To encourage the availability and use of motor vehicles that have improved fuel efficiency, in order to reduce the need to import oil into the United States.
About This Bill
Committee
Latest Action · April 10, 2003
Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman.
Amends the Internal Revenue Code to allow a taxpayer as credits against income tax: (1) a fuel efficiency vehicle credit equal to 25 percent of the cost of any qualified fuel-efficient vehicle placed in service during the taxable year; and (2) a fuel-efficient vehicle assembly credit equal to $2,000 for every qualified fuel-efficient vehicle manufactured or produced in the United States during such year for first retail sale.
Authorizes the Secretary of Energy to provide loan guarantees of up to $100 million per loan (and up to $1 billion over all) to manufacturers of motor vehicles or of motor vehicle engines for the costs of conversion from the manufacture of motor vehicles or engines achieving less than 40 miles per gallon of gasoline to the manufacture of such products achieving more than 40 miles per gallon
Amends the Internal Revenue Code to: (1) extend permanently the credit for increasing research activities; and (2) increase the alternative incremental credit rates.
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