Electric CARS Act

Bill: 113-hr-4584
Sponsor: full_name: Rep. Welch, Peter [D-VT-At Large]
Introduced: 2014-05-06
Policy area: Taxation
Subjects: Hybrid, electric, and advanced technology vehicles

Income tax credits
Latest action: action_date: 2014-05-06
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-05-06
action_desc: Introduced in House
text: <p>Electric Credit Access Ready at Sale Act of 2014 or the Electric CARS Act - Amends the Internal Revenue Code to increase the maximum amount of the tax credit for new qualified plug-in electric drive motor vehicles to $7,500 and to extend the termination date of such credit to December 31, 2020. Permits the credit to be assigned to&nbsp;the sellers of such vehicles. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4584 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.

1. Short title This Act may be cited as the Electric Credit Access Ready at Sale Act of 2014 or the Electric CARS Act . 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.