This bill extends and enhances federal tax credits and funding for electric vehicles and charging infrastructure through 2031. It extends the tax credit for used electric vehicles through the end of 2031 and modifies the new electric vehicle tax credit to continue beyond 2025. The bill also increases the tax credit for residential charging equipment from 30 percent to 50 percent and removes geographic restrictions on the alternative fuel vehicle refueling property credit. The legislation authorizes $5 billion for the National Electric Vehicle Formula Program from 2027 through 2031, with specific allocations including $3 million annually for an electric vehicle commission and $150 million annually for the Joint Office of Energy and Transportation. Additional funding includes $400-600 million annually for charging infrastructure grants and $1.15 billion annually for low-emission transit buses. The bill establishes new requirements for states to prioritize charging in underserved urban and rural areas, support medium and heavy-duty vehicle charging, and expand electric vehicle adoption in tourism and airport corridors. It also creates a federal electric vehicle commission to coordinate electrification efforts across multiple agencies and directs the federal government to develop strategies for reducing transportation fuel costs when prices spike significantly.
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