110 HR 825 IH: To amend the Internal Revenue Code of 1986 to extend and U.S. House of Representatives 2007-02-05 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 825 IN THE HOUSE OF REPRESENTATIVES February 5, 2007 Mr. Weller of Illinois introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend and expand tax incentives for renewable fuels.

1.

Extension of alternative technology vehicle credit

Subsection (j) of section 30B of the Internal Revenue Code of 1986 (relating to alternative motor vehicle credit) is amended to read as follows: (j)

Termination

This section shall not apply to any property purchased after December 31, 2014. .

2.

Extension and expansion of alternative fuel vehicle refueling property credit

(a)

Extension

Subsection (g) of section 30C of the Internal Revenue Code of 1986 is amended to read as follows: (g)

Termination

This section shall not apply to any property placed in service after December 31, 2024. . (b)

Increase

Subsection (a) of section 30C of such Code is amended to read as follows: (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 the applicable percentage of the cost of any qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year. (b)

Applicable percentage

For purposes of subsection (a), the applicable percentage is— In the case of taxable years beginning during:The applicable percentage is: 2007 through 201175 percent 2012 through 201650 percent 2017 through 202525 percent. . (c)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

3.

Extension of Volumetric excise tax credit for alternative fuels; alternative fuel mixture credit

(a)

Volumetric excise tax credit

Paragraph (4) of section 6426(d) of the Internal Revenue Code of 1986 is amended to read as follows: (4)

Termination

This subsection shall not apply to any sale or use after September 30, 2014. . (b)

Alternative fuel mixture credit

Paragraph (3) of section 6426(e) of such Code is amended to read as follows: (3)

Termination

This subsection shall not apply to any sale or use for any period after September 30, 2014. . (c)

Conforming amendment

Paragraph (5) of section 6427(e) of such Code is amended by adding and at the end of subparagraph (B), by striking subparagraphs (C) and (D) and inserting the following new subparagraph: (C)any alternative fuel or alternative fuel mixture (as defined in subsection (d)(2) or (e)(3) of section 6426) sold or used after September 30, 2014. . (d)

Biodiesel producer credit

Subsection (g) of section 40A of such Code is amended by striking December 31, 2008 and inserting December 31, 2024. (e)

Small ethanol producer credit

Paragraph (1) of section 40(e) of such Code is amended by adding at the end the following flush sentence: In the case of the small ethanol producer credit under subsection (a)(3), the preceding sentence shall be applied by substituting December 31, 2024 for December 31, 2010 and by substituting January 1, 2025 for January 1, 2011..