Page:United States Statutes at Large Volume 119.djvu/1065

 PUBLIC LAW 109–58—AUG. 8, 2005

119 STAT. 1047

‘‘(f) LIMITATION ON NUMBER OF NEW QUALIFIED HYBRID AND ADVANCED LEAN-BURN TECHNOLOGY VEHICLES ELIGIBLE FOR CREDIT.— ‘‘(1) IN GENERAL.—In the case of a qualified vehicle sold during the phaseout period, only the applicable percentage of the credit otherwise allowable under subsection (c) or (d) shall be allowed. ‘‘(2) PHASEOUT PERIOD.—For purposes of this subsection, the phaseout period is the period beginning with the second calendar quarter following the calendar quarter which includes the first date on which the number of qualified vehicles manufactured by the manufacturer of the vehicle referred to in paragraph (1) sold for use in the United States after December 31, 2005, is at least 60,000. ‘‘(3) APPLICABLE PERCENTAGE.—For purposes of paragraph (1), the applicable percentage is— ‘‘(A) 50 percent for the first 2 calendar quarters of the phaseout period, ‘‘(B) 25 percent for the 3d and 4th calendar quarters of the phaseout period, and ‘‘(C) 0 percent for each calendar quarter thereafter. ‘‘(4) CONTROLLED GROUPS.— ‘‘(A) IN GENERAL.—For purposes of this subsection, all persons treated as a single employer under subsection (a) or (b) of section 52 or subsection (m) or (o) of section 414 shall be treated as a single manufacturer. ‘‘(B) INCLUSION OF FOREIGN CORPORATIONS.—For purposes of subparagraph (A), in applying subsections (a) and (b) of section 52 to this section, section 1563 shall be applied without regard to subsection (b)(2)(C) thereof. ‘‘(5) QUALIFIED VEHICLE.—For purposes of this subsection, the term ‘qualified vehicle’ means any new qualified hybrid motor vehicle (described in subsection (d)(2)(A)) and any new advanced lean burn technology motor vehicle. ‘‘(g) 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 reduced by the sum of the credits allowable under subpart A and sections 27 and 30, over ‘‘(B) the tentative minimum tax for the taxable year. ‘‘(h) OTHER DEFINITIONS AND SPECIAL RULES.—For purposes of this section— ‘‘(1) MOTOR VEHICLE.—The term ‘motor vehicle’ has the meaning given such term by section 30(c)(2). ‘‘(2) CITY FUEL ECONOMY.—The city fuel economy with respect to any vehicle shall be measured in a manner which is substantially similar to the manner city fuel economy is measured in accordance with procedures under part 600 of

VerDate 14-DEC-2004

08:19 Oct 26, 2006

Jkt 039194

PO 00001

Frm 01045

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL001.119

Applicability.

APPS06

PsN: PUBL001

