[Congressional Record Volume 155, Number 15 (Monday, January 26, 2009)]
[House]
[Pages H527-H528]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 8 of rule XVIII, proposed amendments were submitted as 
follows:

                                 H.R. 1

                        Offered By: Mr. Manzullo

       Amendment No. 1: In part 1 of subtitle G of title I, add 
     the following new section:

     SEC. 1605. TEMPORARY CREDIT FOR PURCHASE OF PASSENGER 
                   VEHICLES.

       (a) In General.--Subpart B of part IV of subchapter A of 
     chapter 1 is amended by inserting after section 30D the 
     following new section:

     ``SEC. 30E. TEMPORARY CREDIT FOR PURCHASE OF PASSENGER 
                   VEHICLES.

       ``(a) Allowance of Credit.--There shall be allowed as a 
     credit against the tax imposed by this chapter for the 
     taxable year an amount equal to the purchase price of any 
     qualified passenger vehicle placed in service by the taxpayer 
     during the taxable year.
       ``(b) Maximum Credit.--
       ``(1) New vehicles.--In the case of each qualified 
     passenger vehicle the original use of which begins with the 
     taxpayer, the credit allowed by subsection (a) shall not 
     exceed--
       ``(A) $5,000 in the case of a vehicle placed in service 
     before January 1, 2010, and
       ``(B) $2,500 in the case of a vehicle placed in service 
     during 2010.
       ``(2) Used vehicles.--In the case of each qualified 
     passenger vehicle the original use of which does not begin 
     with the taxpayer, the credit allowed by subsection (a) shall 
     not exceed--
       ``(A) $2,000 in the case of a vehicle placed in service 
     before January 1, 2010, and
       ``(B) $1,000 in the case of a vehicle placed in service 
     during 2010.
       ``(c) Limitation Based on Adjusted Gross Income.--
       ``(1) In general.--In the case of a natural person, the 
     amount allowable as credit under this section (without regard 
     to this subsection) for any taxable year shall be reduced 
     (but not below zero) by the amount which bears the same ratio 
     to the amount so allowable as--
       ``(A) the excess (if any) of--
       ``(i) the taxpayer's modified adjusted gross income for 
     such taxable year, over
       ``(ii) $125,000 ($250,000 in the case of a joint return), 
     bears to
       ``(B) $10,000.
       ``(2) Modified adjusted gross income.--For purposes of 
     paragraph (1), the term `modified adjusted gross income' 
     means the adjusted gross income of the taxpayer for the 
     taxable year increased by any amount excluded from gross 
     income under section 911, 931, or 933.
       ``(d) Qualified Passenger Vehicle.--For purposes of this 
     section--
       ``(1) In general.--The term `qualified passenger vehicle' 
     means any motor vehicle (as defined by section 30(c)(2)) if--
       ``(A) the model year of such vehicle is (at the time such 
     vehicle is placed in service by the taxpayer) not more than 3 
     years earlier than the most recent model year of such vehicle 
     which is available for purchase,
       ``(B) such vehicle is acquired for use by the taxpayer and 
     not for resale,
       ``(C) the amount paid by the taxpayer for such vehicle does 
     not exceed $50,000, and
       ``(D) such vehicle has a gross vehicle weight rating of not 
     more than 8,500 pounds.
       ``(2) Determination of price.--Rules similar to the rules 
     of sections 4002(d) and 4003(c) shall apply.
       ``(e) 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 (determined 
     after 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 23, 25D, and 30D) and 
     section 27 for the taxable year.
       ``(f) Special Rules.--For purposes of this section--
       ``(1) Basis reduction.--The basis of any property for which 
     is credit is allowed under this section shall be reduced by 
     the amount of such credit.
       ``(2) Property used outside united states, etc., not 
     qualified.--No credit shall be allowed under subsection (a) 
     with respect to any property referred to in section 50(b) or 
     with respect to the portion of the cost of any property taken 
     into account under section 179.
       ``(g) Application of Section.--This section shall apply to 
     vehicles placed in service after the date of the enactment of 
     this section and before January 1, 2011.''.
       (b) Conforming Amendments.--
       (1) Paragraph (1) of section 26(a) is amended by striking 
     ``and 30D'' and inserting ``30D, and 30E''.
       (2) Subsection (a) of section 1016 is amended by striking 
     ``and'' at the end of paragraph (36), by striking the period 
     at the end of paragraph (37) and inserting ``, and'', and by 
     adding at the end the following new paragraph:

[[Page H528]]

       ``(38) to the extent provided by section 30E(f)(1).''.
       (3) The table of sections for subpart B of part IV of 
     subchapter A of chapter 1 is amended by inserting after the 
     item relating to section 30D the following new item:

``Sec. 30E. Temporary credit for purchase of passenger vehicles.''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years ending after the date of the 
     enactment of this Act.