Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Commercial Motor Vehicle Advanced
Safety Technology Tax Act of 2007''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) Commercial motor vehicle crashes remain a primary
source of concern in the United States, particularly in light
of the increasing numbers of trucks and motorcoaches on the
Nation's roads and their critical role in the transportation of
hazardous materials.
(2) A 2004 report by the National Cooperative Highway
Research Program found that when a large truck is involved in a
crash, it is about 2.6 times as likely to result in a fatality
compared with passenger cars.
(3) The number of fatalities associated with large truck
crashes is a significant portion of all crash fatalities in the
United States. In 2005, 5,212 individuals died and 114,000
individuals were injured as a result of large truck-related
crashes in the United States. Overall, from 2001 to 2005, there
have been 25,533 large truck-related fatalities in the United
States.
(4) In addition to the tremendous human loss, these crashes
also impose a significant economic cost on society. The
Department of Transportation estimates that highway crashes
cost society $230.6 billion a year, about $820 per person. A
2006 report issued by the Federal Motor Carrier Safety
Administration determined that the estimated cost of each crash
involving a truck with a gross vehicle weight rating of more
than 10,000 pounds is $91,112 while the average cost of a fatal
crash is $3,604,518.
(5) Investments by vehicle suppliers and truck and
motorcoach manufacturers in research and innovative design have
created a new generation of advanced safety systems and
technologies.
(6) Advanced safety technologies will directly address, and
help mitigate the effects of, commercial motor vehicle crash
scenarios.
(7) The Department of Transportation has set a goal to
reduce the traffic fatality rate to 1.0 per hundred million
vehicle miles traveled by 2011.
(8) The accelerated production, sale, and deployment of
advanced safety technologies on commercial motor vehicles can
speed the progress toward this critical goal and reduce the
daily injuries and fatalities on the Nation's roads and
highways. This progress would also help to mitigate the
societal cost of these crashes.
(9) Therefore, Congress finds that it is in the interest of
the United States to increase the deployment of advanced
vehicle safety technologies on commercial motor vehicles in the
domestic market by providing businesses with tax incentives,
designed to make such systems more affordable for purchase.

SEC. 3. CREDIT FOR ADVANCED COMMERCIAL VEHICLE SAFETY SYSTEMS.

(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business related
credits) is amended by adding at the end the following new section:

''SEC. 45O. CREDIT FOR COMMERCIAL VEHICLE ADVANCED SAFETY SYSTEMS.

