Increasing the Number of Qualified Electric Vehicles Eligible for a Tax Credit (S. 232)
Key InformationSponsor: Levin (D-MI)
Status: Assigned to Committee (
To amend the Internal Revenue Code of 1986 to increase the manufacturer limitation on the number of new qualified plug-in electric drive motor vehicles eligible for credit.
Summary: This bill proposes to amend Section 30D(e) of the Internal Revenue Code, which is a phaseout provision for the electric vehicle tax credit. Under current law, once a manufacturer has produced 200,000 qualified electric vehicles, the credit will be stepped down progressively over a one-year period before expiring altogether for that manufacturer. This bill proposes to increase the phaseout threshold to 500,000 vehicles.