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S. 3582: A bill to amend the Internal Revenue Code of 1986 to establish a new phaseout of the credit for plug-in electric drive motor vehicles.

The text of the bill below is as of Oct 11, 2018 (Introduced).


II

115th CONGRESS

2d Session

S. 3582

IN THE SENATE OF THE UNITED STATES

October 11, 2018

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 establish a new phaseout of the credit for plug-in electric drive motor vehicles.

1.

Phaseout of new qualified plug-in electric drive motor vehicle credit

(a)

In general

Section 30D(e) of the Internal Revenue Code of 1986 is amended—

(1)

in the heading, by striking Limitation on number of new qualified plug-in electric drive motor vehicles eligible for credit and inserting Phaseout of credit;

(2)

by striking paragraph (2) and inserting the following:

(2)

Phaseout period

For purposes of this subsection, the phaseout period is calendar year 2022.

; and

(3)

by striking paragraph (4).

(b)

Effective date

The amendments made by this section shall apply to vehicles sold after December 31, 2018.