''(a) Allowance of Credit.--For purposes of section 38, the
commercial vehicle advanced safety system credit determined under this
section is an amount equal to 50 percent of the cost of any qualified
commercial vehicle advanced safety system placed in service by the
taxpayer during the taxable year.
''(b) Limitations.--
''(1) Per system.--The credit allowable under subsection
(a) for each qualified commercial vehicle advanced safety
system shall not exceed $1,500.
''(2) Per vehicle.--The credit allowable under subsection
(a) with respect to property for each qualified commercial
vehicle shall not exceed--
''(A) $3,500, reduced by
''(B) the aggregate amount of credit allowed to the
taxpayer under this section with respect to such
vehicle for all prior taxable years.
''(3) Per taxpayer.--The credit allowable under subsection
(a) to the taxpayer for the taxable year shall not exceed
$350,000.
''(c) Qualified Commercial Vehicle Advanced Safety System.--For
purposes of this section, the term 'qualified commercial vehicle
advanced safety system' means any property which is part of a system
installed on a qualified commercial vehicle if--
''(1)(A) such system is a brake stroke monitoring system,
lane departure warning system, collision warning system, or
vehicle stability system, or
''(B) such system is specifically identified by the
Administrator of the Federal Motor Carrier Safety
Administration or the Administrator of the National Highway
Traffic Safety Administration for the purposes of this
paragraph as significantly enhancing the safety or security of
the driver, vehicle, passengers, or load of a qualified
commercial vehicle and such identification is in effect as of
the date such system is placed in service by the taxpayer,
''(2) such system is certified by the manufacturer of such
system (before such vehicle is first used by the taxpayer for
its intended purpose after installation of such system)--
''(A) to be appropriate for the make, type, and
model of the qualified commercial vehicle on which it
is to be installed, and
''(B) to function as designed if installed
properly,
''(3) in the case of a system which is not installed by the
manufacturer of the qualified commercial vehicle or by an
installer authorized by the manufacturer of such system, such
system is certified by the installer of such system to be
properly installed and functioning on the vehicle before such
vehicle is first used by the taxpayer for its intended purpose
after installation of such system,
''(4) the original use of such system begins with the
taxpayer, and
''(5) depreciation (or amortization in lieu of
depreciation) is allowable with respect to such system.
''(d) Qualified Commercial Vehicle.--For purposes of this section--
''(1) In general.--The term 'qualified commercial vehicle'
means any highway motor vehicle if--
''(A) such vehicle--
''(i) is to be used to transport persons or
property in commerce, and
''(ii) has a gross combination weight
rating or a gross vehicle weight rating of
26,001 pounds or more, or
''(iii) the seating capacity of which is at
least 15 individuals (not including the
driver),
''(B) the seating capacity of such vehicle is at
least 11 individuals (not including the driver) and
such vehicle is reasonably expected to be used as a
school bus (as defined in section 4221(d)(7)(C)), or
''(C) such vehicle is reasonably expected to be
used as an intercity or local bus (as defined in
section 4221(d)(7)(B)).
''(e) Other Definitions.--For purposes of this section--
''(1) Brake stroke monitoring system.--The term 'brake
stroke monitoring system' means any onboard-monitoring system
for air-braked vehicles that--
''(A) uses electronic sensors to determine if the
brakes are out of adjustment, not operational, or not
fully releasing, and
''(B) displays warnings to the driver showing the
existence and exact location and nature of the problem.
''(2) Lane departure warning system.--The term 'lane
departure warning system' means any system that alerts a driver
(including audio, visual, and tactile warnings) of unintended
movement out of the lane of travel or of an object or vehicle
in the adjacent lane blind spot.
''(3) Collision warning system.--The term 'collision
warning system' means any system that monitors the roadway in
front or to the rear of the vehicle and warns the driver when a
potential collision risk exists by providing the driver with an
audible, visual, or tactile notification.
''(4) Vehicle stability system.--The term 'vehicle
stability system' means any active safety system that
automatically intervenes when there is a high risk of rollover
or directional instability. For purposes of the preceding
sentence, active interventions include automatically reducing
vehicle speed or by selectively applying appropriate brakes to
better align the vehicle to the appropriate path of travel.
''(f) Controlled Groups.--
''(1) In general.--For purposes of this section, all
persons treated as a single employer under subsection (a) or
(b) of section 52 or subsection (m) or (o) of section 414 shall
be treated as a single taxpayer.
''(2) Inclusion of foreign corporations.--For purposes of
paragraph (1), in applying subsections (a) and (b) of section
52 to this section, section 1563 shall be applied without
regard to subsection (b)(2)(C) thereof.
''(g) Special Rules.--
''(1) Basis reduction.--The basis of any property for which
a credit is allowable under subsection (a) shall be reduced by
the amount of such credit.
''(2) 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.
''(3) Property used outside united states not qualified.--
No credit shall be allowed under subsection (a) with respect to
any property referred to in section 50(b)(1) or with respect to
the portion of the cost of any property taken into account
under section 179.
''(4) Property used by tax-exempt entity.--In the case of
any qualified commercial vehicle advanced safety system the use
of which is described in paragraph (3) or (4) of section 50(b)
and which is not subject to a lease--
''(A) the person who sold such property to the
person or entity using such property shall be treated
as the taxpayer that placed such property in service,
but only if such person clearly discloses to such
person or entity in a document the amount of any credit
allowable under subsection (a) with respect to such
property (determined without regard to section 38(c)),
and
''(B) paragraphs (2) and (3) of subsection (c)
shall not apply to such person with respect to such
property.
''(5) Election not to take credit.--No credit shall be
allowed under subsection (a) for any qualified commercial
vehicle advanced safety system if the taxpayer elects to not
have this section apply to such system.
''(h) Supporting Documentation.--No credit shall be allowed under
subsection (a) unless the qualified commercial vehicle owner receives
such documentation as the Secretary may require, including--
''(1) at the time of purchase of the qualified advanced
commercial vehicle advanced safety system--
''(A) documentation that identifies--
''(i) the type of each such system to be
installed on the vehicle, and
''(ii) the purchase date of the vehicle
containing such system (or the installation
date of such system in the case of installation
after the date of the first retail sale of such
vehicle), and
''(B) the certification required under subsection
(c)(2), and
''(2) in the case of a system for which a certification is
required under subsection (c)(3), at the time of the
installation of such system, the certification required under
subsection (c)(3).
''(i) Termination.--This section shall not apply to property placed
in service after December 31, 2012.''.
(b) Credit To Be Part of General Business Credit.--Subsection (b)
of section 38 of such Code (relating to general business credit ) is
amended by striking ''plus'' at the end of paragraph (30), by striking
the period at the end of paragraph (31) and inserting '', plus'', and
by adding at the end the following new paragraph:
''(32) the commercial vehicle advanced safety system credit
determined under section 45O(a).''.
(c) 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 45O(g)(1).''.
(2) Subsection (m) of section 6501 of such Code is amended
by inserting ''45O(g)(5),'' after ''45C(d)(4),''.
(3) The table of sections for subpart D of part IV of
subchapter A of chapter 1 of such Code is amended by inserting
after the item relating to section 45N the following new item:

''Sec. 45O. Credit for commercial vehicle advanced safety systems.''.
(d) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act.
A:
Commercial Motor Vehicle Advanced Safety Technology Tax Act of 2007 - Amends the Internal Revenue Code to allow a general business tax credit for 50% of the cost of placing in service any qualified commercial vehicle advanced safety system. Defines "qualified commercial vehicle advanced safety system" as a manufacturer-certified brake stroke monitoring system, lane departure warning system, collision warning system, or vehicle stability system identified by the Federal Motor Carrier Safety Administration or the National Highway Traffic Safety Administration as significantly enhancing the safety or security of commercial drivers, vehicles, or passengers. Terminates such credit after 2012.