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Electric Credit Access Ready at Sale Act of 2014

H.R. 4584 · 113th Congress · May 6, 2014 · Lineage

A BILL

To amend the Internal Revenue Code of 1986 to increase and extend the new qualified plug-in electric drive motor vehicles credit and to enable such credit to be converted to a rebate at the point of sale.

Section 1 Short title

This Act may be cited as the “Electric Credit Access Ready at Sale Act of 2014” or the “Electric CARS Act”.

Sec. 2 Extension and modification of new qualified plug-in electric drive motor vehicles credit

(a)
Increase in maximum credit— Paragraph (3) of section 30D(b) of the Internal Revenue Code of 1986 is amended by striking “$5,000” and inserting “$7,500”.
(b)
Extension— Subsection (e) of section 30D of such Code is amended to read as follows:

“(e) Termination—This section shall not apply to vehicles sold after December 31, 2020.”

(c)
Credit may be assigned to seller— Subsection (f) of section 30D of such Code is amended by adding at the end the following new paragraph:

“(8) Credit may be assigned to seller

“(A) In general—The credit which would (but for this paragraph) be allowed with respect to a vehicle under subsection (a) for any taxable year to any person (hereafter in this paragraph referred to as the “initial taxpayer”)—

“(i) if assigned by the initial taxpayer to the person who sold such vehicle to the initial taxpayer, may be taken into account by such person, and

“(ii) shall not be taken into account by the initial taxpayer.

“(B) Disclosure requirement—Subparagraph (A) shall not apply with respect to any vehicle unless the person to whom the credit is assigned clearly discloses in writing to the initial taxpayer the amount of the credit allowable under subsection (a) with respect to such vehicle (determined without regard to subsection (c)).”

(d)
Effective date—
(1)
In general— Except as provided in paragraph (2), the amendments made by this section shall apply to vehicles acquired after the date of the enactment of this Act.
(2)
Subsection (c)— The amendment made by subsection (c) shall apply to vehicles acquired more than 60 days after the date of the enactment of this Act.