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
  

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