106 STAT. 3020 PUBLIC LAW 102-486—OCT. 24, 1992
- (1) IN GENERAL. — The term 'qualified electric vehicle'
means any motor vehicle— "(A) which is powered primarily by an electric motor drawing current from rechargeable batteries, fuel cells, or other portable sources of electrical current, "(B) the original use of which commences with the taxpayer, and "(C) which is acquired for use by the taxpayer and not for resale. "(2) MOTOR VEHICLE.—For purposes of paragraph (1), the term 'motor vehicle' means any vehicle which is manufactured primarily for use on public streets, roads, and highways (not including a vehicle operated exclusively on a rail or rails) and which has at least 4 wheels. "(d) SPECIAL RULES. — "(1) BASIS REDUCTION. —The basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit. Regulations. "(2) RECAPTURE.— The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any property which ceases to be property eligible for such credit. "(3) PROPERTY USED OUTSIDE UNITED STATES, ETC., NOT QUALIFIED.— No credit shall be allowed under subsection (a) with respect to any property referred to in section 50(b) or with respect to the portion of the cost of any property taJcen into account under section 179. "(e) TERMINATION. — This section shall not apply to any property placed in service afler December 31, 2004." (2) CONFORMING AMENDMENTS. — (A) The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by adding after the item relating to section 29 the following new item: "Sec. 30. Credit for qualified electric vehicles." (B) Section 1016(a), as amended by subsection (a)(3), is amended by striking "and" at the end of paragraph (24), by striking the period at the end of paragraph (25) and inserting ", and", and by adding at the end thereof the following new paragraph: "(26) to the extent provided in section 30(d)(l).'* (C) Section 53(d)(l)(B)(iii) is amended— (i) by striking "section 29(b)(5)(B) or" and inserting " se ction 29(b)(6)(B),", and (ii) by inserting ", or not allowed under section 30 solely by reason of the application of section 30(b)(3)(B)" before the period. (D) Section 55(c)(2) is amended by striking "29(b)(5)," and inserting "29(b)(6), 30(b)(3),". (c) EFFECTIVE DATE.— The amendments made by this section shall apply to property placed in service afler June 30, 1993. SEC. 1914. CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE SOURCES. (a) IN GENERAL. — Subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end thereof the following new section: 26 USC 30 note.
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