Fueling America's Future Act of 2014

Summary: Fueling America's Future Act of 2014 - Amends the Internal Revenue Code, with respect to the tax treatment of zero carbon emission refueling property, to: (1) exempt the tax credit for such&nbsp;property from&nbsp;the limitation applicable to the alternative fuel vehicle refueling property tax credit; (2) extend through December 31, 2024, the termination date&nbsp;of the alternative fuel vehicle refueling&nbsp;property tax credit allowed for zero carbon emission refueling property; and (3) exclude from gross income, for income tax purposes, income derived from the operation of zero carbon emission refueling property placed in service prior to 2025. Defines "zero carbon emission fuel" as any fuel that does not emit carbon when used as a fuel to propel a motor vehicle.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fueling America's Future Act of 
2014''.

SEC. 2. EXTENSION AND MODIFICATION OF ALTERNATIVE FUEL VEHICLE 
              REFUELING PROPERTY CREDIT.

    (a) Repeal of Limitation for Zero Carbon Emission Fuel.--Paragraph 
(6) of section 30C(e) of the Internal Revenue Code of 1986 is amended 
to read as follows:
            ``(6) Special rule for zero carbon emission refueling 
        property.--In the case of any property relating to zero-
        emission fuel, subsection (b) shall not apply.''.
    (b) Extension for Zero Carbon Emission Fuel.--Subsection (g) of 
section 30C of such Code is amended by striking ``and'' at the end of 
paragraph (1), by redesignating paragraph (2) as paragraph (3), and by 
inserting after paragraph (1) the following new paragraph:
            ``(2) in the case of any property relating to zero carbon 
        emission fuel, after December 31, 2024, and''.
    (c) Zero Carbon Emission Fuel.--Subsection (e) of section 30C of 
such Code is amended by adding at the end the following new paragraph:
            ``(7) Zero carbon emission fuel.--For purposes of this 
        section, the term `zero carbon emission fuel' means any fuel 
        that does not emit carbon when used as fuel to propel a motor 
        vehicle (including electricity, hydrogen, or any other zero-
        tailpipe emission producing fuel, as determined by the 
        Secretary of Energy for purposes of this section).''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 3. TAX HOLIDAY FOR BUSINESSES PLACING IN SERVICE ZERO CARBON 
              EMISSION REFUELING PROPERTY.

    Part III of subchapter B of chapter 1 of the Internal Revenue Code 
of 1986 is amended by inserting before section 140 the following new 
section:

``SEC. 139F. ZERO CARBON EMISSION REFUELING PROPERTY.

    ``(a) In General.--In the case of any taxpayer who--
            ``(1) is engaged in the trade or business of storing and 
        dispensing fuel into the fuel tanks of motor vehicles propelled 
        by such fuel,
            ``(2) with respect to such trade or business places in 
        service any qualified alternative fuel vehicle refueling 
        property which stores and dispenses zero carbon emission fuel, 
        and
            ``(3) elects the application of this section,
gross income shall not include any income derived from such trade or 
business (including any income derived from any activities ancillary to 
such trade or business and carried on for the convenience of customers 
refueling motor vehicles) during the 1-year period beginning on the 
date such property was placed in service.
    ``(b) Special Rules and Definitions.--
            ``(1) Point-of-sale charger access fee.--
                    ``(A) In general.--For purposes of subsection (a), 
                in the case of any qualified alternative fuel vehicle 
                refueling property the only consideration for the use 
                of which is allocable to a portion of the purchase 
                price of a vehicle paid at the point of sale of such 
                vehicle, the taxpayer may elect to treat such allocable 
                portion as the only gross income derived from the trade 
                or business of storing and dispensing fuel into the 
                fuel tanks of motor vehicles.
                    ``(B) Limitation.--Subparagraph (A) shall only 
                apply with respect to any portion of the purchase price 
                of a vehicle the original use of which commences with 
                the purchaser and which is acquired for use or lease by 
                such purchaser and not for resale.
            ``(2) Coordination with alternative fuel vehicle refueling 
        property credit.--No credit shall be allowed under section 30C 
        with respect to any taxable year of the taxpayer during which 
        an election is in effect under this section.
            ``(3) Special rule for electric vehicle supply equipment.--
        This section shall not apply with respect to qualified fuel 
        vehicle refueling property that dispenses electricity unless 
        such property utilizes a DC Fast Charge or technologically 
        equivalent or superior system capable of replenishing at least 
        150 miles of electric-only range in not more than 30 minutes.
            ``(4) Qualified alternative fuel vehicle refueling 
        property; zero carbon emission fuel.--For purposes of this 
        section, the terms `qualified alternative fuel vehicle 
        refueling property' and `zero carbon emission fuel' shall have 
        the respective meanings given such terms in section 30C.
            ``(5) Election.--A taxpayer (including any successor in 
        interest) may only elect the application of this section once.
    ``(c) Termination.--This section shall not apply to any property 
placed in service after December 31, 2024.''.