Section 1 Short title
This Act may be cited as the “Close the Double Subsidy Loophole for Electric Vehicles Act”.
Close the Double Subsidy Loophole for Electric Vehicles Act
A BILL
To amend the Internal Revenue Code of 1986 to reduce the tax credit for new qualified plug-in electric drive motor vehicles by State subsidies for these vehicles.
Sec. 2 Qualified plug-in electric vehicle tax credit reduction in connection with State subsidy
In general— Subsection (f) of section 30D of the Internal Revenue Code of 1986 is amended by adding at the end the following:
“(12) Reduction for State subsidies
“(A) In general—The amount allowed as a credit under this section (without regard to this paragraph) with respect to a vehicle to which this section applies shall be reduced (but not below zero) by the amount of any subsidy in connection with the acquisition or ownership of the vehicle made available by the State in which such vehicle is registered and placed in service by the taxpayer.
“(B) Subsidy—For purposes of subparagraph (A), term “subsidy” means direct or indirect financial assistance, including tax credits or deductions from taxable income, grants, loans, rebates, vehicle license tax discounts, and vouchers.”
Effective date— The amendment made by subsection (a) shall apply to property placed in service after the date of the enactment of this Act.