Page:United States Statutes at Large Volume 123.djvu/349

 123STA T . 32 9PUBLIC LA W 111 –5—FE B.1 7, 2 0 09 ‘ ‘ (b)PERV E HICL E DO LL A R L I M I T ATIO N.—Theamount o f the cr e di ta l lo w ed under s ubsection (a) with res p ect to an yv ehicle shall not e x ceed $2,50 0. ‘‘(c) AP PLICATION W ITH O THER C RE D IT S .— ‘‘( 1 ) BU SINESS CREDIT TREATED AS PART O FG ENERAL B USI - NESS CREDIT.— S o much of the credit which would be allowed under subsection (a) for any taxable year (determined without re g ard to this subsection) that is attributable to property of a character sub j ect 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) I N GENERAL.— F or purposes of this title, the credit allowed under subsection (a) for any taxable year (deter- mined 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 TA X .—In the case of a taxable year to which section 2 6 (a)(2) does not apply, the credit allowed under subsection (a) for any tax- able 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 2 7 for the taxable year. ‘‘(d) Q UALIFIED PLUG-IN E LECTRIC VEHICLE.—For purposes of this section— ‘‘(1) IN GENERAL.—The term ‘ q ualified plug-in electric vehicle ’ means a specified vehicle— ‘‘(A) the original use of which commences with the taxpayer, ‘‘(B) which is acquired for use or lease by the taxpayer and not for resale, ‘‘(C) which is made by a manufacturer, ‘‘(D) which is manufactured primarily for use on public streets, roads, and highways, ‘‘(E) which has a gross vehicle weight rating of less than 1 4 ,000 pounds, and ‘‘(F) which is propelled to a significant extent by an electric motor which draws electricity from a battery which— ‘‘(i) has a capacity of not less than 4 k ilowatt hours (2.5 kilowatt hours in the case of a vehicle with 2 or 3 wheels), and ‘‘(ii) is capable of being recharged from an external source of electricity. ‘‘(2) SPECIFIED V EHICLE.—The term ‘specified vehicle’ means any vehicle which— ‘‘(A) is a low speed vehicle within the meaning of section 571.3 of title 4 9, Code of Federal R egulations (as in effect on the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009), or ‘‘(B) has 2 or 3 wheels.