Summary: H.R.3301 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.3301. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/14/2005)

Amends the Internal Revenue Code to allow an investment tax credit for five percent of the cost of a qualified truck. Defines "qualified truck" as a motor vehicle: (1) first placed in service on or after January 1, 2007, and before January 1, 2008; (2) powered by diesel fuel; (3) having a gross vehicle weight of more than 26,000 pounds; and (4) which complies with certain Environmental Protection Agency (EPA) regulations for diesel emissions. Allows such credit to reduce regular or alternative minimum tax liability.

Permits a taxpayer election to expense the cost of qualified trucks placed in service in 2007.