emission standard established in
regulations prescribed by the
Administrator of the Environmental
Protection Agency under section

[[Page 119 STAT. 1044]]

202(i) of the Clean Air Act for that
make and model year vehicle, and
``(II) in the case of a vehicle
having a gross vehicle weight rating of
more than 6,000 pounds but not more than
8,500 pounds, the Bin 8 Tier II emission
standard which is so established,
``(iii) which has a maximum available power of
at least--
``(I)
4 <<NOTE: Applicability.>> percent in
the case of a vehicle to which paragraph
(2)(A) applies,
``(II) 10 percent in the case of a
vehicle which has a gross vehicle weight
rating of more than 8,500 pounds and not
more than 14,000 pounds, and
``(III) 15 percent in the case of a
vehicle in excess of 14,000 pounds,
``(iv) <<NOTE: Applicability.>> which, in the
case of a vehicle to which paragraph (2)(B)
applies, has an internal combustion or heat engine
which has received a certificate of conformity
under the Clean Air Act as meeting the emission
standards set in the regulations prescribed by the
Administrator of the Environmental Protection
Agency for 2004 through 2007 model year diesel
heavy duty engines or ottocycle heavy duty
engines, as applicable,
``(v) the original use of which commences with
the taxpayer,
``(vi) which is acquired for use or lease by
the taxpayer and not for resale, and
``(vii) which is made by a manufacturer.
Such term shall not include any vehicle which is not a
passenger automobile or light truck if such vehicle has
a gross vehicle weight rating of less than 8,500 pounds.
``(B) Consumable fuel.--For purposes of subparagraph
(A)(i)(I), the term `consumable fuel' means any solid,
liquid, or gaseous matter which releases energy when
consumed by an auxiliary power unit.
``© Maximum <<NOTE: Applicability.>> available
power.--
``(i) Certain passenger automobiles and light
trucks.--In the case of a vehicle to which
paragraph (2)(A) applies, the term `maximum
available power' means the maximum power available
from the rechargeable energy storage system,
during a standard 10 second pulse power or
equivalent test, divided by such maximum power and
the SAE net power of the heat engine.
``(ii) Other motor vehicles.--In the case of a
vehicle to which paragraph (2)(B) applies, the
term `maximum available power' means the maximum
power available from the rechargeable energy
storage system, during a standard 10 second pulse
power or equivalent test, divided by the vehicle's
total traction power. For purposes of the
preceding sentence, the term `total traction
power' means the sum of the peak power from the
rechargeable energy storage system and the heat
engine peak power of the vehicle, except that if
such storage system is the sole means by which the
vehicle

[[Page 119 STAT. 1045]]

can be driven, the total traction power is the
peak power of such storage system.

``(e) New Qualified Alternative Fuel Motor Vehicle Credit.--
``(1) Allowance of credit.--Except as provided in paragraph
(5), the new qualified alternative fuel motor vehicle credit
determined under this subsection is an amount equal to the
applicable percentage of the incremental cost of any new
qualified alternative fuel motor vehicle placed in service by
the taxpayer during the taxable year.
``(2) Applicable percentage.--For purposes of paragraph (1),
the applicable percentage with respect to any new qualified
alternative fuel motor vehicle is--
``(A) 50 percent, plus
``(B) 30 percent, if such vehicle--
``(i) has received a certificate of conformity
under the Clean Air Act and meets or exceeds the
most stringent standard available for
certification under the Clean Air Act for that
make and model year vehicle (other than a zero
emission standard), or
``(ii) has received an order certifying the
vehicle as meeting the same requirements as
vehicles which may be sold or leased in California
and meets or exceeds the most stringent standard
available for certification under the State laws
of California (enacted in accordance with a waiver
granted under section 209(b) of the Clean Air Act)
for that make and model year vehicle (other than a
zero emission standard).
For purposes of the preceding sentence, in the case of any new
qualified alternative fuel motor vehicle which weighs more than
14,000 pounds gross vehicle weight rating, the most stringent
standard available shall be such standard available for
certification on the date of the enactment of the Energy Tax
Incentives Act of 2005.
``(3) Incremental cost.--For purposes of this subsection,
the incremental cost of any new qualified alternative fuel motor
vehicle is equal to the amount of the excess of the
manufacturer's suggested retail price for such vehicle over such
price for a gasoline or diesel fuel motor vehicle of the same
model, to the extent such amount does not exceed--
``(A) $5,000, if such vehicle has a gross vehicle
weight rating of not more than 8,500 pounds,
``(B) $10,000, if such vehicle has a gross vehicle
weight rating of more than 8,500 pounds but not more
than 14,000 pounds,
``© $25,000, if such vehicle has a gross vehicle
weight rating of more than 14,000 pounds but not more
than 26,000 pounds, and
``(D) $40,000, if such vehicle has a gross vehicle
weight rating of more than 26,000 pounds.
``(4) New qualified alternative fuel motor vehicle.--For
purposes of this subsection--
``(A) In general.--The term `new qualified
alternative fuel motor vehicle' means any motor
vehicle--
``(i) which is only capable of operating on an
alternative fuel,

