Close the Double Subsidy Loophole for Electric Vehicles Act

Bill: 118-hr-327
Sponsor: full_name: Rep. Estes, Ron [R-KS-4]
Introduced: 2023-01-12
Policy area: Taxation
Subjects: Hybrid, electric, and advanced technology vehicles

Motor vehicles

Tax administration and collection, taxpayers
Latest action: action_date: 2023-01-12
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-01-12
action_desc: Introduced in House
text: <p><strong>Close the Double Subsidy Loophole for Electric Vehicles Act</strong></p> <p>This bill reduces the allowable amount of the tax credit for a new qualified plug-in electric drive motor vehicle by any subsidy made available by the state in which the vehicle is registered and was placed in service.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 327 IN THE HOUSE OF REPRESENTATIVES January 12, 2023 Mr. Estes 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 reduce the tax credit for new qualified plug-in electric drive motor vehicles by State subsidies for these vehicles.

1. Short title This Act may be cited as the Close the Double Subsidy Loophole for Electric Vehicles Act . 2. Qualified plug-in electric vehicle tax credit reduction in connection with State subsidy (a) In general Subsection (f) of section 30D of the Internal Revenue Code of 1986 is amended by adding at the end the following: (12) Reduction for State subsidies (A) In general The amount allowed as a credit under this section (without regard to this paragraph) with respect to a vehicle to which this section applies shall be reduced (but not below zero) by the amount of any subsidy in connection with the acquisition or ownership of the vehicle made available by the State in which such vehicle is registered and placed in service by the taxpayer. (B) Subsidy For purposes of subparagraph (A), term subsidy means direct or indirect financial assistance, including tax credits or deductions from taxable income, grants, loans, rebates, vehicle license tax discounts, and vouchers. . (b) Effective date The amendment made by subsection (a) shall apply to property placed in service after the date of the enactment of this Act.