WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), John Barrasso (R-WY), John Thune (R-SD), and 12 Republican colleagues introduced the Eliminating Lavish Incentives to Electric (ELITE) Vehicles Act to end the federal electric vehicle and charging stations tax credit. This legislation stops taxpayer money from subsidizing luxury electric vehicles (EVs) for high-income individuals and corporations.
“The Biden administration giving tax credits at the environmental lobby’s bidding is not good policy,” said Dr. Cassidy. “American taxpayers should not have to foot the bill so millionaires can zip around in their electric cars.”
“The hard-earned money of taxpaying Americans should not cover the cost for the luxuries of the nation’s elite. Nor should we be allowing China to infiltrate our markets and undermine our supply chain,” said Senator Barrasso. “Repealing these reckless tax credits from the Biden administration once and for all will stop Washington from giving handouts to our adversaries and high-income individuals. Wyoming families should not foot the bill for expensive electric cars they don’t want and can’t afford.”
“American taxpayers should not have to foot the bill for the Biden administration’s sweeping windfall for electric vehicles,” said Senator Thune. “I’m proud to join Sen. Barrasso in this effort to end the exorbitant tax burden that was placed on American households to fuel a reckless and unrealistic environmental agenda.”
The ELITE Vehicles Act would:
- Repeal the $7,500 tax credit for new EVs.
- Eliminate the tax credit for purchasing used EVs.
- Wipe out the federal investment tax credit for electric vehicle charging stations.
- Close the “leasing loophole” that has allowed certain taxpayers and foreign entities to evade restrictions on EV incentives.
- Stop China from exploiting loopholes and circumventing guardrails to access U.S. tax credits associated with electric vehicles.
Cassidy, Barrasso, and Thune were joined by U.S. Senators James Lankford (R-OK), Cynthia Lummis (R-WY), Kevin Cramer (R-ND), Tom Cotton (R-AR), Shelley Moore Capito (R-WV), Tim Sheehy (R-MT), Pete Ricketts (R-NE), Joni Ernst (R-IA), Roger Marshall (R-KS), Thom Tillis (R-NC), John Hoeven (R-ND), and Rick Scott (R-FL) in introducing the bill.
This legislation is supported by the American Fuel & Petrochemical Manufacturers, Americans for Prosperity, National Taxpayers Union, and Heritage Action.
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