We need some CPAs with congressional experience!

I believe the line item veto was in effect only briefly, so the President's only option is to sign or not sign, as far as I know.

I was wading through the bill (and you can find 5 or 6 versions at thomas.loc.gov, search for H.R.6 or Energy Policy Act of 2005) and in both the PDF of the "public print" and the "Engrossed Amendment as Agreed to by Senate" it states at the end of Sections 1531/30:

" (c) EFFECTIVE DATE- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act, in taxable years ending after such date."

Am I reading this correctly? It sounds like purchases in 2005 after the enactment of the Act would qualify. A FAQ at thomas.loc.gov notes:

"A bill becomes law on the date of approval or passage over the President's veto, unless it expressly provides a different effective date."

I checked other sections of the Act, and they expressly give dates of "period after December 31, 2005," or "after September 30, 2006," etc. Should I get excited, since I'm looking to get an Escape Hybrid sooner instead of later? Any constitutional law junkies out there???

Fred

***Dang, I read the Conference Report linked by Greg, and besides having the additional conservation credits, the effective date reads "after December 31, 2005..." Wonder what the final form of the bill is.....