The ELITE Vehicles Act would repeal four major federal tax credits that currently incentivize the purchase of electric vehicles. Specifically, it eliminates the tax credit for new clean vehicles, the credit for previously-owned electric vehicles, the credit for qualified commercial clean vehicles, and removes electric vehicle charging infrastructure from eligibility for alternative fuel vehicle refueling property credits. These changes would take effect 30 days after the bill is enacted for any vehicles purchased or for which binding purchase contracts have been entered into after that date. The bill also makes conforming amendments to the tax code to remove references to the eliminated credits and clarify certain definitions. Currently, these credits provide significant financial incentives for consumers and businesses to purchase electric vehicles and install charging equipment, so eliminating them would substantially reduce federal support for electric vehicle adoption.
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