36 §5219-P. Clean fuel vehicle economic and infrastructure development (REALLOCATED FROM TITLE 36, SECTION 5219-O)
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 822: TAX CREDITS
§5219-P. Clean fuel vehicle economic and infrastructure development
(REALLOCATED FROM TITLE 36, SECTION 5219-O)
1. Definition. As used in this section, unless the context otherwise indicates, the term "clean fuel" means any product or energy source used to propel motor vehicles, as defined in Title 29-A, section 101, other than conventional gasoline, diesel or reformulated gasoline that, when compared to conventional gasoline, diesel or reformulated gasoline, results in lower emissions of oxides of nitrogen, volatile organic compounds, carbon monoxide or particulates or any combination of these. "Clean fuel" includes, but is not limited to, compressed natural gas; liquefied natural gas; liquefied petroleum gas; hydrogen; hythane, which is a combination of compressed natural gas and hydrogen; dynamic flywheels; solar energy; alcohol fuels containing not less than 85% alcohol by volume; and electricity.
[ RR 1997, c. 2, §62 (RAL) .]
2. Credit allowed. A taxpayer is allowed a credit against the tax imposed by this Part in an amount equal to the qualifying percentage of expenditures paid or incurred by the taxpayer for the construction or installation of or improvements to any filling or charging station in this State for the purposes of providing clean fuels to the general public for use in motor vehicles, as calculated pursuant to subsection 4.
[ 1999, c. 414, §49 (AMD) .]
3. Limitation; carry-over. The credit allowed under subsection 2 may not reduce the tax otherwise due under this Part below zero and the credit may not exceed the tax liability for income that is earned by the taxpayer from the sale of clean fuels sold for use in motor vehicles. Any unused portion of the credit may be carried over to the following year or years until exhausted.
[ RR 1997, c. 2, §62 (RAL) .]
4. Qualifying percentage. For purposes of calculating the credit, the qualifying percentage is:
A. Fifty percent for expenditures made from January 1, 1999 to December 31, 2001; and [RR 1997, c. 2, §62 (RAL).]
B. Twenty-five percent for expenditures made from January 1, 2002 to December 31, 2008. [2005, c. 519, Pt. PPP, §1 (AMD).]
[ 2005, c. 519, Pt. PPP, §1 (AMD) .]
This section is effective for tax years beginning on or after January 1, 1999 and is repealed for tax years ending on or after January 1, 2009. [2005, c. 519, Pt. PPP, §2 (AMD).]
SECTION HISTORY
RR 1997, c. 2, §62 (RAL). 1999, c. 414, §49 (AMD). 2005, c. 519, §§PPP1,2 (AMD).