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SECTION 1. CREDIT FOR PLUG-IN HYBRID VEHICLES.

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

''SEC. 30D. PLUG-IN HYBRID VEHICLES.

''(a) 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 10 percent of the cost of any qualified plug-in hybrid vehicle
placed in service by the taxpayer during the taxable year.
''(b) Limitations.--
''(1) Limitation per vehicle.--The amount of the credit
allowed under subsection (a) for any vehicle shall not exceed
the sum of--
''(A) $4,000 in the case of a plug-in electric
drive vehicle with 4kWh traction battery, and
''(B) $250 for each additional kWh of traction
battery capacity of such vehicle as exceeds 4kWh but
does not exceed 50kWh.
''(2) Application with other credits.--
''(A) Business credit treated as part of general
business credit.--So much of the credit which would be
allowed under subsection (a) for any taxable year
(determined without regard to this paragraph) that is
attributable to property of a character subject to an
allowance for depreciation shall be treated as a credit
listed in section 38(b) for such taxable year (and not
allowed under subsection (a)).
''(B) Personal credits.--The credit allowed by
subsection (a) for any taxable year shall not exceed
the excess (if any) of--
''(i) the sum of the regular tax liability
(as defined in section 26(b)) plus the tax
imposed by section 55, over
''(ii) the sum of the credits allowable
under subpart A and subpart B (other than this
section).
''(c) Qualified Plug-In Hybrid Vehicle.--For purposes of this
section--
''(1) In general.--The term 'qualified plug-in hybrid
vehicle' means a motor vehicle (as defined in section
30(c)(2))--
''(A) the original use of which commences with the
taxpayer,
''(B) which is acquired for use or lease by the
taxpayer and not for resale,
''(C) which is made by a manufacturer,
''(D) which has received a certificate of
conformity under the Clean Air Act, and
''(E) which has not less than 2 onboard sources of
stored energy, different in character from each other,
from which to draw propulsion energy, where--
''(i) at least 1 of such sources is
energized by plugging into an external source
of electric power, and
''(ii) at least 1 of such sources is
energized from an internal combustion engine,
fuel cell, or other means, and such source is
utilized to provide mechanical propulsion to
the vehicle.
''(2) Exception.--The term 'qualified plug-in hybrid
vehicle' shall not include any vehicle which is not a passenger
automobile or light truck if such vehicle has a gross vehicle
weight rating of less than 8,500 pounds.
''(3) Other terms.--The terms ''automobile'', ''passenger
automobile'', ''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.).
''(4) Kwh traction battery capacity.--The term 'kWh
traction battery capacity' means the size of an electro
chemical storage device, expressed in kWh, as measured from a
100 percent state of charge to 0 percent state of charge.
''(d) 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 (determined without regard to
subsection (b)(2)).
''(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, etc., not
qualified.--No credit shall be allowed under subsection (a)
with respect to any property referred to in section 50(b) or
with respect to the portion of the cost of any property taken
into account under section 179.
''(4) Denial of double benefit.--No credit shall be allowed
under this section with respect to a vehicle if a credit or
deduction is allowed with respect to such vehicle under any
other provision of this title.
''(5) Election not to 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.
''(6) Property used by tax-exempt entity; interaction with
air quality and motor vehicle safety standards.--Rules similar
to the rules of paragraphs (6) and (10) of section 30B(h) shall
apply for purposes of this section.
''(e) Termination.--This section shall not apply to any property
placed in service after December 31, 2014.''.
(b) Plug-in Hybrid Vehicles Not Counted Toward Limitation on Number
of New Qualified Hybrid Vehicles Eligible for 30B Credit.--Section
(30)(B)(f)(5) of such Code (defining qualified vehicle) is amended by
adding at the end the following new sentence: ''Such term shall not
include a qualified plug-in hybrid vehicle (as defined in section
30D(c)).''.
(c) Credit Made Part of General Business Credit.--Section 38(b) of
such Code is amended by striking ''and'' 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 portion of the plug-in hybrid vehicle credit to
which section 30D(b)(2)(A) applies.''.
(d) Conforming Amendment.--Section 6501(m) of such Code is amended
by inserting ''30D(d)(5),'' after ''30C(e)(5),''.
(e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2007.
Amends the Internal Revenue Code to allow a tax credit for 10% of the cost of a qualified plug-in hybrid vehicle. Limits the amount of such credit to $4,000 for vehicles with a 4kWh traction battery, and $250 for each additional kWh of traction battery capacity as exceeds 4kWh but does not exceed 50kWh.

Defines "qualified plug-in hybrid vehicle" as a passenger motor vehicle which has received a certificate of conformity under the Clean Air Act and which has not less than two onboard sources of stored energy, one of which is energized by plugging into an external source of electric power.

Terminates such credit after 2014.