A bill to amend the Internal Revenue Code of 1986 to establish a new phaseout of the credit for plug-in electric drive motor vehicles.

Bill: 115-s-3582
Sponsor: full_name: Sen. Heller, Dean [R-NV]
Introduced: 2018-10-11
Policy area: Taxation
Subjects: Hybrid, electric, and advanced technology vehicles

Income tax credits

Motor carriers

Motor vehicles
Latest action: action_date: 2018-10-11
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2018-10-11
action_desc: Introduced in Senate
text: <p>This bill amends the Internal Revenue Code, with respect to the tax credit for new plug-in electric drive motor vehicles, to change the phase-out period for the credit to calendar year 2022. </p> <p>(Under current law, the credit phases out for a manufacturer's vehicles over the one-year period beginning with the second calendar quarter after the calendar quarter in which at least 200,000 qualifying vehicles manufactured by that manufacturer have been sold for use in the United States after December 31, 2009.) </p>

tv_txt: II 115th CONGRESS 2d Session S. 3582 IN THE SENATE OF THE UNITED STATES October 11, 2018 Mr. Heller 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 establish a new phaseout of the credit for plug-in electric drive motor vehicles.

1. Phaseout of new qualified plug-in electric drive motor vehicle credit (a) In general Section 30D(e) of the Internal Revenue Code of 1986 is amended— (1) in the heading, by striking Limitation on number of new qualified plug-in electric drive motor vehicles eligible for credit and inserting Phaseout of credit ; (2) by striking paragraph (2) and inserting the following: (2) Phaseout period For purposes of this subsection, the phaseout period is calendar year 2022. ; and (3) by striking paragraph (4). (b) Effective date The amendments made by this section shall apply to vehicles sold after December 31, 2018.