; and (B) subject to regulation under sections 1910.106 and 1926.152 of title 29, Code of Federal Regulations (as in effect on the date of enactment of this subsection). (3) Effective date Standards issued or revised pursuant to paragraph (1) shall take effect on the later of— (A) January 1, 2023; and (B) the date on which the Administrator first grants a waiver pursuant to section 211(f)(4)(C) of the Clean Air Act. (4) Definitions In this subsection: (A) Automotive fuel The term automotive fuel has the meaning given such term in section 201(6) of the Petroleum Marketing Practices Act ( 15 U.S.C. 2821(6) ). (B) Compatible; dispenser system The terms compatible and dispenser system have the meaning given such terms in section 280.12 of title 40, Code of Federal Regulations (as in effect on the date of enactment of this subsection ). . III Vehicle Fuel Efficiency 301. Credits for exceeding average fuel economy standards Section 32903 of title 49, United States Code, is amended— (1) in subsection (a)— (A) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively, and moving their margins 2 ems to the right; (B) in the matter preceding subparagraph (A), as redesignated, by striking When and inserting the following: (1) In general When ; (C) in paragraph (1)(B), as redesignated, by striking paragraph (1) and inserting subparagraph (A), ; and (D) by adding at the end the following: (2) Model years 2016 through 2021 Notwithstanding paragraph (1)(B), beginning with model year 2016 and ending with model year 2021, a manufacturer may apply any credits earned after model year 2009 pursuant to paragraph (1), which have not been applied pursuant to paragraph (1)(A), to any model year beginning after the model year for which the credits are earned. ; (2) in subsection (b)(2)(B), by striking subsection (a)(1) of this section and inserting subsection (a)(1)(A) ; and (3) in subsection (g)— (A) in paragraph (3)— (i) in subparagraph (A), by striking 2011 and inserting 2010