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ELITE Vehicles Act

Official title: A bill to amend the Internal Revenue Code of 1986 to repeal the credit for new clean vehicles, and for other purposes.

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What Happened in Congress?

Pending

Not yet voted on the floor.

Where the Bill Stands

  1. Introduced, done
  2. Committee, current stage
  3. Floor Vote, not yet
  4. Outcome, not yet

What This Bill Does

This bill eliminates federal tax credits for the purchase of certain clean vehicles (generally electric vehicles and plug-in hybrid vehicles) and electric vehicle recharging stations.

Specifically, the bill repeals the federal tax credits for

  • the purchase of a qualified used clean vehicle (tax credit of up to $4,000 for the purchase of a previously-owned clean vehicle before 2033),
  • the purchase of a qualified new clean vehicle (tax credit of up to $7,500 for the purchase of a new clean vehicle before 2033),
  • the purchase of a qualified commercial clean vehicle (business tax credit of up to $40,000 for the purchase of a commercial clean vehicle before 2033), and
  • alternative fuel vehicle refueling property used to recharge electric vehicles (tax credit of up to $1,000 for individuals or up to $100,000 for businesses for the installation of property before 2033 that is used to recharge electric vehicles).

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Related Documents

Timeline

  1. Library of CongressIntroduced in Senate
  2. SenateRead twice and referred to the Committee on Finance.
  3. Introduced
  4. Committee

Comments

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