26 U.S.C. § 30C : US Code - Section 30C: Alternative fuel vehicle refueling property credit

Search 26 U.S.C. § 30C : US Code - Section 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 any
alternative fuel vehicle refueling property 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
(1) In general
Except as provided in paragraph (2), the term "qualified
alternative fuel vehicle refueling property" has the meaning
given to such term by section 179A(d),(!1) but only with respect
to any fuel -
(A) at least 85 percent of the volume of which consists of
one or more of the following: ethanol, natural gas, compressed
natural gas, liquefied natural gas, liquefied petroleum gas, or
hydrogen, or
(B) any mixture of biodiesel (as defined in section
40A(d)(1)) and diesel fuel (as defined in section 4083(a)(3)),
determined without regard to any use of kerosene and containing
at least 20 percent biodiesel.
(2) Residential property
In the case of any property installed on property which is used
as the principal residence (within the meaning of section 121) of
the taxpayer, paragraph (1) of section 179A(d) shall not apply.
(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.