What is the official ID of this bill?
The official print number for this legislation is S 2537.
Tax Credit for Used Electric Vehicles for Working Families
This act amends the Internal Revenue Code to provide a tax credit for previously-owned qualified plug-in electric drive motor vehicles. The credit is subject to taxpayer income limitations and vehicle price caps. Citizens can receive a tax credit, lowering their annual tax obligations.
Key points
A new tax credit of up to $2,500 for purchasing a previously-owned plug-in electric drive motor vehicle.
The credit applies to vehicles with a sale price under $25,000 and must be the first transfer since the act's enactment.
Income limitations apply: the credit is reduced for individuals earning over $75,000 annually ($150,000 for joint filers).
The vehicle's model year must be at least two years older than the calendar year of acquisition, and the buyer must not have claimed this credit in the past three years.
A Vehicle Identification Number (VIN) must be included on the tax return, and the seller must provide a certificate.
Status:
Expired
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