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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4584 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4584

 To amend the Internal Revenue Code of 1986 to increase and extend the 
   new qualified plug-in electric drive motor vehicles credit and to 
  enable such credit to be converted to a rebate at the point of sale.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 6, 2014

  Mr. Welch (for himself, Mr. Owens, and Mr. Huffman) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
 To amend the Internal Revenue Code of 1986 to increase and extend the 
   new qualified plug-in electric drive motor vehicles credit and to 
  enable such credit to be converted to a rebate at the point of sale.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Electric Credit Access Ready at Sale 
Act of 2014'' or the ``Electric CARS Act''.

SEC. 2. EXTENSION AND MODIFICATION OF NEW QUALIFIED PLUG-IN ELECTRIC 
              DRIVE MOTOR VEHICLES CREDIT.

    (a) Increase in Maximum Credit.--Paragraph (3) of section 30D(b) of 
the Internal Revenue Code of 1986 is amended by striking ``$5,000'' and 
inserting ``$7,500''.
    (b) Extension.--Subsection (e) of section 30D of such Code is 
amended to read as follows:
    ``(e) Termination.--This section shall not apply to vehicles sold 
after December 31, 2020.''.
    (c) Credit May Be Assigned to Seller.--Subsection (f) of section 
30D of such Code is amended by adding at the end the following new 
paragraph:
            ``(8) Credit may be assigned to seller.--
                    ``(A) In general.--The credit which would (but for 
                this paragraph) be allowed with respect to a vehicle 
                under subsection (a) for any taxable year to any person 
                (hereafter in this paragraph referred to as the 
                `initial taxpayer')--
                            ``(i) if assigned by the initial taxpayer 
                        to the person who sold such vehicle to the 
                        initial taxpayer, may be taken into account by 
                        such person, and
                            ``(ii) shall not be taken into account by 
                        the initial taxpayer.
                Any person to whom such credit is assigned under clause 
                (i) shall be treated for purposes of this title as the 
                taxpayer that placed such vehicle in service.
                    ``(B) Disclosure requirement.--Subparagraph (A) 
                shall not apply with respect to any vehicle unless the 
                person to whom the credit is assigned clearly discloses 
                in writing to the initial taxpayer the amount of the 
                credit allowable under subsection (a) with respect to 
                such vehicle (determined without regard to subsection 
                (c)).''.
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to vehicles 
        acquired after the date of the enactment of this Act.
            (2) Subsection (c).--The amendment made by subsection (c) 
        shall apply to vehicles acquired more than 60 days after the 
        date of the enactment of this Act.
                                 <all>
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