Ending Duplicative Subsidies for Electric Vehicles Act

Bill: 117-s-4939
Sponsor: full_name: Sen. Thune, John [R-SD]
Introduced: 2022-09-22
Policy area: Taxation
Latest action: action_date: 2022-09-22
text: Read twice and referred to the Committee on Finance. (text: CR S4972)

Summaries:
action_date: 2022-09-22
action_desc: Introduced in Senate
text: <p> <strong>Ending Duplicative Subsidies for Electric Vehicles Act </strong></p> <p>This bill prohibits duplicative subsidies (i.e., loans, grants, or tax credits) for manufacturers of new clean electric vehicles.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4939 IN THE SENATE OF THE UNITED STATES September 22, 2022 Mr. Thune (for himself, Mr. Cassidy , Mr. Daines , and Mr. Toomey ) 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 prevent double dipping between tax credits and grants or loans for clean vehicle manufacturers.

1. Short title This Act may be cited as the Ending Duplicative Subsidies for Electric Vehicles Act . 2. Coordination of electric vehicle credits with other subsidies (a) In general Section 30D(d)(3) of the Internal Revenue Code of 1986, as amended by Public Law 117–169 , is amended by adding at the end the following new sentence: Such term shall not include any person who has received a loan under section 136(d) of the Energy Independence and Security Act of 2007, a loan guarantee under section 1703 of the Energy Policy Act of 2005 with respect to a project described in section 1703(b)(8) of such Act, or a grant under section 50143 of the Act titled An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14 for the taxable year in which the new clean vehicle is placed in service or any prior taxable year. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2022.