Title: Ending the Electric Vehicle Entitlement for the Wealthy
Policy area: Taxation

Summary:
Ending the Electric Vehicle Entitlement for the Wealthy

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3594 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3594

To amend the Internal Revenue Code of 1986 to eliminate the credit for 
 qualified plug-in electric drive motor vehicles for certain taxpayers.


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                   IN THE SENATE OF THE UNITED STATES

                              May 4, 2020

 Mr. Braun (for himself and Ms. Ernst) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to eliminate the credit for 
 qualified plug-in electric drive motor vehicles for certain taxpayers.

    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 ``Ending the Electric Vehicle 
Entitlement for the Wealthy''.

SEC. 2. ELIMINATION OF PERSONAL CREDIT BASED ON ADJUSTED GROSS INCOME.

    (a) In General.--Subsection (c) of section 30D of the Internal 
Revenue Code of 1986 is amended--
            (1) in paragraph (2), by inserting ``and (3)'' after 
        ``paragraph (1)'', and
            (2) by adding at the end the following new paragraph:
            ``(3) Elimination of personal credit based on adjusted 
        gross income.--
                    ``(A) In general.--For purposes of paragraph (2), 
                in the case of any new qualified plug-in electric drive 
                motor vehicle which is placed in service by a taxpayer 
                during any taxable year, if the adjusted gross income 
                of such taxpayer for such taxable year exceeds the 
                threshold amount, the amount of the credit otherwise 
                allowable under subsection (a) for such taxable year 
                shall be reduced to zero.
                    ``(B) Threshold amount.--For purposes of this 
                paragraph, the term `threshold amount' means--
                            ``(i) in the case of any taxpayer filing a 
                        joint return for the taxable year, $326,600, 
                        and
                            ``(ii) in the case of any taxpayer not 
                        filing a joint return for the taxable year, 
                        $163,300.
                    ``(C) Inflation adjustment.--
                            ``(i) In general.--In the case of any 
                        taxable year beginning after 2021, each of the 
                        dollar amounts in subparagraph (B) shall be 
                        increased by an amount equal to--
                                    ``(I) such dollar amount, 
                                multiplied by
                                    ``(II) the cost-of-living 
                                adjustment determined under section 
                                1(f)(3) for the calendar year in which 
                                the taxable year begins by substituting 
                                `calendar year 2020' for `calendar year 
                                2016' in subparagraph (A)(ii) thereof.
                            ``(ii) Rounding.--If any increase 
                        determined under clause (i) is not a multiple 
                        of $100, such increase shall be rounded to the 
                        nearest multiple of $100.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2020.
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