Section 1 Short title
This Act may be cited as the “Eliminate Lavish Incentives To Electric Vehicles Act” or the “ELITE Vehicles Act”.
Eliminate Lavish Incentives To Electric Vehicles Act
A BILL
To amend the Internal Revenue Code of 1986 to terminate the credit for new qualified plug-in electric drive motor vehicles.
Sec. 2 Termination and repeal of credit for new qualified plug-in electric drive motor vehicles
Termination— Section 30D of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(h) Termination—Notwithstanding any of the preceding provisions of this section, this section shall not apply to vehicles placed in service after the date that is 30 days after the date of the enactment of this subsection.”
Repeal—
In general— Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 30D (and by striking the item relating to such section in the table of sections for such subpart).
Conforming amendments—
Section 38(b) of the Internal Revenue Code of 1986 is amended by striking paragraph (30).
Section 1016(a) of such Code is amended by striking paragraph (37).
Section 6501(m) of such Code is amended by striking “30D(e)(4),”.
Effective date— The amendments made by this subsection shall apply to taxable years beginning after the date that is 1 year and 30 days after the date of the enactment of this Act.