[[Page 119 STAT. 1046]]

``(ii) the original use of which commences
with the taxpayer,
``(iii) which is acquired by the taxpayer for
use or lease, but not for resale, and
``(iv) which is made by a manufacturer.
``(B) Alternative fuel.--The term `alternative fuel'
means compressed natural gas, liquefied natural gas,
liquefied petroleum gas, hydrogen, and any liquid at
least 85 percent of the volume of which consists of
methanol.
``(5) Credit for mixed-fuel vehicles.--
``(A) In general.--In the case of a mixed-fuel
vehicle placed in service by the taxpayer during the
taxable year, the credit determined under this
subsection is an amount equal to--
``(i) in the case of a 75/25 mixed-fuel
vehicle, 70 percent of the credit which would have
been allowed under this subsection if such vehicle
was a qualified alternative fuel motor vehicle,
and
``(ii) in the case of a 90/10 mixed-fuel
vehicle, 90 percent of the credit which would have
been allowed under this subsection if such vehicle
was a qualified alternative fuel motor vehicle.
``(B) Mixed-fuel vehicle.--For purposes of this
subsection, the term `mixed-fuel vehicle' means any
motor vehicle described in subparagraph © or (D) of
paragraph (3), which--
``(i) is certified by the manufacturer as
being able to perform efficiently in normal
operation on a combination of an alternative fuel
and a petroleum-based fuel,
``(ii) either--
``(I) has received a certificate of
conformity under the Clean Air Act, or
``(II) has received an order
certifying the vehicle as meeting the
same requirements as vehicles which may
be sold or leased in California and
meets or exceeds the low emission
vehicle standard under section 88.105-94
of title 40, Code of Federal
Regulations, for that make and model
year vehicle,
``(iii) the original use of which commences
with the taxpayer,
``(iv) which is acquired by the taxpayer for
use or lease, but not for resale, and
``(v) which is made by a manufacturer.
``© 75/25 mixed-fuel vehicle.--For purposes of
this subsection, the term `75/25 mixed-fuel vehicle'
means a mixed-fuel vehicle which operates using at least
75 percent alternative fuel and not more than 25 percent
petroleum-based fuel.
``(D) 90/10 mixed-fuel vehicle.--For purposes of
this subsection, the term `90/10 mixed-fuel vehicle'
means a mixed-fuel vehicle which operates using at least
90 percent alternative fuel and not more than 10 percent
petroleum-based fuel.

[[Page 119 STAT. 1047]]

``(f) Limitation on Number of New Qualified Hybrid and Advanced
Lean-Burn Technology Vehicles Eligible for Credit.--
``(1) In general.--In the case of a qualified vehicle sold
during the phaseout period, only the applicable percentage of
the credit otherwise allowable under subsection © or (d) shall
be allowed.
``(2) Phaseout period.--For purposes of this subsection, the
phaseout period is the period beginning with the second calendar
quarter following the calendar quarter which includes the first
date on which the number of qualified vehicles manufactured by
the manufacturer of the vehicle referred to in paragraph (1)
sold for use in the United States after December 31, 2005, is at
least 60,000.
``(3) Applicable percentage.--For purposes of paragraph (1),
the applicable percentage is--
``(A) 50 percent for the first 2 calendar quarters
of the phaseout period,
``(B) 25 percent for the 3d and 4th calendar
quarters of the phaseout period, and
``© 0 percent for each calendar quarter
thereafter.
``(4) Controlled groups.--
``(A) In general.--For purposes of this subsection,
all persons treated as a single employer under
subsection (a) or (b) of section 52 or subsection (m) or
(o) of section 414 shall be treated as a single
manufacturer.
``(B) Inclusion of <<NOTE: Applicability.>> foreign
corporations.--For purposes of subparagraph (A), in
applying subsections (a) and (b) of section 52 to this
section, section 1563 shall be applied without regard to
subsection (b)(2)© thereof.
``(5) Qualified vehicle.--For purposes of this subsection,
the term `qualified vehicle' means any new qualified hybrid
motor vehicle (described in subsection (d)(2)(A)) and any new
advanced lean burn technology motor vehicle.

