PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 3019 "(B) ORDINARY INCOME RECAPTURE. —For purposes of section 1245, the amount of the deduction allowable under subsection (a) with respect to any property which is of a character subject to the allowance for depreciation shall be treated as a deduction allowed for depreciation under section 167. "(g) TERMINATION. — This section shall not apply to any property placed in service after December 31, 2004." (2) DEDUCTION FROM GROSS INCOME.— Section 62(a) is amended by inserting after paragraph (13) the following new paragraph: '\14) DEDUCTION FOR CLEAN-FUEL VEHICLES AND CERTAIN REFUELING PROPERTY.— The deduction allowed by section ITQA" (3) CONFORMING AMENDMENTS. — (A) Section 1016(a) is amended by striking "and" at the end of paragraph (23), by striking the period at the end of paragraph (24) and inserting ", and", and by adding at the end thereof the foUoMdng new paragraph: •*(25) to the extent provided in section 179A(e)(6)(A)." (B) The table of sections for part VI of subchapter B of chapter 1 is amended by inserting after the item relating to section 179 the following new item: "Sec. 179A. Deduction for clean-fuel vehicles and certain refueling property." (b) CREDIT FOR QUALIFIED ELECTRIC VEHICLES. — (1) IN GENERAL.—Subpart B of part IV of subchapter A of chapter 1 is amended by inserting after section 29 the following new section: '9EC. SO. CREDIT FOR QUALIFIED ELECTRIC VEHICLES. "(a) ALLOWANCE OF CREDIT.— There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 10 percent of the cost of any Qualified electric vehicle placed in service by the taxpayer during the taxable year.
- (b) LIMITATIONS. —
"(1) LIMITATION PER VEHICLE.— The amount of the credit allowed under subsection (a) for any vehicle shall not exceed $4,000. "(2) PHASEOUT.— In the case of any qualified electric vehicle placed in service after December 31, 2001, the credit otherwise allowable under subsection (a) (determined after the application of paragraph (1)) shall be reduced by— "(A) 25 percent in the case of property placed in service in calendar year 2002, "(B) 50 percent in the case of property placed in service in calendar year 2003, and "(C) 75 percent in the case of property placed in service in calendar year 2004. "(3) APPLICATION WITH OTHER CREDITS.— The credit allowed by subsection (a) for any taxable year shall not exceed the excess (if any) of— "(A) the regular tax for the taxable year reduced by the sum of the credits allowable under subpart A and sections 27, 28, and 29, over— "(B) the tentetive minimum tax for the taxable year, "(c) QUALIFIED ELECTRIC VEHICLE.—For purposes of this section—
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