S. 1969 — Introduced in Senate

II 117th CONGRESS 1st Session S. 1969 IN THE SENATE OF THE UNITED STATES June 8, 2021Mr. Barrasso 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 terminate the credit for new qualified plug-in electric drive motor vehicles. 1. Short title This Act may be cited as the Eliminate Lavish Incentives To Electric Vehicles Act or the ELITE Vehicles Act. 2. Termination and repeal of credit for new qualified plug-in electric drive motor vehicles (a) Termination Section 30D of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (h) Termination Notwithstanding any of the preceding provisions of this section, this section shall not apply to vehicles placed in service after the date that is 30 days after the date of the enactment of this subsection. . (b) Repeal (1) In general Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 30D (and by striking the item relating to such section in the table of sections for such subpart). (2) Conforming amendments (A) Section 38(b) of the Internal Revenue Code of 1986 is amended by striking paragraph (30). (B) Section 1016(a) of such Code is amended by striking paragraph (37). (C) Section 6501(m) of such Code is amended by striking 30D(e)(4),. (3) Effective date The amendments made by this subsection shall apply to taxable years beginning after the date that is 1 year and 30 days after the date of the enactment of this Act.