Source: http://www.law.cornell.edu/uscode/text/26/30B?qt-us_code_tabs=2
Timestamp: 2014-08-27 21:00:44
Document Index: 266003245

Matched Legal Cases: ['§ 30', '§ 30', '§ 30', 'art 600', '§ 205', '§ 1141', '§ 10909', '§ 101', '§ 104', '§ 30']

26 U.S. Code § 30B - Alternative motor vehicle credit | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle A › Chapter 1 › Subchapter A › Part IV › Subpart B › § 30B 26 U.S. Code § 30B - Alternative motor vehicle credit
Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of—
New qualified fuel cell motor vehicle credit (1)
In general For purposes of subsection (a), the new qualified fuel cell motor vehicle credit determined under this subsection with respect to a new qualified fuel cell motor vehicle placed in service by the taxpayer during the taxable year is—
Increase for fuel efficiency (A)
In general The amount determined under paragraph (1)(A) with respect to a new qualified fuel cell motor vehicle which is a passenger automobile or light truck shall be increased by—
2002 model year city fuel economy For purposes of subparagraph (A), the 2002 model year city fuel economy with respect to a vehicle shall be determined in accordance with the following tables:
Vehicle inertia weight class For purposes of subparagraph (B), the term “vehicle inertia weight class” has the same meaning as when defined in regulations prescribed by the Administrator of the Environmental Protection Agency for purposes of the administration of title II of the Clean Air Act (42 U.S.C. 7521 et seq.).
New qualified fuel cell motor vehicle For purposes of this subsection, the term “new qualified fuel cell motor vehicle” means a motor vehicle—
New advanced lean burn technology motor vehicle credit (1)
In general For purposes of subsection (a), the new advanced lean burn technology motor vehicle credit determined under this subsection for the taxable year is the credit amount determined under paragraph (2) with respect to a new advanced lean burn technology motor vehicle placed in service by the taxpayer during the taxable year.
Credit amount (A)
Fuel economy (i)
Conservation credit The amount determined under subparagraph (A) with respect to a new advanced lean burn technology motor vehicle shall be increased by the conservation credit amount determined in accordance with the following table:
New advanced lean burn technology motor vehicle For purposes of this subsection, the term “new advanced lean burn technology motor vehicle” means a passenger automobile or a light truck—
Lifetime fuel savings For purposes of this subsection, the term “lifetime fuel savings” means, in the case of any new advanced lean burn technology motor vehicle, an amount equal to the excess (if any) of—
New qualified hybrid motor vehicle credit (1)
In general For purposes of subsection (a), the new qualified hybrid motor vehicle credit determined under this subsection for the taxable year is the credit amount determined under paragraph (2) with respect to a new qualified hybrid motor vehicle placed in service by the taxpayer during the taxable year.
Credit amount for passenger automobiles and light trucks In the case of a new qualified hybrid motor vehicle which is a passenger automobile or light truck and which has a gross vehicle weight rating of not more than 8,500 pounds, the amount determined under this paragraph is the sum of the amounts determined under clauses (i) and (ii).
Credit amount for other motor vehicles (i)
New qualified hybrid motor vehicle For purposes of this subsection—
In general The term “new qualified hybrid motor vehicle” means a motor vehicle—
Consumable fuel For purposes of subparagraph (A)(i)(I), the term “consumable fuel” means any solid, liquid, or gaseous matter which releases energy when consumed by an auxiliary power unit.
Maximum available power (i)
Exclusion of plug-in vehicles Any vehicle with respect to which a credit is allowable under section 30D (determined without regard to subsection (c) thereof) shall not be taken into account under this section.
New qualified alternative fuel motor vehicle credit (1)
Allowance of credit Except as provided in paragraph (5), the new qualified alternative fuel motor vehicle credit determined under this subsection is an amount equal to the applicable percentage of the incremental cost of any new qualified alternative fuel motor vehicle placed in service by the taxpayer during the taxable year.
Applicable percentage For purposes of paragraph (1), the applicable percentage with respect to any new qualified alternative fuel motor vehicle is—
Incremental cost For purposes of this subsection, the incremental cost of any new qualified alternative fuel motor vehicle is equal to the amount of the excess of the manufacturer’s suggested retail price for such vehicle over such price for a gasoline or diesel fuel motor vehicle of the same model, to the extent such amount does not exceed—
New qualified alternative fuel motor vehicle For purposes of this subsection—
In general The term “new qualified alternative fuel motor vehicle” means any motor vehicle—
Alternative fuel The term “alternative fuel” means compressed natural gas, liquefied natural gas, liquefied petroleum gas, hydrogen, and any liquid at least 85 percent of the volume of which consists of methanol.
Credit for mixed-fuel vehicles (A)
In general In the case of a mixed-fuel vehicle placed in service by the taxpayer during the taxable year, the credit determined under this subsection is an amount equal to—
Mixed-fuel vehicle For purposes of this subsection, the term “mixed-fuel vehicle” means any motor vehicle described in subparagraph (C) or (D) of paragraph (3), which—
75/25 mixed-fuel vehicle For purposes of this subsection, the term “75/25 mixed-fuel vehicle” means a mixed-fuel vehicle which operates using at least 75 percent alternative fuel and not more than 25 percent petroleum-based fuel.
