Section 1 Short title
This Act may be cited as the “Commercial Vehicle Fleet Retreaded Tire Utilization Reinvestment and Recovery Act of 2022”.
Commercial Vehicle Fleet Retreaded Tire Utilization Reinvestment and Recovery Act of 2022
A BILL
To amend the Internal Revenue Code of 1986 to establish a deduction for certain retreaded tires, and for other purposes.
Sec. 2 Deduction for certain retreaded tires
In general— Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
“199B. Deduction for certain retreaded tires
“(a) In general—There shall be allowed as a deduction for the taxable year an amount equal to 50 percent of the amounts paid or incurred by the taxpayer during the taxable year for the purchase of a qualified retreaded tire.
“(b) Definitions—For purposes of this section—
“(1) Qualified retreaded tire—The term “qualified retreaded tire” means a retreaded truck tire—
“(A) manufactured in the United States by a manufacturer that is not owned or under the control of a state-owned enterprise, and
“(B) purchased by the taxpayer in the United States.
“(2) State-owned enterprise—The term “state-owned enterprise” has the meaning given such term in 49 U.S.C. 2017(a)(10).
“(c) Limitation—No credit under subsection (a) shall be allowed to any taxpayer that is a state-owned enterprise.
“(d) Termination—No deduction shall be allowed under this section for any taxable year beginning after December 31, 2026.”
Clerical amendment— The table of sections for part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2021.
Sec. 3 Report on deduction for certain retreaded tires
In general— Not later than 3 years after the date of the enactment of this Act, the Secretary of the Treasury (or the Secretary’s delegate), shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a report on activity with respect to the deduction for certain retreaded tires under section 199B of the Internal Revenue Code of 1986 (as added by section 2).
Report contents— The report submitted under subsection (a) shall contain information with respect to the following:
The number of times the deduction was claimed.
The number of retreaded tires built as a result of the deduction.