Section 1 Short title
This Act may be cited as the “Foreign Automobile Industry Restriction on Electric Vehicle Tax Credits Act of 2023” or the “FAIR-EV Tax Credits Act of 2023”.
Foreign Automobile Industry Restriction on Electric Vehicle Tax Credits Act of 2023
A BILL
To amend the Internal Revenue Code of 1986 to prohibit foreign adversaries and certain entities related to such adversaries from claiming certain tax credits relating to electric vehicles.
Sec. 2 Prohibiting foreign adversaries and certain entities related to such adversaries from claiming certain tax credits relating to electric vehicles
In general— Section 30D(d)(3) of the Internal Revenue Code of 1986 is amended to read as follows:
“(3) Qualified manufacturer—The term “qualified manufacturer” means any manufacturer (within the meaning of the regulations prescribed by the Administrator of the Environmental Protection Agency for purposes of the administration of title II of the Clean Air Act (42 U.S.C. 7521 et seq.)) which—
“(A) enters into a written agreement with the Secretary under which such manufacturer agrees to make periodic written reports to the Secretary (at such times and in such manner as the Secretary may provide) providing vehicle identification numbers and such other information related to each vehicle manufactured by such manufacturer as the Secretary may require, and
“(B) is not—
“(i) an entity majority-owned by or organized under the laws of a foreign adversary (as defined in part 7.4 of title 15, Code of Federal Regulations or any successor regulation), or
“(ii) a related person (as defined in section 1031(f)(3)) of an entity described in clause (i).”
Effective date— The amendment made by this section shall apply to vehicles placed in services after the date of the enactment of this section.