The ELITE Vehicles Act would repeal four major federal tax incentives for electric vehicles and related charging infrastructure. Specifically, it would eliminate the $7,500 tax credit for new electric vehicle purchases, the tax credit for previously-owned electric vehicles, the tax credit for qualified commercial electric vehicles, and the tax credit for electric vehicle charging property installation. These changes would apply to any vehicles purchased or for which a binding purchase contract has been entered into more than 30 days after the bill becomes law. The legislation would affect individual consumers, commercial businesses, and companies involved in the EV and charging infrastructure industries by removing financial incentives that currently reduce the cost of going electric. No new federal funding is authorized under this bill, as it is designed to eliminate existing tax credits rather than create new spending programs.
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