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End of Tax Credits for Electric Vehicle Purchases

This bill aims to terminate the tax credit program for individuals purchasing new plug-in electric vehicles. If enacted, within 30 days of its passage, the tax deductions for electric vehicle purchases will no longer be available. This could increase the cost of buying such vehicles for consumers.
Key points
Termination of tax credits for new electric vehicle purchases.
Credits will cease 30 days after the bill becomes law.
Potential increase in electric vehicle costs for citizens.
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Additional Information
ELITE Vehicles Act
Print number: S 1969
Sponsor: Sen. Barrasso, John [R-WY]
Process start date: 2021-06-08