(b) INSTALLATION COSTS.—Subsection (e) of section 
30C of such Code, as amended by subsection (a), is 
amended by adding at the end the following: 
‘‘(8) INSTALLATION COSTS.—The cost of any 
qualified alternative fuel vehicle refueling property 
which relates to electricity, natural gas, or hydrogen 
shall include the cost of the original installation of 
such property.’’. 
(c) TERMINATION OF CREDIT.—Paragraph (1) of 
section 30C(g) of such Code is amended to read as follows: 
‘‘(1) in the case of property relating to elec-
tricity, natural gas, or hydrogen, after December 31, 
2017, and’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2011. 
SEC. 114. ELECTRIC, NATURAL GAS, AND HYDROGEN VEHI-
CLE REFUELING PROPERTY TAX CREDIT 
BONDS. 
(a) IN GENERAL.—Paragraph (1) of section 54A(d) 
of the Internal Revenue Code of 1986 is amended by strik-
ing ‘‘or’’ at the end of subparagraph (D), by inserting 
‘‘or’’ at the end of subparagraph (E), and by inserting 
after subparagraph (E) the following new subparagraph: 
VerDate Mar 15 2010 
03:24 May 03, 2012
Jkt 019200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H5187.IH
H5187
tjames on DSK6SPTVN1PROD with BILLS
‘‘(F) a qualified electric, natural gas, and 
hydrogen vehicle refueling property bond,’’. 
(b) QUALIFIED PURPOSE.—Subparagraph (C) of sec-
tion 54A(d)(2) of the Internal Revenue Code of 1986 is 
amended— 
(1) by striking ‘‘and’’ at the end of clause (iv), 
(2) by striking the period at the end of clause 
(v) and inserting ‘‘, and’’, and 
(3) by adding at the end the following new 
clause: 
‘‘(vi) in the case of a qualified electric, 
natural gas, and hydrogen vehicle refueling 
property bond, a purpose specified in sec-
tion 54G(a)(1).’’. 
(c) BONDS ALLOWED.—Subpart I of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 54G. QUALIFIED ELECTRIC, NATURAL GAS, AND HY-
DROGEN VEHICLE REFUELING PROPERTY 
BONDS. 
‘‘(a) QUALIFIED ELECTRIC, NATURAL GAS, AND HY-
DROGEN VEHICLE REFUELING PROPERTY BOND.—For 
purposes of this subpart, the term ‘qualified electric, nat-
VerDate Mar 15 2010 
03:24 May 03, 2012
Jkt 019200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H5187.IH
H5187
tjames on DSK6SPTVN1PROD with BILLS
ural gas, and hydrogen vehicle refueling property bond’ 
means any bond issued as part of an issue if— 
‘‘(1) 100 percent of the available project pro-
ceeds of such issue are to be used for capital expend-
itures incurred by a qualified issuer for 1 or more 
qualified electric, natural gas, and hydrogen vehicle 
refueling properties, 
‘‘(2) the bond is issued by a qualified issuer, 
and 
‘‘(3) the issuer designates such bond for pur-
poses of this section. 
‘‘(b) REDUCED CREDIT AMOUNT.—Notwithstanding 
paragraph (2) of section 54A(b), the annual credit deter-
mined with respect to any qualified electric, natural gas, 
and hydrogen vehicle refueling property bond is 70 percent 
of the amount which would (but for this subsection) other-
wise be determined under such paragraph with respect to 
such bond. 
‘‘(c) LIMITATION
ON AMOUNT
OF BONDS DES-
IGNATED.—The maximum aggregate face amount of 
bonds which may be designated under subsection (a) by 
any issuer shall not exceed the limitation amount allocated 
to such issuer under subsection (e). 
