To encourage the availability and use of motor vehicles that have improved fuel efficiency, in order to reduce the need to import oil into the United States.

Bill: 108-hr-1356
Sponsor: Rep. Engel, Eliot L. [D-NY-17]
Introduced: 2003-03-19 in the House
Policy area: Taxation
Subjects: Automobile engines
Automobile industry
Automobiles
Civil actions and liability
Collection of accounts
Commerce
Economics and Public Finance
Energy
Energy efficiency
Environmental Protection
Federally-guaranteed loans
Finance and Financial Sector
Fuel consumption
Income tax
Injunctions
Law
Loan defaults
Motor vehicle pollution control
Research and development tax credit
Science, Technology, Communications
Tax credits
Transportation and Public Works
Trucks

Summary:
action_date: 2003-03-19
text: 
Amends the Internal Revenue Code to allow a taxpayer as credits against income tax: (1) a fuel efficiency vehicle credit equal to 25 percent of the cost of any qualified fuel-efficient vehicle placed in service during the taxable year; and (2) a fuel-efficient vehicle assembly credit equal to $2,000 for every qualified fuel-efficient vehicle manufactured or produced in the United States during such year for first retail sale.
 
Authorizes the Secretary of Energy to provide loan guarantees of up to $100 million per loan (and up to $1 billion over all) to manufacturers of motor vehicles or of motor vehicle engines for the costs of conversion from the manufacture of motor vehicles or engines achieving less than 40 miles per gallon of gasoline to the manufacture of such products achieving more than 40 miles per gallon
 

 
Amends the Internal Revenue Code to: (1) extend permanently the credit for increasing research activities; and (2) increase the alternative incremental credit rates.


Legislative actions:
action_date: 2003-04-10
text: Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
action_date: 2003-03-28
text: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, for a period to be subsequently determined by the Chairman.
action_date: 2003-03-19
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2003-03-19
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2003-03-19
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2003-03-19
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2003-03-19
text: Introduced in House
action_date: 2003-03-19
text: Introduced in House