``(g) Application With Other Credits.--
``(1) Business credit treated as part of general business
credit.--So much of the credit which would be allowed under
subsection (a) for any taxable year (determined without regard
to this subsection) that is attributable to property of a
character subject to an allowance for depreciation shall be
treated as a credit listed in section 38(b) for such taxable
year (and not allowed under subsection (a)).
``(2) Personal credit.--The credit allowed under subsection
(a) (after the application of paragraph (1)) for any taxable
year shall not exceed the excess (if any) of--
``(A) the regular tax reduced by the sum of the
credits allowable under subpart A and sections 27 and
30, over
``(B) the tentative minimum tax for the taxable
year.

``(h) 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©(2).
``(2) City fuel economy.--The city fuel economy with respect
to any vehicle shall be measured in a manner which is
substantially similar to the manner city fuel economy is
measured in accordance with procedures under part 600 of

[[Page 119 STAT. 1048]]

subchapter Q of chapter I of title 40, Code of Federal
Regulations, as in effect on the date of the enactment of this
section.
``(3) Other terms.--The terms `automobile', `passenger
automobile', `medium duty passenger vehicle', `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.).
``(4) 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 (g)).
``(5) No double benefit.--The amount of any deduction or
other credit allowable under this chapter--
``(A) for any incremental cost taken into account in
computing the amount of the credit determined under
subsection (e) shall be reduced by the amount of such
credit attributable to such cost, and
``(B) with respect to a vehicle described under
subsection (b) or ©, shall be reduced by the amount of
credit allowed under subsection (a) for such vehicle for
the taxable year.
``(6) Property used by tax-exempt entity.--In the case of a
vehicle whose use is described in paragraph (3) or (4) of
section 50(b) and which is not subject to a lease, the person
who sold such vehicle to the person or entity using such vehicle
shall be treated as the taxpayer that placed such vehicle 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 vehicle
(determined without regard to subsection (g)).
``(7) 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.
``(8) Recapture.--The <<NOTE: Regulations.>> 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).
``(9) 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.
``(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.

``(i) Regulations.--

[[Page 119 STAT. 1049]]

``(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.

``(j) Termination.--This section shall not apply to any property
purchased after--
``(1) in the case of a new qualified fuel cell motor vehicle
(as described in subsection (b)), December 31, 2014,
``(2) in the case of a new advanced lean burn technology
motor vehicle (as described in subsection ©) or a new
qualified hybrid motor vehicle (as described in subsection
(d)(2)(A)), December 31, 2010,
``(3) in the case of a new qualified hybrid motor vehicle
(as described in subsection (d)(2)(B)), December 31, 2009, and
``(4) in the case of a new qualified alternative fuel
vehicle (as described in subsection (e)), December 31, 2010.''.

(b) Conforming Amendments.--
(1) Section 38(b), as amended by this Act, is amended by
striking ``plus'' at the end of paragraph (23), by striking the
period at the end of paragraph (24) and inserting ``, and'', and
by adding at the end the following new paragraph:
``(25) the portion of the alternative motor vehicle credit
to which section 30B(g)(1) applies.''.
(2) Section 1016(a), as amended by this Act, is amended by
striking ``and'' at the end of paragraph (34), by striking the
period at the end of paragraph (35) and inserting ``, and'', and
by adding at the end the following new paragraph:
``(36) to the extent provided in section 30B(h)(4).''.
(3) Section 55©(2), as amended by this Act, is amended by
inserting ``30B(g)(2),'' after ``30(b)(2),''.
(4) Section 6501(m) is amended by inserting ``30B(h)(9),''
after ``30(d)(4),''.
(5) 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 motor vehicle credit.''.

© Effective Date.--The <<NOTE: 26 USC 30B note.>> amendments made
by this section shall apply to property placed in service after December
31, 2005, in taxable years ending after such date.

 

It's hard to argue with THAT. Thanks for posting it.

 

jpbrody . . .

Thanks. That was a lot quicker for me than download the entire pdf.