‘‘(d) NATIONAL LIMITATION ON AMOUNT OF BONDS 
DESIGNATED.—There is a national qualified electric, nat-
VerDate Mar 15 2010 
03:24 May 03, 2012
Jkt 019200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H5187.IH
H5187
tjames on DSK6SPTVN1PROD with BILLS
ural gas, and hydrogen vehicle refueling property bond 
limitation of $750,000,000. 
‘‘(e) ALLOCATIONS.—The Secretary shall make allo-
cations of the amount of the national qualified electric, 
natural gas, and hydrogen vehicle refueling property bond 
limitation described in subsection (d) among purposes de-
scribed in subsection (a)(1) in such manner as the Sec-
retary determines appropriate. 
‘‘(f) DEFINITIONS.—For purposes of this section— 
‘‘(1) QUALIFIED ELECTRIC, NATURAL GAS, AND 
HYDROGEN
VEHICLE
REFUELING
PROPERTY.—The 
term ‘qualified electric, natural gas, and hydrogen 
vehicle refueling property’ means any qualified alter-
native fuel vehicle refueling property (within the 
meaning of section 30C) which relates to electricity, 
natural gas, or hydrogen. 
‘‘(2) QUALIFIED ISSUER.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
issuer’ means a public power provider, a cooper-
ative electric company, or a governmental body. 
‘‘(B) GOVERNMENTAL
BODY.—The term 
‘governmental body’ means any State or Indian 
tribal government, or any political subdivision 
thereof. 
VerDate Mar 15 2010 
03:24 May 03, 2012
Jkt 019200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H5187.IH
H5187
tjames on DSK6SPTVN1PROD with BILLS
‘‘(C) PUBLIC
POWER
PROVIDER.—The 
term ‘public power provider’ means a State util-
ity that has a service obligation to end-users or 
to a distribution utility (within the meaning of 
section 217 of the Federal Power Act, as in ef-
fect on the date of the enactment of this sec-
tion). 
‘‘(D) COOPERATIVE ELECTRIC COMPANY.— 
The term ‘cooperative electric company’ means 
a mutual or cooperative electric company de-
scribed in section 501(c)(12) or an organization 
described in section 1381(a)(2)(C).’’. 
(d) CLERICAL AMENDMENT.—The table of sections 
for subpart I of part IV of subchapter A of chapter 1 of 
the Internal Revenue Code of 1986 is amended by adding 
at the end the following new item: 
‘‘Sec. 54G. Qualified electric, natural gas, and hydrogen vehicle refueling prop-
erty bonds.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after the date 
of the enactment of this Act. 
VerDate Mar 15 2010 
03:24 May 03, 2012
Jkt 019200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H5187.IH
H5187
tjames on DSK6SPTVN1PROD with BILLS
TITLE II—REPEAL OF FOSSIL 
FUEL SUBSIDIES FOR BIG OIL 
COMPANIES 
SEC. 201. PROHIBITION ON USING LAST-IN, FIRST-OUT AC-
COUNTING FOR MAJOR INTEGRATED OIL 
COMPANIES. 
(a) IN GENERAL.—Section 472 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(h) MAJOR INTEGRATED OIL COMPANIES.—Not-
withstanding any other provision of this section, a major 
integrated 
oil 
company 
(as 
defined 
in 
section 
167(h)(5)(B)) may not use the method provided in sub-
section (b) in inventorying of any goods.’’. 
(b) EFFECTIVE DATE AND SPECIAL RULE.— 
(1) IN
GENERAL.—The amendment made by 
subsection (a) shall apply to taxable years beginning 
after the date of the enactment of this Act. 
(2) CHANGE IN METHOD OF ACCOUNTING.—In 
the case of any taxpayer required by the amendment 
made by this section to change its method of ac-
counting for its first taxable year beginning after the 
date of the enactment of this Act— 
(A) such change shall be treated as initi-
ated by the taxpayer, 
VerDate Mar 15 2010 
03:24 May 03, 2012
Jkt 019200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H5187.IH
H5187
tjames on DSK6SPTVN1PROD with BILLS