H.R.2269 - Alternative Fuels Incentive Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Andrews, Michael [D-TX-25] (Introduced 05/09/1989)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/09/1989 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.2269 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (05/09/1989)
Alternative Fuels Incentive Act of 1989 - Amends the Internal Revenue Code to permit an income tax credit for investments in qualified clean-burning (natural gas, liquefied petroleum gas, or alcohol) motor vehicle fuel property. Permits a 20 percent credit from 1990 through 1999, phasing out the credit in five percent increments annually thereafter to reach zero percent at the end of 2002. Applies the credit to depreciable property that is: (1) equipment designed either to modify a motor vehicle so that it will be propelled only be a clean-burning fuel or to assist in delivering such fuel into such vehicles; or (2) a motor vehicle propelled by clean-burning fuel.
Authorizes the Secretary of the Treasury to make credit-equivalent payments to States and to local governments in connection with qualified property.