H.R.3301 - To amend the Internal Revenue Code of 1986 to allow an investment tax credit for the purchase of trucks with new diesel engine technologies, and for other purposes.109th Congress (2005-2006)
|Sponsor:||Rep. Hayworth, J. D. [R-AZ-5] (Introduced 07/14/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/14/2005 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3301 — 109th Congress (2005-2006)All Information (Except Text)
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.