H.R. 7065 (Introduced in House) — To amend the Internal Revenue Code of 1986 to establish a new phaseout of the credit for plug-in electric drive motor vehicles.

Section 1 Phaseout of new qualified plug-in electric drive motor vehicle credit

(a)

In general— Section 30D(e) of the Internal Revenue Code of 1986 is amended—

(1)

in the heading, by striking “Limitation on number of new qualified plug-in electric drive motor vehicles eligible for credit” and inserting “Phaseout of credit”;

(2)

by striking paragraph (2) and inserting the following:

“(2) Phaseout period—For purposes of this subsection, the phaseout period is the period beginning with calendar year 2022.”

(3)

by striking paragraph (4).

(b)

Effective date— The amendments made by this section shall apply to vehicles sold after December 31, 2018.

To amend the Internal Revenue Code of 1986 to establish a new phaseout of the credit for plug-in electric drive motor vehicles.

Section 1 Phaseout of new qualified plug-in electric drive motor vehicle credit

Cite this provision

Incoming references