ELITE Vehicles Act
ELITE Vehicles Act
Plain Language Summary
# ELITE Vehicles Act Summary **What it would do:** This bill would eliminate federal tax credits that currently help people and businesses afford electric vehicles and charging infrastructure. Specifically, it would remove: up to $7,500 tax credits for buying new electric vehicles, up to $4,000 credits for used electric vehicles, up to $40,000 credits for businesses buying electric vehicles, and up to $1,000 credits (or $100,000 for businesses) for installing home or business charging stations. These credits are currently set to expire in 2033, but this bill would end them immediately. **Who it affects:** The bill would impact consumers considering electric vehicle purchases, businesses with electric fleets, and anyone planning to install EV charging equipment.
It would also affect the auto industry and charging infrastructure companies that have relied on these incentives to drive sales and expansion. **Current status:** The bill was introduced in the Senate by Senator John Barrasso (R-WY) and is currently in committee, meaning it has not yet been voted on by the full Senate. It has not advanced to become law.
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
Read twice and referred to the Committee on Finance.