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: 109-hr-2665
Sponsor: Rep. Engel, Eliot L. [D-NY-17]
Introduced: 2005-05-26 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: 2005-05-26
text: 
Amends the Internal Revenue Code to: (1) allow a tax credit for 25 percent of the cost of certain automobiles, trucks, or vans with fuel efficiency ratings of not less than 40 miles per gallon (35 percent for ratings of not less than 50 miles per gallon); (2) allow a business tax credit for the manufacture or production in the United States of qualified fuel-efficient automobiles for first retail sale; (3) make permanent the tax credit for increasing research activities; and (4) increase the rates of the alternative incremental tax credit for research activities. 
 
Authorizes the Secretary of Energy to provide loan guarantees up to $100 million per loan (up to $1 billion aggregate) to automobile manufacturers for the cost of converting to automobiles with a fuel efficiency rating of more than 40 miles per gallon. 
 
Prohibits the Administrator of the Environmental Protection Agency (EPA) from considering any automobile allowed a fuel-efficiency tax credit under this Act in calculating the average fuel economy of a manufacturer.


Legislative actions:
action_date: 2005-07-29
text: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
action_date: 2005-06-03
text: Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
action_date: 2005-05-26
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: 2005-05-26
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: 2005-05-26
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: 2005-05-26
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: 2005-05-26
text: Introduced in House
action_date: 2005-05-26
text: Introduced in House