ELITE Vehicles Act
ELITE Vehicles Act
Plain Language Summary
# ELITE Vehicles Act Summary **What the bill would do:** The ELITE Vehicles Act would eliminate four federal tax credits that currently encourage people and businesses to buy electric vehicles and install EV charging stations. Specifically, it would remove: tax credits up to $7,500 for new electric vehicles, up to $4,000 for used electric vehicles, up to $40,000 for commercial electric vehicles, and up to $1,000 (or $100,000 for businesses) for installing EV charging equipment. These credits were set to expire in 2033 under current law; this bill would end them immediately if passed. **Who it affects:** The bill would directly affect consumers considering purchasing electric or plug-in hybrid vehicles, businesses operating commercial EV fleets, and companies installing charging infrastructure. It would also affect the electric vehicle industry, which has relied on these incentives to compete with traditional gas-powered vehicles.
The automotive and energy sectors could see significant changes in consumer demand and business investment. **Current status:** The bill is currently in committee, meaning it has been introduced but has not yet advanced for a full vote in the House of Representatives. The bill was sponsored by Rep. Jodey Arrington (R-TX).
CRS Official Summary
Eliminate Lavish Incentives To Electric Vehicles Act or the ELITE Vehicles ActThis 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 forthe 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), andalternative 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).
Latest Action
Referred to the House Committee on Ways and Means.