The Restoring Vehicle Market Freedom Act of 2023 would eliminate five federal tax credits currently available for alternative fuel and electric vehicles. Specifically, the bill repeals tax credits for previously owned clean vehicles, alternative motor vehicles, alternative fuel vehicle refueling property, new qualified plug-in electric drive motor vehicles, and qualified commercial clean vehicles. These credits currently allow buyers and businesses to reduce their federal tax liability when purchasing or installing charging infrastructure for electric and alternative fuel vehicles. The legislation would take effect immediately upon passage for vehicles and property acquired or placed in service after the bill's enactment date. By repealing these incentives, the bill would remove a significant financial advantage for consumers and businesses considering purchases of electric and alternative fuel vehicles.
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