skip to main content

S. 3582 (115th): 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.

Compare this bill to another bill:

React to this bill with an emoji

(About Ads | Hide These Ads)

The text of the bill below is as of Oct 11, 2018 (Introduced). The bill was not enacted into law.

Summary of this bill

How much money should a customer get for buying a Tesla or similar car?

Context

Anybody who purchases an electric vehicle can receive a $7,500 federal tax credit. The most famous electric vehicles are produced by Telsa, the company founded by Elon Musk.

However, that tax credit is cut in half to $3,750 and then again shortly thereafter to $1,875 once an automaker has sold 200 thousand vehicles in the U.S. The provision was started in 2010 during the Obama Administration, intended to help smaller companies get off the ground but not unnecessarily help companies that are already large and successful.

Tesla sold its 200 thousandth electric vehicle in July …

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.