H.R.4370 - Health Care for Hybrids Act109th Congress (2005-2006)
|Sponsor:||Rep. Inslee, Jay [D-WA-1] (Introduced 11/17/2005)|
|Committees:||House - Ways and Means; Energy and Commerce|
|Latest Action:||House - 12/02/2005 Referred to the Subcommittee on Energy and Air Quality, for a period to be subsequently determined by the Chairman. (All Actions)|
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Summary: H.R.4370 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (11/17/2005)
Health Care for Hybrids Act - Requires the Secretaries of Energy, Health and Human Services, Transportation, and the Treasury to establish a task force to create a program to reimburse certain domestic automobile manufacturers for a portion (up to 10%) of the annual health care coverage costs for their retired employees. Requires such manufacturers to invest at least 50% of their health care cost savings in petroleum fuel reduction technologies, including alternative or flexible fuel vehicles and hybrids, and in the retraining of workers and retooling of manufacturing plants. Terminates such program on December 31, 2015.
Amends the Internal Revenue Code to: (1) define economic substance for purposes of evaluating tax shelter transactions; (2) impose penalties for understatements of tax liability resulting from transactions lacking in economic substance; and (3) deny a tax deduction for interest assessed on underpayments of tax resulting from transactions lacking in economic substance.