S 1240
109th Congress
Senate
Taxation
Depreciation and amortization
Diesel motor
Environmental Protection
Income tax
Investment tax credit
Minimum tax
Motor vehicle pollution control
Tax deductions
Transportation and Public Works
Trucks
A bill 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.
Introduced: June 14, 2005
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 14, 2005
Read twice and referred to the Committee on Finance.
Jun 14, 2005
Sponsor introductory remarks on measure. (CR S6488-6489)
Jun 14, 2005
Introduced in Senate
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1