This bill extends federal tax credits for clean electric vehicles to U.S. possessions including Puerto Rico, the U.S. Virgin Islands, Guam, and other territories. Currently, residents of these possessions cannot claim the electric vehicle tax credits available to mainland Americans. The legislation allows possessions with their own tax systems to adopt the clean vehicle credit provisions if they choose, while requiring the federal government to make direct payments to possessions without their own tax systems to compensate residents for the tax benefits they would otherwise receive. The bill also applies the same treatment to the previously-owned clean vehicle tax credit. The changes take effect retroactively as if they were part of the 2022 Inflation Reduction Act that created these clean vehicle incentives.
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