Bill Summary
This legislation, also known as the Clean Fuel Infrastructure Act, aims to amend the Internal Revenue Code of 1986 in order to extend the credit for alternative fuel vehicle refueling property. This credit provides incentives for individuals and businesses to invest in infrastructure for alternative fuel vehicles. The amendments made in this bill include extending the credit until December 31, 2021, and modifying the credit limitation to apply to each individual item of property rather than a single location. These changes will only apply to property placed in service after December 31, 2019.
Possible Impacts
1. The "Clean Fuel Infrastructure Act" may provide tax credits for individuals who install alternative fuel refueling property, encouraging more people to switch to environmentally-friendly vehicles.
2. The extension of the credit for alternative fuel vehicle refueling property until December 31, 2021, may incentivize businesses to invest in this technology, leading to increased availability of alternative fuel options for consumers.
3. The modification of the credit limitation to allow for credits on multiple items of property rather than just one, may make it more feasible for small businesses or individuals to afford and install alternative fuel refueling stations.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2038 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
1st Session
S. 2038
To amend the Internal Revenue Code of 1986 to extend the credit for
alternative fuel vehicle refueling property, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 27, 2019
Ms. Cortez Masto (for herself, Ms. Smith, and Mrs. Gillibrand)
introduced the following bill; which was read twice and referred to the
Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend the credit for
alternative fuel vehicle refueling property, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Clean Fuel Infrastructure Act''.
SEC. 2. EXTENSION OF CREDIT FOR ALTERNATIVE FUEL VEHICLE REFUELING
PROPERTY.
(a) In General.--Subsection (g) of section 30C of the Internal
Revenue Code of 1986 is amended by striking ``December 31, 2017'' and
inserting ``December 31, 2021''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2017.
SEC. 3. MODIFICATION OF CREDIT LIMITATION.
(a) In General.--Subsection (b) of section 30C of the Internal
Revenue Code of 1986 is amended--
(1) by striking ``with respect to all'' and inserting
``with respect to any single item of'',
(2) by striking ``at a location'', and
(3) in paragraph (1), by striking ``a property'' and
inserting ``any such item of property''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2019.
<all>