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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Hydrogen Transportation Wins Over
Growing Reliance on Oil (H2 GROW) Act''.

SEC. 2. CREDIT FOR INSTALLATION OF HYDROGEN FUELING STATIONS.

(a) In General.--Subpart B of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to foreign tax credit,
etc.) is amended by adding at the end the following new section:

''SEC. 30D. HYDROGEN-POWERED VEHICLE REFUELING PROPERTY CREDIT.

''(a) Credit Allowed.--There shall be allowed as a credit against
the tax imposed by this chapter for the taxable year an amount equal to
50 percent of the amount paid or incurred by the taxpayer during the
taxable year for qualified hydrogen-powered vehicle refueling property
and the installation thereof.
''(b) Year Credit Allowed.--The credit allowed under subsection (a)
shall be allowed in the taxable year in which the qualified hydrogen-
powered vehicle refueling property is placed in service by the
taxpayer.
''(c) Definition of Qualified Hydrogen-Powered Vehicle Refueling
Property.--The term 'qualified hydrogen-powered vehicle refueling
property' means any property (not including a building and its
structural components) if--
''(1) such property is of a character subject to the
allowance for depreciation,
''(2) the original use of such property begins with the
taxpayer,
''(3) such property is for the production, storage or
dispensing of hydrogen fuel into the fuel tank of a motor
vehicle propelled by such fuel, and
''(4) such property is located at a facility of the
taxpayer from which the taxpayer sells such fuel for dispensing
into fuel tanks of motor vehicles of the general public.
''(d) Application With Other Credits.--The credit allowed under
subsection (a) for any taxable year shall not exceed the excess (if
any) of--
''(1) the regular tax for the taxable year reduced by the
sum of the credits allowable under subpart A and sections 27,
29, 30, 30B, and 30C, over
''(2) the tentative minimum tax for the taxable year.
''(e) Basis Reduction.--For purposes of this title, the basis of
any property shall be reduced by the portion of the cost of such
property taken into account under subsection (a).
''(f) No Double Benefit.--No deduction shall be allowed under
section 179A with respect to any property with respect to which a
credit is allowed under subsection (a).
''(g) Carryforward Allowed.--
''(1) In general.--If the credit amount allowable under
subsection (a) for a taxable year exceeds the amount of the
limitation under subsection (d) for such taxable year (referred
to as the 'unused credit year' in this subsection), such excess
shall be allowed as a credit carryforward for each of the 20
taxable years following the unused credit year.
''(2) Rules.--Rules similar to the rules of section 39
shall apply with respect to the credit carryforward under
paragraph (1).
''(h) Special Rules.--Rules similar to the rules of paragraphs (4)
and (5) of section 179A(e) shall apply.
''(i) Regulations.--The Secretary shall prescribe such regulations
as necessary to carry out the provisions of this section.
''(j) Termination.--This section shall not apply to any property
placed in service after December 31, 2013.''.
(b) Conforming Amendments.--
(1) Section 1016(a) of such Code is amended by striking
''and'' at the end of paragraph (36), by striking the period at
the end of paragraph (37) and inserting '', and'', and by
adding at the end the following new paragraph:
''(38) to the extent provided in section 30D(e).''.
(2) Section 55(c)(2) of such Code is amended by inserting
''30D(d),'' after ''30C(d)(2),''.
(3) The table of sections for subpart B of part IV of
subchapter A of chapter 1 of such Code is amended by inserting
after the item relating to section 30C the following new item:

''Sec. 30D. Hydrogen-powered vehicle refueling property credit.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service in taxable years beginning after
the date of the enactment of this Act.

SEC. 3. EXCLUSION OF EARNINGS FROM HYDROGEN FUEL SALES.

(a) In General.--Part III of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to items specifically excluded
from gross income) is amended by inserting after section 136 the
following new section:

''SEC. 136A. INCOME FROM HYDROGEN FUEL SALES.

''(a) Exclusion.--Gross income shall not include income
attributable to the sale of hydrogen fuel sold at retail for use in a
hydrogen vehicle.
''(b) Definition of Hydrogen Vehicle.--For purposes of this
section, the term 'hydrogen vehicle' means a motor vehicle (as defined
in section 30(c)(2)) which is propelled--
''(1) by power derived from 1 or more cells which convert
chemical energy directly into electricity by combining oxygen
with hydrogen fuel which is stored on board the vehicle in any
form and may or may not require reformation prior to use, or
''(2) by an internal combustion engine that is fueled by
hydrogen.
''(c) Termination.--This section shall not apply to income
attributable to sales after December 31, 2014.''.
(b) Conforming Amendment.--The table of sections for subpart B of
part III of subchapter B of chapter 1 of such Code is amended by
inserting after the item relating to section 136 the following new
item:

''Sec. 136A. Income from hydrogen fuel sales''.
(c) Effective Date.--The amendments made by this section shall
apply to income received after December 31, 2004, in taxable years
ending after such date.
A:
Hydrogen Transportation Wins Over Growing Reliance on Oil (H2 GROW) Act - Amends the Internal Revenue Code to allow a tax credit for 50% of the cost of acquiring and installing qualified hydrogen-powered vehicle refueling property (fuel service stations for the retail sale of hydrogen fuel to the general public). Terminates such credit after 2013.

Excludes income from the sale of hydrogen fuel sold at retail for use in a hydrogen vehicle from taxpayer gross income. Terminates such tax exclusion after 2014.