To amend the Internal Revenue Code of 1986 to allow a business credit for the acquisition of fleet vehicles.

Summary: Vehicle Efficiency Heightening Investment Credit to Lift our Economy Act of 2009 - Amends the Internal Revenue Code to allow a business-related tax credit for the purchase of up to 15 fleet vehicles in a taxable year. Specifies the credit amount for each fleet vehicle depending upon its fuel economy value. Defines "fleet vehicle" as a passenger automobile, nonpassenger automobile, or work truck. Terminates such credit after 2010.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Vehicle Efficiency Heightening 
Investment Credit to Lift our Economy Act of 2009''.

SEC. 2. CREDIT FOR FLEET VEHICLES.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by inserting after 
section 45Q the following new section:

``SEC. 45R. FLEET VEHICLES.

    ``(a) Allowance of Credit.--
            ``(1) In general.--There shall be allowed as a credit 
        against the tax imposed by this chapter for the taxable year an 
        amount equal to the applicable amount with respect to each 
        fleet vehicle placed in service by the taxpayer during the 
        taxable year.
            ``(2) Applicable amount.--For purposes of paragraph (1), 
        the applicable amount is--
                    ``(A) $4,000 for a fleet vehicle which is--
                            ``(i) a passenger automobile that--
                                    ``(I) is assembled in the United 
                                States, and
                                    ``(II) has a highway label fuel 
                                economy value of 27 miles per gallon or 
                                greater but less than 30 miles per 
                                gallon,
                            ``(ii) a passenger automobile that--
                                    ``(I) is assembled in North 
                                America, and
                                    ``(II) has a highway label fuel 
                                economy value of 30 miles per gallon or 
                                greater, or
                            ``(iii) a nonpassenger automobile that--
                                    ``(I) is assembled in the United 
                                States, and
                                    ``(II) has a highway label fuel 
                                economy value of 24 miles per gallon or 
                                greater,
                    ``(B) $5,000 for a fleet vehicle which is--
                            ``(i) a passenger automobile that--
                                    ``(I) is assembled in the United 
                                States, and
                                    ``(II) has a highway label fuel 
                                economy value of 30 miles per gallon or 
                                greater, or
                            ``(ii) a work truck that is assembled in 
                        the United States and registered by the dealer 
                        as a registered work truck, or
                    ``(C) $3,000 for a fleet vehicle which is--
                            ``(i) a nonpassenger automobile that--
                                    ``(I) is assembled in North 
                                America, and
                                    ``(II) has a highway label fuel 
                                economy value of 24 miles per gallon or 
                                greater.
    ``(b) Limitation.--Not more than 15 fleet vehicles may be taken 
into account under subsection (a) for a taxable year.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Fleet vehicle.--The term `fleet vehicle' means a 
        motor vehicle--
                    ``(A) which is a passenger automobile, nonpassenger 
                automobile, or work truck,
                    ``(B) the original use of which commences with the 
                taxpayer,
                    ``(C) which is acquired for use or lease by the 
                taxpayer and not for resale,
                    ``(D) which is property of a character subject to 
                an allowance for depreciation, and
                    ``(E) which is made by a manufacturer.
            ``(2) Automobile; passenger automobile; work truck.--The 
        terms `automobile', `passenger automobile', and `work truck' 
        have the meanings given such terms in section 32901(a) of title 
        49, United States Code.
            ``(3) Nonpassenger automobile.--The term `nonpassenger 
        automobile' means an automobile classified as a light truck 
        under part 523 of title 49, Code of Federal Regulations, and is 
        not a work truck.
            ``(4) Highway label fuel economy value.--The term `highway 
        label fuel economy value' means the number, expressed in miles 
        per gallon, centered directly below the words `Highway MPG' on 
        the label required to be affixed or caused to be affixed on a 
        new automobile pursuant to subpart D of part 600 of title 40, 
        Code of Federal Regulations.
            ``(5) Motor vehicle.--The term `motor vehicle' means any 
        vehicle which is manufactured primarily for use on public 
        streets, roads, and highways (not including a vehicle operated 
        exclusively on a rail or rails) and which has at least 4 
        wheels.
    ``(d) Special Rules.--For purposes of this section--
            ``(1) Related person.--
                    ``(A) In general.--The taxpayer and any person 
                related to the taxpayer shall be treated as one person.
                    ``(B) Related person defined.--A person 
                (hereinafter in this paragraph referred to as the 
                `related person') is related to any other person if--
                            ``(i) the related person bears a 
                        relationship to such person specified in 
                        section 267(b) or section 707(b)(1), or
                            ``(ii) the related person and such person 
                        are engaged in trades or business under common 
                        control (within the meaning of subsections (a) 
                        and (b) of section 52).
                For purposes of subparagraph (A), in applying section 
                267(b) or 707(b)(1), `10 percent' shall be substituted 
                for `50 percent'.
            ``(2) 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.
            ``(3) Applicable rules.--For purposes of this section, 
        rules similar to the rules of paragraphs (5), (6), (7), (8), 
        and (9) of section 30B(h) shall apply.
    ``(e) Termination.--This section shall not apply to any property 
purchased after December 31, 2010.''.
    (b) Credit To Be Part of Business Credit.--Section 38(b) is amended 
by striking ``plus'' at the end of paragraph (34), by striking the 
period at the end of paragraph (35) and inserting ``, plus'', and by 
adding at the end the following:
            ``(36) the fleet vehicle credit determined under section 
        45R(a).''.
    (c) Basis.--Section 1016(a) of such Code is amended by striking 
``and'' at the end of paragraph (36), by striking the period at the end 
of paragraph (37) and inserting ``, and'', and by adding at the end the 
following new paragraph:
            ``(38) to the extent provided in section 45R(d)(2).''.
    (d) Conforming Amendments.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 45Q the following new 
item:

``Sec. 45R. Fleet vehicles.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2008.