HR 260 IH1S
section 179A, except that such term includes com-
pressed natural gas.
‘‘(3) QUALIFIED CLEAN-FUEL VEHICLE PROP-
ERTY.—The term ‘qualified clean-fuel vehicle prop-
erty’ has the meaning given to such term by section
179A(c) without regard to paragraph (3) thereof,
except that such term does not include property that
is a motor vehicle propelled by a fuel that is not a
clean-burning fuel.
‘‘(4) QUALIFIED
CLEAN-FUEL
VEHICLE
RE-
FUELING PROPERTY.—The term ‘qualified clean-fuel
vehicle refueling property’ has the meaning given to
such term by section 179A(d).
‘‘(5) GASOLINE
GALLON
EQUIVALENT.—The
term ‘gasoline gallon equivalent’ means, with respect
to any clean burning fuel, the amount (determined
by the Secretary) of such fuel having a Btu content
of 114,000.
‘‘(e) DENIAL OF DOUBLE BENEFIT.—No credit shall
be allowed under subsection (a) for any expense for which
a deduction or credit is allowed under any other provision
of this chapter.’’.
(b) CREDIT MADE PART OF GENERAL BUSINESS
CREDIT.—Subsection (b) of section 38 of such Code (re-
lating to current year business credit) is amended by strik-
HR 260 IH1S
ing ‘‘plus’’ at the end of paragraph (11), by striking the
period at the end of paragraph (12) and inserting ‘‘, plus’’,
and by adding at the end thereof the following new para-
graph:
‘‘(13) the zone clean fuels credit determined
under section 1397B.’’.
(c) DENIAL OF DOUBLE BENEFIT.—Section 280C of
such Code (relating to certain expenses for which credits
are allowable) is amended by adding at the end thereof
the following new subsection:
‘‘(d) ZONE CLEAN FUELS EXPENSES.—No deduction
shall be allowed for that portion of expenses for clean-
burning fuel otherwise allowable as a deduction for the
taxable year which is equal to the amount of the credit
determined for such taxable year under section 1397B.’’.
(d) CREDIT ALLOWED AGAINST REGULAR AND MINI-
MUM TAX.—
(1) IN GENERAL.—Subsection (c) of section 38
of such Code (relating to limitation based on amount
of tax) is amended by redesignating paragraph (3)
as paragraph (4) and by inserting after paragraph
(2) the following new paragraph:
‘‘(3) SPECIAL RULES FOR ZONE CLEAN FUELS
CREDIT.—
HR 260 IH1S
‘‘(A) IN
GENERAL.—In the case of the
zone clean fuels credit—
‘‘(i) this section and section 39 shall
be applied separately with respect to the
credit, and
‘‘(ii) in applying paragraph (1) to the
credit—
‘‘(I) subparagraph (A) thereof
shall not apply, and
‘‘(II) the limitation under para-
graph (1) (as modified by subclause
(I)) shall be reduced by the credit al-
lowed under subsection (a) for the
taxable year (other than the zone
clean fuels credit).
‘‘(B) ZONE
CLEAN
FUELS
CREDIT.—For
purposes of this subsection, the term ‘zone
clean fuels credit’ means the credit allowable
under subsection (a) by reason of section
1379B.’’.
(2) CONFORMING AMENDMENT.—Subclause (II)
of section 38(c)(2)(A)(ii) of such Code is amended
by inserting ‘‘or the zone clean fuels credit’’ after
‘‘employment credit’’.
HR 260 IH1S
(e) LIMITATION ON CARRYBACK.—Subsection (d) of
section 39 of such Code is amended by adding at the end
the following new paragraph:
‘‘(9) NO CARRYBACK OF ZONE CLEAN FUELS
CREDIT BEFORE EFFECTIVE DATE.—No portion of
the unused business credit for any taxable year
which is attributable to the credit determined under
section 1397B may be carried back to any taxable
year ending before the date of the enactment of sec-
tion 1397B.’’.
(f) DEDUCTION FOR CERTAIN UNUSED BUSINESS
CREDITS.—Subsection (c) of section 196 of such Code is
amended by striking ‘‘and’’ at the end of paragraph (7),
by striking the period at the end of paragraph (8) and
inserting ‘‘, and’’, and by adding after paragraph (8) the
following new paragraph:
‘‘(9) the empowerment zone clean fuels credit
determined under section 1397B.’’.
(g) CONFORMING AMENDMENTS.—
(1) Paragraph (3) of section 1394(b) of such
Code is amended by striking ‘‘section 1397B’’ each
place it appears and inserting ‘‘section 1397C’’.
(2) Paragraph (3) of section 1394(f) of such
Code is amended by striking ‘‘sections 1397B and
1397C’’ and inserting ‘‘sections 1397C and 1397D’’.