ELITE Vehicles Act

Bill: 119-s-541
Sponsor: full_name: Sen. Barrasso, John [R-WY]
Introduced: 2025-02-12
Policy area: Taxation
Latest action: action_date: 2025-02-12
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2025-02-12
action_desc: Introduced in Senate
text: <p><strong>Eliminate Lavish Incentives To Electric Vehicles Act or the ELITE Vehicles Act</strong></p><p>This bill eliminates federal tax credits for the purchase of certain clean vehicles (generally electric vehicles and plug-in hybrid vehicles) and electric&nbsp;vehicle recharging stations.</p><p>Specifically, the bill repeals the federal tax credits for</p><ul><li>the purchase of a qualified used clean vehicle (tax credit of up to $4,000 for the purchase of a previously-owned clean vehicle before 2033),</li><li>the purchase of a qualified new clean vehicle (tax credit of up to $7,500 for the purchase of a new clean vehicle before 2033),</li><li>the purchase of a qualified commercial clean vehicle (business tax credit of up to $40,000 for the purchase of a commercial clean vehicle before 2033), and</li><li>alternative fuel vehicle refueling property used to recharge electric vehicles (tax credit of up to $1,000 for individuals or up to $100,000 for businesses for the installation of property before 2033 that is used to recharge electric vehicles).</li></ul>

tv_txt: II 119th CONGRESS 1st Session S. 541 IN THE SENATE OF THE UNITED STATES February 12, 2025 Mr. Barrasso (for himself, Mr. Thune , Mr. Cotton , Mrs. Capito , Mr. Lankford , Ms. Lummis , Mr. Cramer , Mr. Sheehy , Mr. Ricketts , Ms. Ernst , Mr. Cassidy , Mr. Marshall , Mr. Tillis , Mr. Hoeven , and Mr. Scott of Florida ) 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 repeal the credit for new clean vehicles, and for other purposes.

1. Short title This Act may be cited as the Eliminate Lavish Incentives To Electric Vehicles Act or the ELITE Vehicles Act . 2. Repeal of clean vehicle credit (a) In general Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 30D (and by striking the item relating to such section in the table of sections for such subpart). (b) Conforming amendments (1) Section 30B(d)(3) of the Internal Revenue Code of 1986 is amended by striking subparagraph (D). (2) Section 38(b) of such Code is amended by striking paragraph (30). (3) Section 179D(d) of such Code is amended— (A) in paragraph (3)(B)(ii), by striking (as defined in section 30D(g)(9)) , and (B) by adding at the end the following new paragraph: (6) Indian tribal government For purposes of this subsection, the term Indian tribal government means the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the list published most recently as of the date of enactment of this paragraph pursuant to section 104 of the Federally Recognized Indian Tribe List Act of 1994 ( 25 U.S.C. 5131 ). . (4) Section 1016(a) of such Code is amended— (A) in paragraph (36), by adding and at the end, (B) by striking paragraph (37), and (C) by redesignating paragraph (38) as paragraph (37). (5) Section 6213(g)(2) of such Code is amended by striking subparagraph (T). (6) Section 6417(d)(1)(A)(iv) of such Code is amended by striking section 30D(g)(9) and inserting section 179D(d)(6) . (7) Section 6501(m) of such Code is amended by striking 30D(f)(6), . (8) Section 166(b)(5)(A)(ii) of title 23, United States Code, is amended by inserting , as in effect on the date of the enactment of the ELITE Vehicles Act after section 30D(d)(1) of the Internal Revenue Code of 1986 . (c) Effective date The amendments made by this section shall apply to vehicles purchased, or for which a written binding contract to purchase has been entered into, after the date which is 30 days after the date of enactment of this Act. 3. Repeal of credit for previously-owned clean vehicles (a) In general Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 25E (and by striking the item relating to such section in the table of sections for such subpart). (b) Conforming amendment Section 6213(g)(2) of the Internal Revenue Code of 1986 is amended by striking subparagraph (U). (c) Effective date The amendments made by this section shall apply to vehicles purchased, or for which a written binding contract to purchase has been entered into, after the date which is 30 days after the date of enactment of this Act. 4. Repeal of credit for qualified commercial clean vehicles (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 45W (and by striking the item relating to such section in the table of sections for such subpart). (b) Conforming amendments (1) Section 38(b) of the Internal Revenue Code of 1986, as amended by sections 13502, 13701, and 13704 of Public Law 117–169 , is amended— (A) by striking paragraph (37), and (B) by redesignating paragraphs (38) through (41) as paragraphs (37) through (40), respectively. (2) Section 6213(g)(2) of such Code is amended— (A) by adding and at the end of subparagraph (R), (B) by striking the comma at the end of subparagraph (S) and inserting a period, and (C) by striking subparagraph (V). (c) Effective date The amendments made by this section shall apply to vehicles purchased, or for which a written binding contract to purchase has been entered into, after the date which is 30 days after the date of enactment of this Act. 5. Exclusion of electric vehicle recharging property from alternative fuel vehicle refueling property credit (a) In general Section 30C of the Internal Revenue Code of 1986 is amended— (1) in subsection (c)— (A) in paragraph (1)(B), by striking clause (iii), and (B) by striking paragraph (2) and inserting the following: (2) Exclusion of electric vehicle recharging property The term qualified alternative fuel vehicle refueling property shall not include any property for the recharging of motor vehicles propelled by electricity. , and (2) by striking subsection (f). (b) Effective date The amendments made by this section shall apply to property purchased, or for which a written binding contract to purchase has been entered into, after the date which is 30 days after the date of enactment of this Act.