H.R.626 - VEHICLE Technology Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Camp, Dave [R-MI-4] (Introduced 02/08/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||02/08/2005 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.626 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (02/08/2005)
Volume Enhancing Hardware Incentives for Consumer Lowered Expenses Technology Act of 2005 or the VEHICLE Technology Act of 2005 - Amends the Internal Revenue Code to repeal the phaseouts of the tax credit for qualified electric vehicles and of the tax deduction for clean-fuel vehicles.
Allows a tax credit for investment in certain alternative motor vehicles, including fuel cell vehicles, advanced lean burn technology motor vehicles, hybrid motor vehicles, alternative fuel motor vehicles, and mixed-fuel vehicles. Sets forth formulae for determining the amount of such credit based on various factors, including vehicle weight and fuel efficiency ratings.
Modifies the tax deduction for clean-fuel vehicles and certain refueling property to: (1) extend the terminating date for such deduction through 2009, and through 2012 for hydrogen-related property; (2) increase to $150,000 the cost limitation for such deduction; and (3) extend the deduction to nonbusiness property.