S 395
117th Congress
Senate
Taxation
Alternative and renewable resources
Energy efficiency and conservation
Hybrid, electric, and advanced technology vehicles
Income tax credits
Electric CARS Act of 2021
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 23, 2021
Read twice and referred to the Committee on Finance.
Feb 23, 2021
Introduced in Senate
Plain-English summary
Electric Credit Access Ready at Sale Act of 2021 or the Electric CARS Act of 2021
This bill modifies and extends tax credits for electric cars and alternative motor vehicles.
The bill extends the tax credit for new qualified plug-in electric drive motor vehicles through 2031. 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 2031 the tax credits for (1) alternative fuel vehicle refueling property, and (2) alternative motor vehicles.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1