HB2088 Creates an income tax credit for tax years 2001 to 2005 for purchases and leases of alternative fuel vehicles.
Sponsor: Schilling, Mike (136) Effective Date:00/00/0000
CoSponsor: LR Number: 4405L.01I
Last Action: COMMITTEE: WAYS AND MEANS
04/11/2000 - Executive Session Held (H)
HCS VOTED DO PASS
HB2088
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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BILL SUMMARIES BILL TEXT
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Available Bill Summaries for HB2088 Copyright(c)
* Introduced

Available Bill Text for HB2088
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 2088 -- Alternative Fuel Vehicles

Sponsor:  Schilling

For tax years 2001 to 2005, this bill establishes an income tax
credit of the lesser of $9,000 or 30% of the cost of purchasing
or leasing an alternative fuel vehicle.  To be eligible, leases
must be for a term of at least 3 years.  The credit is non--
refundable and may be carried forward for up to 5 years if the
taxpayer maintains registration of the vehicle.  Eligible
vehicles are those powered by electricity or those powered by
electricity and gasoline with fuel economy greater than 60 miles
per gallon.  The bill also establishes a tax credit of the
lesser of $20,000 or 25% of the cost of constructing a vehicle
charging facility open to the public.  This credit may be
carried forward for 7 years if the taxpayer maintains operation
of the facility.

Alternative fuel vehicles must be registered and titled, and
manufacturers are required to provide information on purchase
incentives and certification that the vehicle meets alternative
fuel capability requirements.  The bill also bans electric
vehicles not capable of speeds over 25 miles per hour from roads
with speed limits of more than 35 miles per hour.


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Last Updated October 5, 2000 at 11:36 am