Title: Electric CARS Act of 2018
Policy area: Taxation

Summary:
Electric Credit Access Ready at Sale Act of 2018 or the Electric CARS Act of 2018
This bill amends the Internal Revenue Code to modify and extend several tax credits related to electric cars.
The bill extends the tax credit for new qualified plug-in electric drive motor vehicles through 2028. In addition, the bill modifies the credit to: (1) remove the limitation on the number of vehicles per manufacturer that are eligible for the credit, and (2) allow a taxpayer to assign the credit to a financing entity.
The bill also extends through 2028 the tax credits for: (1) alternative fuel vehicle refueling property, and (2) alternative motor vehicles.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6274 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6274

   To amend the Internal Revenue Code of 1986 to extend certain tax 
       credits related to electric cars, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 28, 2018

  Mr. Welch (for himself, Mr. Huffman, and Ms. Rosen) 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 extend certain tax 
       credits related to electric cars, and for other purposes.

    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 2018'' or the ``Electric CARS Act of 2018''.

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

    (a) Extension.--
            (1) In general.--Section 30D(e) of such Code is amended to 
        read as follows:
    ``(e) Termination.--This section shall not apply to any new 
qualified plug-in electric drive motor vehicle placed in service after 
December 31, 2028.''.
            (2) 2- and 3-wheeled plug-in electric vehicles.--Section 
        30D(g)(3)(E) is amended by striking ``or'' at the end of clause 
        (i), by redesignating clause (ii) as clause (iii), and by 
        inserting after clause (i) the following new clause:
                            ``(ii) after December 31, 2017, and before 
                        January 1, 2029, or''.
    (b) Credit May Be Assigned to Financing Entity.--Section 30D(f) of 
such Code is amended by adding at the end the following new paragraph:
            ``(8) Credit may be assigned to financing entity.--
                    ``(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 financed the purchase (or a 
                        lease of at least 2 years) of such vehicle by 
                        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)).''.
    (c) Effective Dates.--
            (1) The amendments made by subsection (a) shall apply to 
        vehicles acquired after December 31, 2017.
            (2) The amendment made by subsection (b) shall apply to 
        vehicles acquired more than 60 days after the date of the 
        enactment of this Act.

SEC. 3. EXTENSION OF THE ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY 
              CREDIT.

    (a) In General.--Section 30C(g) of the Internal Revenue Code of 
1986 is amended by striking ``2017'' and inserting ``2028''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2017.

SEC. 4. EXTENSION OF THE ALTERNATIVE MOTOR VEHICLE CREDIT.

    (a) In General.--Section 30B(k) of the Internal Revenue Code of 
1986 is amended by striking ``2017'' in paragraph (1) and inserting 
``2028''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2017.
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