Page:United States Statutes at Large Volume 119.djvu/1068

 119 STAT. 1050

PUBLIC LAW 109–58—AUG. 8, 2005

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), 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 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)). ‘‘(3) PROPERTY USED OUTSIDE UNITED STATES NOT QUALIFIED.—No credit shall be allowable under subsection (a) with

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