H.R. 2665 · 109th Congress
To encourage the availability and use of motor vehicles that have improved fuel efficiency, in order to…
Full title
To encourage the availability and use of motor vehicles that have improved fuel efficiency, in order to reduce the need to import oil into the United States.
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
EngelSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to: (1) allow a tax credit for 25 percent of the cost of certain automobiles, trucks, or vans with fuel efficiency ratings of not less than 40 miles per gallon (35 percent for ratings of not less than 50 miles per gallon); (2) allow a business tax credit for the manufacture or production in the United States of qualified…
What it does: CRS summary · Introduced in House · May 26, 2005
Amends the Internal Revenue Code to: (1) allow a tax credit for 25 percent of the cost of certain automobiles, trucks, or vans with fuel efficiency ratings of not less than 40 miles per gallon (35 percent for ratings of not less than 50 miles per gallon); (2) allow a business tax credit for the manufacture or production in the United States of qualified fuel-efficient automobiles for first retail sale; (3) make permanent the tax credit for increasing research activities; and (4) increase the rates of the alternative incremental tax credit for research activities.
Authorizes the Secretary of Energy to provide loan guarantees up to $100 million per loan (up to $1 billion aggregate) to automobile manufacturers for the cost of converting to automobiles with a fuel efficiency rating of more than 40 miles per gallon.
Prohibits the Administrator of the Environmental Protection Agency (EPA) from considering any automobile allowed a fuel-efficiency tax credit under this Act in calculating the average fuel economy of a manufacturer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To encourage the availability and use of motor vehicles that have improved fuel efficiency, in order to reduce the need to import oil into the United States.
Latest action (Jul 29, 2005): Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
Policy area: Taxation · Origin: House · Introduced: May 26, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.