[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1759 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1759

To amend the Internal Revenue Code of 1986 to allow a refundable credit 
    for taxpayers owning certain commercial power takeoff vehicles.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 21, 1999

 Mr. Breaux (for himself and Mr. Mack) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow a refundable credit 
    for taxpayers owning certain commercial power takeoff vehicles.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fuel Tax Equalization Credit for 
Substantial Power Takeoff Vehicles Act''.

SEC. 2. REFUNDABLE CREDIT FOR TAXPAYERS OWNING COMMERCIAL POWER TAKEOFF 
              VEHICLES.

    (a) In General.--Section 34 of the Internal Revenue Code of 1986 
(relating to certain uses of gasoline and special fuels) is amended by 
adding at the end the following new subsection:
    ``(c) Credit for Commercial Power Takeoff Vehicles.--
            ``(1) In general.--There shall be allowed as a credit 
        against the tax imposed by this subtitle for the taxable year 
        the amount of $250 for each qualified commercial power takeoff 
        vehicle owned by the taxpayer as of the close of the calendar 
        year in which or with which the taxable year of the taxpayer 
        ends.
            ``(2) Qualified commercial power takeoff vehicle.--For 
        purposes of this subsection, the term `qualified commercial 
        power takeoff vehicle' means any highway vehicle described in 
        paragraph (3) which is propelled by any fuel subject to tax 
        under section 4041 or 4081 if such vehicle is used in a trade 
        or business or for the production of income (and is licensed 
        and insured for such use).
            ``(3) Highway vehicle described.--A highway vehicle is 
        described in this paragraph if such vehicle is--
                    ``(A) designed to engage in the daily collection of 
                refuse or recyclables from homes or businesses and is 
                equipped with a mechanism under which the vehicle's 
                propulsion engine provides the power to operate a load 
                compactor, or
                    ``(B) designed to deliver ready mixed concrete on a 
                daily basis and is equipped with a mechanism under 
                which the vehicle's propulsion engine provides the 
                power to operate a mixer drum to agitate and mix the 
                product en route to the delivery site.
            ``(4) Exception for vehicles used by governments, etc.--No 
        credit shall be allowed under this subsection for any vehicle 
        owned by any person at the close of a calendar year if such 
        vehicle is used at any time during such year by--
                    ``(A) the United States or an agency or 
                instrumentality thereof, a State, a political 
                subdivision of a State, or an agency or instrumentality 
                of one or more States or political subdivisions, or
                    ``(B) an organization exempt from tax under section 
                501(a).
            ``(5) Denial of double benefit.--The amount of any 
        deduction under this subtitle for any tax imposed by subchapter 
        B of chapter 31 or part III of subchapter A of chapter 32 for 
        any taxable year shall be reduced (but not below zero) by the 
        amount of the credit determined under this subsection for such 
        taxable year.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years ending after December 31, 1999.
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