Bill > S2962

This bill, the "Drive American Act," proposes to: 1. Repeal various tax incentives related to electric vehicles, including the clean vehicle credit, the credit for previously-owned clean vehicles, the credit for qualified commercial clean vehicles, and the alternative fuel refueling property credit. 2. Establish a new "America First Vehicle Credit" that provides a tax credit of up to $7,500 for the purchase of new vehicles that are manufactured in the United States, have a certain percentage of regional and labor value content, and meet other requirements related to vehicle size, propulsion, and assembly location. The bill aims to promote automobile manufacturing in the United States by eliminating existing tax incentives for electric vehicles and creating a new tax credit for vehicles that are produced domestically with significant domestic content. Key terms include "regional value content," "labor value content," "qualifying wage-rate assembly plant," and "qualifying wage-rate production plant," which are defined in the bill.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/2962/all-info