Introduced Version






HOUSE BILL No. 1370

_____


DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-3-2-21.

Synopsis: Clean fuel vehicle deduction. Provides that an individual is entitled to an income tax deduction for the purchase or lease of a new clean fuel vehicle.

Effective: January 1, 2008.





Stevenson




    January 16, 2007, read first time and referred to Committee on Ways and Means.







Introduced

First Regular Session 115th General Assembly (2007)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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HOUSE BILL No. 1370



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-3-2-21; (07)IN1370.1.1. -->     SECTION 1. IC 6-3-2-21 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2008]: Sec. 21. (a) As used in this section, "alternative fuel vehicle" means a motor vehicle that is equipped to operate when fueled entirely by E85 (as defined in IC 6-6-1.1-103).
    (b) As used in this section, "clean fuel vehicle" means an electric vehicle, a hybrid vehicle, or an alternative fuel vehicle. The term does not include a golf cart vehicle.
    (c) As used in this section, "electric vehicle" means a motor vehicle with one (1) or more electric motors for propulsion.
    (d) As used in this section, "hybrid vehicle" means a motor vehicle that:
        (1) draws propulsion energy from both an internal combustion engine and an energy storage device; and
        (2) employs a regenerative braking system to recover waste energy to charge the energy storage device that is providing propulsion energy.
    (e) As used in this section, "motor vehicle" has the meaning set forth in IC 6-6-1.1-103.
    (f) An individual is entitled to a deduction from the individual's adjusted gross income for each clean fuel vehicle that the individual:
        (1) purchased; or
        (2) obtained by entering into a lease agreement (as defined in IC 9-23-2.5-4);
during the taxable year.
    (g) The original use of the clean fuel vehicle for which an individual is claiming the deduction provided by this section must begin with the individual who claims the deduction.
    (h) The amount of the deduction is equal to one thousand five hundred dollars ($1,500).
    (i) To obtain the deduction provided by this section, the individual must:
        (1) claim the deduction on the individual's state tax return or returns in the manner prescribed by the department; and
        (2) submit to the department proof of all information that the department determines is necessary to support the individual's claim of purchase or lease of a clean fuel vehicle during the taxable year.

     (j) An individual is not entitled to a deduction under this section if the clean fuel vehicle for which the deduction is being claimed was purchased for the purpose of resale.
SOURCE: ; (07)IN1370.1.2. -->     SECTION 2. [EFFECTIVE JANUARY 1, 2008] IC 6-3-2-21, as added by this act, applies to taxable years beginning after December 31, 2007.