90/10 mixed-fuel vehicle For purposes of this subsection, the term “90/10 mixed-fuel vehicle” means a mixed-fuel vehicle which operates using at least 90 percent alternative fuel and not more than 10 percent petroleum-based fuel.
Limitation on number of new qualified hybrid and advanced lean-burn technology vehicles eligible for credit (1)
In general In the case of a qualified vehicle sold during the phaseout period, only the applicable percentage of the credit otherwise allowable under subsection (c) or (d) shall be allowed.
Phaseout period For purposes of this subsection, the phaseout period is the period beginning with the second calendar quarter following the calendar quarter which includes the first date on which the number of qualified vehicles manufactured by the manufacturer of the vehicle referred to in paragraph (1) sold for use in the United States after December 31, 2005, is at least 60,000.
In general For purposes of this subsection, all persons treated as a single employer under subsection (a) or (b) ofsection 52 or subsection (m) or (o) ofsection 414 shall be treated as a single manufacturer.
Qualified vehicle For purposes of this subsection, the term “qualified vehicle” means any new qualified hybrid motor vehicle (described in subsection (d)(2)(A)) and any new advanced lean burn technology motor vehicle.
City fuel economy The city fuel economy with respect to any vehicle shall be measured in a manner which is substantially similar to the manner city fuel economy is measured in accordance with procedures under part 600 of subchapter Q of chapter I of title 40, Code of Federal Regulations, as in effect on the date of the enactment of this section.
Other terms The terms “automobile”, “passenger automobile”, “medium duty passenger vehicle”, “light truck”, and “manufacturer” have the meanings given such terms in regulations prescribed by the Administrator of the Environmental Protection Agency for purposes of the administration of title II of the Clean Air Act (42 U.S.C. 7521 et seq.).
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 (determined without regard to subsection (g)).
No double benefit The amount of any deduction or other credit allowable under this chapter—
Property used by tax-exempt entity In the case of a vehicle whose use is described in paragraph (3) or (4) of section 50
Property used outside United States, etc., not qualified No credit shall be allowable under subsection (a) with respect to any property referred to in section 50
Recapture The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any property which ceases to be property eligible for such credit (including recapture in the case of a lease period of less than the economic life of a vehicle).,
Election to not take credit No credit shall be allowed under subsection (a) for any vehicle if the taxpayer elects to not have this section apply to such vehicle.
Interaction with air quality and motor vehicle safety standards Unless otherwise provided in this section, a motor vehicle shall not be considered eligible for a credit under this section unless such vehicle is in compliance with—
Plug-in conversion credit (1)
In general For purposes of subsection (a), the plug-in conversion credit determined under this subsection with respect to any motor vehicle which is converted to a qualified plug-in electric drive motor vehicle is 10 percent of so much of the cost of the converting such vehicle as does not exceed $40,000.
Qualified plug-in electric drive motor vehicle For purposes of this subsection, the term “qualified plug-in electric drive motor vehicle” means any new qualified plug-in electric drive motor vehicle (as defined in section 30D, determined without regard to whether such vehicle is made by a manufacturer or whether the original use of such vehicle commences with the taxpayer).
Credit allowed in addition to other credits The credit allowed under this subsection shall be allowed with respect to a motor vehicle notwithstanding whether a credit has been allowed with respect to such motor vehicle under this section (other than this subsection) in any preceding taxable year.
Termination This subsection shall not apply to conversions made after December 31, 2011.
In general Except as provided in paragraph (2), the Secretary shall promulgate such regulations as necessary to carry out the provisions of this section.
Coordination in prescription of certain regulations The Secretary of the Treasury, in coordination with the Secretary of Transportation and the Administrator of the Environmental Protection Agency, shall prescribe such regulations as necessary to determine whether a motor vehicle meets the requirements to be eligible for a credit under this section.
Termination This section shall not apply to any property purchased after—
(d),Dec. 21, 2005, 119 Stat. 2615, 2636; Pub. L. 110–343, div. B, title II, § 205(b),Oct. 3, 2008, 122 Stat. 3838; Pub. L. 111–5, div. B, title I, §§ 1141(b)(1), 1142(b)(2), 1143(a)–(c), 1144(a), Feb. 17, 2009, 123 Stat. 328, 330–332; Pub. L. 111–148, title X, § 10909(b)(2)(G), (c),Mar. 23, 2010, 124 Stat. 1023; Pub. L. 111–312, title I, § 101(b)(1),Dec. 17, 2010, 124 Stat. 3298; Pub. L. 112–240, title I, § 104(c)(2)(H),Jan. 2, 2013, 126 Stat. 2322.)
2013—Subsec. (g)(2). Pub. L. 112–240amended par. (2) generally. Prior to amendment, par. (2) related to personal credit with a limitation based on amount of tax.
Amendment by section 402(j) ofPub. L. 109–135effective as if included in the provision of the Energy Policy Act of 2005, Pub. L. 109–58, to which such amendment relates, see section 402(m)(1) ofPub. L. 109–135, set out as an Effective and Termination Dates of 2005 Amendments note under section 23 of this title.
26 USCDescription of ChangeSession YearPublic LawStatutes at Large § 30B2012112-240 [Sec.] 104(c)(2)(H)126 Stat. 2322 LII has no control over and does not endorse any external Internet site that contains links to or references LII.