S 541 ยท ELITE Vehicles Act
Read twice and referred to the Committee on Finance.
- Introduced
- Feb 12, 2025
- Latest action
- Feb 12, 2025
- Sponsor
- Sen. John Barrasso [R-WY]
- Policy area
- Taxation
- Cosponsors
- 14
Summary
Eliminate Lavish Incentives To Electric Vehicles Act or the ELITE Vehicles Act This bill eliminates federal tax credits for the purchase of certain clean vehicles (generally electric vehicles and plug-in hybrid vehicles) and electric vehicle recharging stations. Specifically, the bill repeals the federal tax credits for 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), 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), 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 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).
Recent actions
- Feb 12, 2025 Read twice and referred to the Committee on Finance.
- Feb 12, 2025 Introduced in Senate
Votes
No recorded votes are available for this bill.