Bill > S541

This bill, known as the ELITE Vehicles Act (Eliminate Lavish Incentives To Electric Vehicles Act), proposes to repeal several tax credits and incentives related to electric vehicles in the Internal Revenue Code. Specifically, the bill eliminates the tax credit for new clean vehicles (section 30D), the credit for previously-owned clean vehicles (section 25E), and the credit for qualified commercial clean vehicles (section 45W). Additionally, the bill removes the tax credit for electric vehicle recharging property, effectively excluding electric vehicle charging stations from the alternative fuel vehicle refueling property credit. These changes would apply to vehicles or property purchased, or for which a binding purchase contract has been entered into, 30 days after the Act's enactment. The bill makes numerous technical amendments to related sections of the tax code to remove references to these now-eliminated credits, streamlining the tax code by removing what the bill's sponsors presumably view as excessive financial incentives for electric vehicle adoption.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/541/all-info