Extension and modification of credit for electric car recharging property

(a)

In general

Section 30C of the Internal Revenue Code of 1986 is amended to read as follows:

30C.

Electric vehicle recharging 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 cost of any qualified electric vehicle recharging property placed in service by the taxpayer during the taxable year. (b)

Limitation

The credit allowed under subsection (a) with respect to all qualified electric vehicle recharging property placed in service by the taxpayer during the taxable year at a location shall not exceed— (1)in the case of a property of a character subject to an allowance for depreciation, the greater of— (A)$100,000, or (B)$10,000 multiplied by the number of devices placed in service at the location by the taxpayer during the taxable year, and (2)$2,000 in any other case. (c)

Qualified electric vehicle recharging property

For purposes of this section, the term qualified electric vehicle recharging property means any property (not including a building) if— (1)such property is— (A)of a character subject to the allowance for depreciation, or (B)installed on property which is used as the principal residence (within the meaning of section 121) of the taxpayer, (2)the original use of such property begins with the taxpayer, and (3)such property is for the recharging of motor vehicles propelled by electricity (including property relating to providing electricity for such recharging or otherwise necessary for such recharging property). (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

(A)

In general

For purposes of this title, the credit allowed under subsection (a) for any taxable year (after the application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year. (B)

Limitation based on amount of tax

In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall not exceed the excess 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 (other than this section and sections 25D and 30D) and section 27 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 electric vehicle recharging property the use of which is described in paragraph (3) or (4) of section 50(b) (including use by an Indian tribal government) 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)). (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. (6)

Device

For the purposes of subsection (b)(1), the term device means an individual item of property, whether a stand-alone item or part of property that includes multiple devices, which functions to recharge one vehicle at a time. (7)

Joint ownership of qualified electric vehicle recharging property

(A)

In general

Any qualified electric vehicle recharging property shall not fail to be treated as such property solely because such property is placed in service with respect to 2 or more dwelling units. (B)

Limits applied separately

In the case of any qualified electric vehicle recharging property which is placed in service with respect to 2 or more dwelling units, this section (other than this subparagraph) shall be applied separately with respect to the portion of such property attributable to each such dwelling unit. (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 after December 31, 2017.

(b)

Conforming amendment

Clause (ii) of section 30D(c)(2)(B) of such Code is amended by striking section 25D and inserting sections 25D and 30C. (c)

Effective date

(1)

In general

Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after December 31, 2013. (2)

Preservation of last year of credit for hydrogen refueling property

So much of the amendment made by subsection (a) as relates to the repeal of section 30C of the Internal Revenue Code of 1986 (as in effect before the date of the enactment of this Act) shall apply to property placed in service after December 31, 2014.