S. 1969 - Eliminate Lavish Incentives To Electric (ELITE) Vehicles Act

117TH CONGRESS
1ST SESSION

S. 1969

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

IN THE SENATE OF THE UNITED STATES

JUNE 8, 2021

Mr. BARRASSO introduced the following bill; which was read
twice and referred to the Committee on Finance

A BILL

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

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Eliminate Lavish Incentives To Electric Vehicles Act" or the "ELITE Vehicles Act".

SEC. 2. TERMINATION AND REPEAL OF CREDIT FOR NEW QUALIFIED PLUG-IN ELECTRIC DRIVE MOTOR VEHICLES.

(a) 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.".

 (b) REPEAL. — 

(1) 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).

(2) CONFORMING AMENDMENTS. — 

(A) Section 38(b) of the Internal Revenue Code of 1986 is amended by striking paragraph (30).

(B) Section 1016(a) of such Code is amended by striking paragraph (37).

(C) Section 6501(m) of such Code is amended by striking "30D(e)(4),".

(3) 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.