Ending the Electric Vehicle Entitlement for the Wealthy

“(3) Elimination of personal credit based on adjusted gross income

“(A) In general—For purposes of paragraph (2), in the case of any new qualified plug-in electric drive motor vehicle which is placed in service by a taxpayer during any taxable year, if the adjusted gross income of such taxpayer for such taxable year exceeds the threshold amount, the amount of the credit otherwise allowable under subsection (a) for such taxable year shall be reduced to zero.

“(B) Threshold amount—For purposes of this paragraph, the term threshold amount means—

“(i) in the case of any taxpayer filing a joint return for the taxable year, $326,600, and

“(ii) in the case of any taxpayer not filing a joint return for the taxable year, $163,300.

“(C) Inflation adjustment

“(i) In general—In the case of any taxable year beginning after 2021, each of the dollar amounts in subparagraph (B) shall be increased by an amount equal to—

“(I) such dollar amount, multiplied by

“(II) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting “calendar year 2020” for “calendar year 2016” in subparagraph (A)(ii) thereof.

“(ii) Rounding—If any increase determined under clause (i) is not a multiple of $100, such increase shall be rounded to the nearest multiple of $100.”