[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1791 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 1791
To amend the Internal Revenue Code of 1986 to expand existing tax
credits to include non-passenger electric-powered vehicles, associated
recharging and refueling infrastructure, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 24, 2021
Ms. Cantwell 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 expand existing tax
credits to include non-passenger electric-powered vehicles, associated
recharging and refueling infrastructure, 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 ``Fueling America's Security and
Transportation with Electricity Act of 2021'' or the ``FAST Electricity
Act''.
SEC. 2. CREDIT FOR QUALIFIED ELECTRIC TRANSPORTATION OPTIONS.
(a) In General.--Section 30D of the Internal Revenue Code of 1986
is amended--
(1) in the heading, by striking ``plug-in electric drive
motor'' and inserting ``electric'',
(2) by adding at the end the following new subsection:
``(h) Credit Allowed for Qualified Electric Transportation
Options.--
``(1) In general.--In the case of a qualified electric
transportation option--
``(A) there shall be allowed as a credit against
the tax imposed by this chapter for the taxable year an
amount equal to the applicable percentage of the cost
of the qualified electric transportation option placed
in service by the taxpayer during the taxable year,
``(B) the amount of the credit allowed under
subparagraph (A) shall be treated as a credit allowed
under subsection (a), and
``(C) the requirements described in subsection
(f)(7) shall not apply.
``(2) Applicable percentage.--For purposes of paragraph
(1)(A), the applicable percentage shall be--
``(A) in the case of a qualified electric
transportation option placed in service after December
31, 2021, and before January 1, 2028, 30 percent,
``(B) in the case of a qualified electric
transportation option placed in service during a
calendar year after 2027 and before 2033, the
applicable percentage determined under this paragraph
for the preceding calendar year, reduced by 5
percentage points, and
``(C) in the case of a qualified electric
transportation option placed in service after calendar
year 2032, 0 percent.
``(3) Qualified electric transportation option.--
``(A) In general.--For purposes of this subsection,
the term `qualified electric transportation option'
means any vehicle used in any manner of transportation
which--
``(i) the original use of which commences
with the taxpayer,
``(ii) is acquired for use or lease by the
taxpayer and not for resale,
``(iii) is capable of moving passengers,
cargo, or property,
``(iv) is powered by an integrated, on-
board electric propulsion system that--
``(I) is the primary source of
propulsion,
``(II) is capable of powering the
vehicle (including any of its
components and accessories) for not
less than \2/3\ of the maximum
operating period between recharging or
refueling of such vehicle, and
``(III) in the case of a vehicle
which derives any of its power from the
on-board combustion of a fuel, uses a
renewable fuel,
``(v) was manufactured for sale in
commercial quantities with a reasonable
expectation of profit,
``(vi) is in compliance with any applicable
safety or air quality standards, as determined
by the Secretary in coordination with the
Secretary of Transportation, the Secretary of
Homeland Security, and the Administrator of the
Environmental Protection Agency, and
``(vii) is not a new qualified plug-in
electric drive motor vehicle (as defined in
subsection (d)(1)), unless the vehicle--
``(I) has a gross vehicle weight
rating of not less than 3,000 pounds
and not more than 14,000 pounds,
``(II) has no more than 2 seats,
including the driver's seat,
``(III) uses the majority of its
interior space to carry cargo,
``(IV) is primarily used for
delivering commercial cargo, and
``(V) does not use any energy which
is derived from the on-board combustion
of a fuel.
``(B) On-board electric propulsion system.--For
purposes of this subsection, the term `on-board
electric propulsion system' means--
``(i) 1 or more on-board traction batteries
which--
``(I) are integrated or swappable,
and
``(II) have an aggregate capacity
(as defined in subsection (d)(4)) of
not less than 8 kilowatt hours, or
``(ii) an on-board power source other than
a battery with an electrical output capacity
equivalent of not less than 8 kilowatt hours,
as determined by the Secretary.
``(C) Renewable fuel.--For purposes of this
paragraph, the term `renewable fuel' means any fuel at
least 85 percent of the volume of which consists of one
or more of the following:
``(i) Ethanol.
``(ii) Biodiesel (as defined in section
40A(d)(1)).
``(iii) Advanced biofuel (as defined in
section 211(o)(1)(B) of the Clean Air Act (42
U.S.C. 7545(o)(1)(B))).
``(iv) Renewable natural gas.
``(v) Hydrogen.
``(4) Exclusion.--For purposes of paragraph (1)(A), the
cost of the qualified electric transportation option shall not
include any cost relating to any component or feature which--
``(A) is not integral to the qualified electric
transportation option, or
``(B) does not contribute to improving the
efficiency or range of the electric propulsion of the
qualified electric transportation option.''.
(b) Conforming Amendments.--
(1) Section 38(b)(30) of the Internal Revenue Code of 1986
is amended by striking ``plug-in electric drive motor'' and
inserting ``electric''.
(2) Section 48C(c)(1)(A)(i)(VI) of such Code is amended by
inserting ``or qualified electric transportation options''
after ``new qualified plug-in electric drive motor vehicles''.
(3) The item relating to section 30D in the table of
sections for subpart B of part IV of subchapter A of chapter 1
of such Code is amended to read as follows:
``Sec. 30D. New Qualified Electric Vehicles.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2021.
SEC. 3. CREDIT FOR QUALIFIED ELECTRIC VEHICLE RECHARGING PROPERTY.
