S 541 · 119th CongressIn Committeecongress.gov ↗

ELITE Vehicles Act

What this bill does

AI plain-language summary

This bill would get rid of several federal tax credits related to electric vehicles and plug-in hybrid vehicles. Right now, people can get up to $4,000 off their taxes for buying a used clean vehicle, up to $7,500 for a new one, and businesses can get up to $40,000 for buying a commercial clean vehicle. The bill would also remove tax credits that help individuals and businesses pay for installing electric vehicle charging stations. All of these tax credits are currently set to be available through 2032, but this bill would eliminate them.

Introduced

February 12, 2025

Policy Area

Taxation

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