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Electric Vehicle Tax Credits: Extended and Easier Access

This act extends tax credits for electric vehicle purchases until the end of 2031. It also allows the credit to be assigned directly to the financing entity, potentially lowering the upfront cost. Unused credits can now be carried forward to future tax years.
Key points
Tax credits for new electric vehicles are available until the end of 2031.
You can assign your tax credit directly to the company financing your vehicle, potentially reducing the purchase price immediately.
If you don't use the full credit in one year, you can carry it forward for up to 5 years.
Tax credits for alternative fuel vehicle refueling property and alternative motor vehicles are extended until 2031.
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Expired
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Additional Information
Print number: 117_S_395
Sponsor: Sen. Merkley, Jeff [D-OR]
Process start date: 2021-02-23
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Electric CARS Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_395.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-23.

What are the main provisions?

Key points include:

  • Tax credits for new electric vehicles are available until the end of 2031.
  • You can assign your tax credit directly to the company financing your vehicle, potentially reducing the purchase price immediately.
  • If you don't use the full credit in one year, you can carry it forward for up to 5 years.
  • Tax credits for alternative fuel vehicle refueling property and alternative motor vehicles are extended until 2031.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Merkley, Jeff [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Transport Environment