H.R. 2505 would amend the Internal Revenue Code of 1986 to increase and extend the vehicle refueling property credit.
Detailed Summary
Promoting the Use of Mixed Petroleum Act or the E-85 PUMP Act - Amends the Internal Revenue Code to: (1) increase the rate of the tax credit for alternative fuel vehicle refueling property from 30 to 50%; (2) increase the limit on such credit for commercial properties to $50,000; and (3) extend such credit through 2014.
Amends the Clayton Antitrust Act to make it an unlawful restriction of trade to prohibit a service station franchisee from installing alternative fuel vehicle refueling property.
Status of the Legislation
Latest Major Action: 5/24/2007: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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