S 993 — Electric CARS Act of 2019

Summary

Electric Credit Access Ready at Sale Act of 2019 or the Electric CARS Act of 2019 This bill modifies and extends several tax credits related to electric cars. The bill extends the tax credit for new qualified plug-in electric drive motor vehicles through 2029. In addition, the bill modifies the credit to remove the limitation on the number of vehicles per manufacturer that are eligible for the credit, allow a taxpayer to assign the credit to a financing entity, and allow an unused credit to be carried forward for five years. The bill also extends through 2029 the tax credits for (1) alternative fuel vehicle refueling property, and (2) alternative motor vehicles.

Bill Text

• Introduced Introduced in Senate Current html April 02, 2019

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill extends tax credits related to electric vehicles and modifies certain provisions in the Internal Revenue Code.

• 30D(e)

  This section shall not apply to any new qualified plug-in electric drive motor vehicle placed in service after December 31, 2020. → This section shall not apply to any new qualified plug-in electric drive motor vehicle placed in service after December 31, 2029.

  Extends the termination date for the new qualified plug-in electric drive motor vehicle credit to December 31, 2029.

• 30D(g)(3)(E)

  or → or

  Modifies the eligibility period for 2- and 3-wheeled plug-in electric vehicles to include those placed in service after December 31, 2018, and before January 1, 2030.

• 30D(f)

  Credit may be assigned to financing entity.-- (A) In general.--The taxpayer to whom the credit which would (but for this paragraph) be allowed under subsection (a) for any taxable year with respect to a vehicle may assign such credit to the person who financed the purchase (or lease of at least 2 years) of such vehicle. Any person to whom such credit is assigned under the preceding sentence shall be treated for purposes of this title as the taxpayer who placed such vehicle in service. (B) Disclosure requirement.--Subparagraph (A) shall not apply with respect to any vehicle unless the person to whom the credit is assigned clearly discloses in writing to the taxpayer the amount of the credit allowable under subsection (a) with respect to such vehicle (determined without regard to subsection (c)).

  Allows taxpayers to assign their electric vehicle tax credits to financing entities under certain conditions.

• 30D

  Carryforward of Unused Credit.-- (1) In general.--If the credit allowable under subsection (a) (after the application of subsection (e)) exceeds the limitation imposed by section 26(a) for such taxable year reduced by the sum of the credits allowable under this subpart (other than subsection (a) of this section), such excess shall be carried to the succeeding taxable year and treated as a credit allowable under subsection (a) for such succeeding taxable year. (2) Limitation.--No amount of credit may be carried forward under this subsection to any taxable year following the 5th taxable year after the taxable year in which the credit arose. For purposes of the preceding sentence, credits shall be treated as used on a first-in, first-out basis.

  Establishes a mechanism for carrying forward unused electric vehicle tax credits to future taxable years.

• 30C(g)

  2017 → 2029

  Extends the expiration date for the alternative fuel vehicle refueling property credit to 2029.

• 30B(k)(1)

  2017 → 2029

  Extends the expiration date for the alternative motor vehicle credit to 2029.

Action History

1. April 02, 2019

   Introduced in Senate

2. April 02, 2019

   Read twice and referred to the Committee on Finance.

Sponsors

• Jeff Merkley · Primary

Subjects