Internal Revenue Code:Sec. 30C. Alternative fuel vehicle refueling property credit
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Contents |
Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter A - Determination of Tax Liability
PART IV - CREDITS AGAINST TAX
Subpart B - Other Credits
Statute
Sec. 30C. Alternative fuel 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 30 percent of the cost of any
qualified alternative fuel vehicle refueling property
placed in service by the taxpayer during the taxable year.
(b) Limitation.--The credit allowed under subsection (a) with
respect to all qualified alternative fuel vehicle refueling property
placed in service by the taxpayer during the taxable year at a location
shall not exceed--
(1) $30,000 in the case of a property of a character
subject to an allowance for depreciation, and
(2) $1,000 in any other case.
(c) Qualified Alternative Fuel Vehicle Refueling Property.--For
purposes of this section, the term `qualified alternative fuel vehicle
refueling property' has the same meaning as the term `qualified clean-
fuel vehicle refueling property' would have under section 179A if--
(1) paragraph (1) of section 179A(d) did not apply to
property installed on property which is used as the principal
residence (within the meaning of section 121) of the taxpayer,
and
(2) only the following were treated as clean-burning fuels
for purposes of section 179A(d):
(A) Any fuel at least 85 percent of the volume of
which consists of one or more of the following: ethanol,
natural gas, compressed natural gas, liquified natural
gas, liquefied petroleum gas, or hydrogen.
(B) Any mixture--
(i) which consists of two or more of the
following: biodiesel (as defined in section
40A(d)(1)), diesel fuel (as defined in section
4083(a)(3)), or kerosene, and
(ii) at least 20 percent of the volume of
which consists of biodiesel (as so defined)
determined without regard to any kerosene in such
mixture.
(d) Application With Other Credits-
(1) 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 subsection) 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)).
(2) PERSONAL CREDIT- The credit allowed under subsection
(a) (after the application of paragraph (1)) for any
taxable year shall not exceed the excess (if any) of--
(A) the regular tax liability (as defined in section 26(b))
reduced by the sum of the credits allowable under
subpart A and sections 27, 30, and 30B, over
(B) the tentative minimum tax for the taxable year.
(e) Special Rules- For purposes of this section--
(1) BASIS REDUCTION- The basis of any property shall be
reduced by the portion of the cost of such property
taken into account under subsection (a).
(2) PROPERTY USED BY TAX-EXEMPT ENTITY- In the case of any
qualified alternative fuel vehicle refueling property
the use of which is described in paragraph (3) or (4)
of section 50(b) and which is not subject to a lease,
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 subsection (d)).
For purposes of subsection (d), property to which this
paragraph applies shall be treated as of a character
subject to an allowance for depreciation.
(3) PROPERTY USED OUTSIDE UNITED STATES NOT QUALIFIED- No
credit shall be allowable 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) ELECTION NOT TO TAKE CREDIT- No credit shall be
allowed under subsection (a) for any property if the
taxpayer elects not to have this section apply to such
property.
(5) RECAPTURE RULES- Rules similar to the rules of section
179A(e)(4) shall apply.
(f) Regulations- The Secretary shall prescribe such
regulations as necessary to carry out the provisions of
this section.
(g) Termination- This section shall not apply to any property
placed in service--
(1) in the case of property relating to hydrogen, after
December 31, 2014, and
(2) in the case of any other property, after December 31,
2009.
Sources
2005 - Energy Policy Tax Incentives Act, Sec. 1342,
established this new IRC Sec.30C. The amendments made by
this section shall apply to property placed in service
after December 31, 2005, in taxable years ending after
such date.
Miscellaneous
AMENDMENTS
2007 - P.L. 110-172
(b) Amendments Related to Section 1342 of the Act.--
(1) So much of subsection (b) of section 30C as precedes
paragraph (1) thereof is amended to read as follows:
``(b) Limitation.--The credit allowed under subsection (a) with
respect to all qualified alternative fuel vehicle refueling property
placed in service by the taxpayer during the taxable year at a location
shall not exceed--''.
(2) Subsection (c) of section 30C is amended to read as
follows:
``(c) Qualified Alternative Fuel Vehicle Refueling Property.--For
purposes of this section, the term `qualified alternative fuel vehicle
refueling property' has the same meaning as the term `qualified clean-
fuel vehicle refueling property' would have under section 179A if--
``(1) paragraph (1) of section 179A(d) did not apply to
property installed on property which is used as the principal
residence (within the meaning of section 121) of the taxpayer,
and
``(2) only the following were treated as clean-burning fuels
for purposes of section 179A(d):
``(A) Any fuel at least 85 percent of the volume of
which consists of one or more of the following: ethanol,
natural gas, compressed natural gas, liquified natural
gas, liquefied petroleum gas, or hydrogen.
``(B) Any mixture--
``(i) which consists of two or more of the
following: biodiesel (as defined in section
40A(d)(1)), diesel fuel (as defined in section
4083(a)(3)), or kerosene, and
``(ii) at least 20 percent of the volume of
which consists of biodiesel (as so defined)
determined without regard to any kerosene in such
mixture.''.
2005 - P.L. 109-135
(k) Amendment Related to Section 1342.--Paragraph (2) of section
30C(e) is amended by adding at the end the following sentence: ``For
purposes of subsection (d), property to which this paragraph applies
shall be treated as of a character subject to an allowance for
depreciation.''.
EFFECTIVE DATES
2007 - P.L. 110-172
(e) Effective <<NOTE: 26 USC 30c note.>> Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall take
effect as if included in the provisions of the Energy Policy Act
of 2005 to which they relate.
(2) Nonapplication of exemption for off-highway business
use.--The amendment made by subsection (d)(3) shall apply to
fuel sold for use or used after the date of the enactment of
this Act.
(3) Amendment made by the safetea-lu.--The amendment made by
subsection (d)(2)(C)(ii) shall take effect as if included in
section 11161 of the SAFETEA-LU.
References
SECTION REFERRED TO IN OTHER SECTIONS