(a) In General.--Section 30C of the Internal Revenue Code of 1986
is amended--
(1) in subsection (a)--
(A) by inserting ``the sum of'' after ``equal to'',
and
(B) by inserting ``and the applicable percentage of
the cost of any qualified electric vehicle recharging
property'' before ``placed in service'',
(2) in subsection (c)(2), by striking subparagraph (C),
(3) in subsection (e)(2), by inserting ``or qualified
electric vehicle recharging property'' after ``qualified
alternative fuel vehicle refueling property'',
(4) by redesignating subsections (f) and (g) as subsections
(g) and (h), respectively,
(5) by inserting after subsection (e) the following:
``(f) Qualified Electric Vehicle Recharging Property.--
``(1) In general.--For purposes of this section, the term
`qualified electric vehicle recharging property' means any
property, including any onsite component, device, or software
integral to its performance (with the exception of a building
or its structural components or any associated offsite
infrastructure), which satisfies applicable industry safety
standards and provides non-proprietary--
``(A) recharging or repowering of any qualified
electric transportation option or new qualified plug-in
electric drive motor vehicle (as defined in section
30D), or
``(B) storage and dispensing of hydrogen fuel into
the fuel tank of a vehicle with an on-board electric
propulsion system (as defined in section 30D(h)(3)(B)),
but only if the storage and dispensing of the fuel is
at the point where such fuel is delivered to the
vehicle.
``(2) Applicable percentage.--For purposes of subsection
(a), in the case of any qualified electric vehicle recharging
property, the applicable percentage shall be--
``(A) in the case of any property placed in service
after December 31, 2021, and before January 1, 2028, 30
percent,
``(B) in the case of any property placed in service
during a calendar year after 2028 and before 2033, the
applicable percentage determined under this paragraph
for the preceding calendar year, reduced by 5
percentage points, and
``(C) in the case of any property placed in service
after calendar year 2032, 0 percent.
``(3) Termination.--For purposes of any qualified electric
vehicle recharging property, this section shall not apply to
any property placed in service after December 31, 2032.'', and
(6) in subsection (h), as redesignated by paragraph (4)--
(A) in the heading, by inserting ``for Qualified
Alternative Fuel Vehicle Refueling Property'' after
``Termination'', and
(B) by striking ``property'' and inserting
``qualified alternative fuel vehicle refueling
property''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2021.
SEC. 4. LOAN GUARANTEES FOR TRANSPORTATION ELECTRIFICATION DOMESTIC
MANUFACTURING CAPACITY.
Section 136 of the Energy Independence and Security Act of 2007 (42
U.S.C. 17013) is amended--
(1) in subsection (a)--
(A) in paragraph (1)--
(i) in subparagraph (C), by striking the
period at the end and inserting ``; and'';
(ii) by redesignating subparagraphs (A)
through (C) as clauses (i) through (iii),
respectively, and indenting appropriately;
(iii) in the matter preceding clause (i)
(as so redesignated), by striking ``means an
ultra'' and inserting the following: ``means--
``(A) an ultra''; and
(iv) by adding at the end the following:
``(B) a medium-duty vehicle or a heavy-duty vehicle
that exceeds 125 percent of the greenhouse gas
emissions and fuel efficiency standards established by
the final rule entitled `Greenhouse Gas Emissions and
Fuel Efficiency Standards for Medium- and Heavy-Duty
Engines and Vehicles--Phase 2' (81 Fed. Reg. 73478
(October 25, 2016)).'';
(B) in paragraph (3)--
(i) in subparagraph (A), by inserting ``,
qualified electric transportation options, or
qualified electric vehicle recharging
properties'' after ``advanced technology
vehicles''; and
(ii) in subparagraph (B), by striking ``or
advanced technology vehicles'' and inserting
``, advanced technology vehicles, qualified
electric transportation options, or qualified
electric vehicle recharging properties'';
(C) in paragraph (4), by inserting ``, qualified
electric transportation options, or qualified electric
vehicle recharging properties'' after ``advanced
technology vehicles'' each place it appears;
(D) by redesignating paragraphs (4) and (5) as
paragraphs (6) and (7), respectively; and
(E) by inserting after paragraph (3) the following:
``(4) Qualified electric transportation option.--The term
`qualified electric transportation option' has the meaning
given the term in section 30D(h)(3)(A) of the Internal Revenue
Code of 1986.
``(5) Qualified electric vehicle recharging property.--The
term `qualified electric vehicle recharging property' has the
meaning given the term in section 30C(f) of the Internal
Revenue Code of 1986.'';
(2) in subsection (b)--
(A) in the matter preceding paragraph (1), by
inserting ``qualified electric transportation option
manufacturers, qualified electric vehicle recharging
property manufacturers,'' before ``and component
suppliers'';
(B) in paragraph (1)--
(i) in subparagraph (B), by striking ``or''
at the end;
(ii) in subsection (C), by striking ``and''
at the end; and
(iii) by adding at the end the following:
``(D) qualified electric transportation options; or
``(E) qualified electric vehicle recharging
properties; and''; and
(C) in paragraph (2), by inserting ``qualified
electric transportation options, qualified electric
vehicle recharging properties,'' before ``and
qualifying components'';
(3) in subsection (c), by striking ``December 30, 2020''
each place it appears and inserting ``December 31, 2030'';
(4) in subsection (g), in the first sentence, by inserting
``, qualified electric transportation options, or qualified
electric vehicle recharging properties'' before the period at
the end;
(5) in subsection (h)(1), by striking subparagraph (B) and
inserting the following:
``(B) manufactures--
``(i) ultra efficient vehicles;
``(ii) automobiles or components of
automobiles;
``(iii) qualified electric transportation
options or components of qualified electric
transportation options; or
``(iv) qualified electric vehicle
recharging properties or components of
qualified electric vehicle recharging
properties.''; and
(6) in subsection (i), by striking ``fiscal years 2008
through 2012'' and inserting ``fiscal years 2021 through
2032''.
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