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S. 3582 - To amend the Internal Revenue Code of 1986 to establish a new phaseout of the credit for plug-in electric drive motor vehicles.

Sponsor: Dean Heller (R)
Introduced: 2018-10-11
Bill Status: Read twice and referred to the Committee on Finance.
 

This bill amends the Internal Revenue Code, with respect to the tax credit for new plug-in electric drive motor vehicles, to change the phase-out period for the credit to calendar year 2022.

(Under current law, the credit phases out for a manufacturer's vehicles over the one-year period beginning with the second calendar quarter after the calendar quarter in which at least 200,000 qualifying vehicles manufactured by that manufacturer have been sold for use in the United States after December 31, 2009.)

Full Text


115th CONGRESS
2d Session
S. 3582


    To amend the Internal Revenue Code of 1986 to establish a new phaseout of the credit for plug-in electric drive motor vehicles.


IN THE SENATE OF THE UNITED STATES

October 11, 2018

    Mr. Heller introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

    To amend the Internal Revenue Code of 1986 to establish a new phaseout of the credit for plug-in electric drive motor vehicles.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Phaseout of new qualified plug-in electric drive motor vehicle credit.

(a) In general.—Section 30D(e) of the Internal Revenue Code of 1986 is amended—

(1) in the heading, by striking “Limitation on number of new qualified plug-in electric drive motor vehicles eligible for credit” and inserting “Phaseout of credit”;

(2) by striking paragraph (2) and inserting the following:

“(2) PHASEOUT PERIOD.—For purposes of this subsection, the phaseout period is calendar year 2022.”; and

(3) by striking paragraph (4).

(b) Effective date.—The amendments made by this section shall apply to vehicles sold after December 31, 2018.


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