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Federal Register / Vol. 86, No. 169 / Friday, September 3, 2021 / Proposed Rules backwards later to address a credit shortfall.
Vintage means, with respect to a credit, the model year in which the credit was earned.
536.4

Credits.

a Type and vintage. All credits are identified and distinguished in the accounts by originating manufacturer, compliance category, and model year of origin vintage.
b Application of credits. All credits earned and applied are calculated, per 49 U.S.C. 32903c, in tenths of a mile per gallon by which the average fuel economy of vehicles in a particular compliance category manufactured by a manufacturer in the model year in which the credits are earned exceeds the applicable average fuel economy standard, multiplied by the number of
vehicles sold in that compliance category. However, credits that have been traded between credit holders or transferred between compliance categories are valued for compliance purposes using the adjustment factor specified in paragraph c of this section, pursuant to the total oil savings requirement of 49 U.S.C.
32903f1.
c Adjustment factor. When traded or transferred and used, fuel economy credits are adjusted to ensure fuel oil savings is preserved. For traded credits, the user or buyer must multiply the calculated adjustment factor by the number of shortfall credits it plans to offset in order to determine the number of equivalent credits to acquire from the earner or seller. For transferred credits, the user of credits must multiply the calculated adjustment factor by the
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number of shortfall credits it plans to offset in order to determine the number of equivalent credits to transfer from the compliance category holding the available credits. The adjustment factor is calculated according to the following formula:

A= VMTu.MPOu MPOse
VMTeMPOe.u.MPOsu Where:
A = Adjustment factor applied to traded and transferred credits. The quotient shall be rounded to 4 decimal places.
VMTe = Lifetime vehicle miles traveled as provided in the following table for the model year and compliance category in which the credit was earned.
VMTu = Lifetime vehicle miles traveled as provided in the following table for the model year and compliance category in which the credit is used for compliance.

Table 1 to Paragraph c Lifetime Vehicle Miles Traveled VMT

2015

2016

2017-2025

177,238

177,366

178,652

180,497

182,134

195,264

Light Trucks
208,471

208,537

209,974

212,040

213,954

225,865

Trading infrastructure.

a Accounts. NHTSA maintains accounts for each credit holder. The account consists of a balance of credits in each compliance category and vintage held by the holder.
b Who may hold credits. Every manufacturer subject to fuel economy standards under 49 CFR part 531 or 533
is automatically an account holder. If the manufacturer earns credits pursuant to this part, or receives credits from
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another party, so that the manufacturers account has a non-zero balance, then the manufacturer is also a credit holder.
Any party designated as a recipient of credits by a current credit holder will receive an account from NHTSA and become a credit holder, subject to the following conditions:
1 A designated recipient must provide name, address, contacting information, and a valid taxpayer identification number or Social Security number;
2 NHTSA does not grant a request to open a new account by any party other than a party designated as a recipient of credits by a credit holder; and 3 NHTSA maintains accounts with zero balances for a period of time, but reserves the right to close accounts that have had zero balances for more than one year.
c Automatic debits and credits of accounts. 1 To carry credits forward, backward, transfer credits, or trade credits into other credit accounts, a manufacturer or credit holder must
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submit a credit instruction to NHTSA. A
credit instruction must detail and include:
i The credit holders involved in the transaction.
ii The originating credits described by the amount of the credits, compliance category and the vintage of the credits.
iii The recipient credit accounts for banking or applying the originating credits described by the compliance categoryies, model years, and if applicable the adjusted credit amounts and adjustment factors.
iv For trades, a contract authorizing the trade signed by the manufacturers or credit holders or by managers legally authorized to obligate the sale and purchase of the traded credits.
2 Upon receipt of a credit instruction from an existing credit holder, NHTSA verifies the presence of sufficient credits in the accounts of the credit holders involved as applicable and notifies the credit holders that the credits will be debited from and/or
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2014

Passenger Cars
MPGse = Required fuel economy standard for the originating earning manufacturer, compliance category, and model year in which the credit was earned.
MPGae = Actual fuel economy for the originating manufacturer, compliance category, and model year in which the credit was earned.
MPGsu = Required fuel economy standard for the user buying manufacturer, compliance category, and model year in which the credit is used for compliance.
MPGau = Actual fuel economy for the user manufacturer, compliance category, and model year in which the credit is used for compliance.
536.5

2013

EP03SE21.254

2012

Model year