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ELITE Vehicles Act
12/30/2022, 5:47 PM
Summary of Bill HR 3796
The ELITE Vehicles Act, also known as Bill 117 hr 3796, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to promote the development and deployment of advanced vehicle technologies in the United States.
The ELITE Vehicles Act focuses on several key areas. First, it aims to establish a grant program to support research and development of advanced vehicle technologies, such as electric vehicles, autonomous vehicles, and alternative fuel vehicles. These grants would be awarded to eligible entities, such as universities, research institutions, and private companies, to help fund projects that advance the state of the art in vehicle technology.
Second, the bill seeks to incentivize the adoption of advanced vehicle technologies by providing tax credits to consumers who purchase qualifying vehicles. These tax credits would help offset the higher upfront costs associated with advanced vehicles, making them more affordable for the average consumer. Additionally, the ELITE Vehicles Act includes provisions to support the deployment of charging and refueling infrastructure for electric and alternative fuel vehicles. This infrastructure is critical to the widespread adoption of advanced vehicles, as it ensures that consumers have convenient and reliable access to the necessary resources to power their vehicles. Overall, the ELITE Vehicles Act is aimed at accelerating the development and adoption of advanced vehicle technologies in the United States. By providing funding for research and development, incentivizing consumer adoption, and supporting the necessary infrastructure, this bill seeks to position the US as a leader in the global automotive industry and reduce the country's dependence on fossil fuels.
The ELITE Vehicles Act focuses on several key areas. First, it aims to establish a grant program to support research and development of advanced vehicle technologies, such as electric vehicles, autonomous vehicles, and alternative fuel vehicles. These grants would be awarded to eligible entities, such as universities, research institutions, and private companies, to help fund projects that advance the state of the art in vehicle technology.
Second, the bill seeks to incentivize the adoption of advanced vehicle technologies by providing tax credits to consumers who purchase qualifying vehicles. These tax credits would help offset the higher upfront costs associated with advanced vehicles, making them more affordable for the average consumer. Additionally, the ELITE Vehicles Act includes provisions to support the deployment of charging and refueling infrastructure for electric and alternative fuel vehicles. This infrastructure is critical to the widespread adoption of advanced vehicles, as it ensures that consumers have convenient and reliable access to the necessary resources to power their vehicles. Overall, the ELITE Vehicles Act is aimed at accelerating the development and adoption of advanced vehicle technologies in the United States. By providing funding for research and development, incentivizing consumer adoption, and supporting the necessary infrastructure, this bill seeks to position the US as a leader in the global automotive industry and reduce the country's dependence on fossil fuels.
Congressional Summary of HR 3796
Eliminate Lavish Incentives To Electric Vehicles Act or the ELITE Vehicles Act
This bill terminates the tax credit for new qualified plug-in electric drive motor vehicles 30 days after this bill's enactment date. The credit is permanently repealed for taxable years beginning 1 year and 30 days after enactment.
Read the Full Bill
Current Status of Bill HR 3796
Bill HR 3796 is currently in the status of Bill Introduced since June 8, 2021. Bill HR 3796 was introduced during Congress 117 and was introduced to the House on June 8, 2021. Bill HR 3796's most recent activity was Referred to the House Committee on Ways and Means. as of June 8, 2021
Bipartisan Support of Bill HR 3796
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
38Democrat Cosponsors
0Republican Cosponsors
38Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3796
Primary Policy Focus
TaxationPotential Impact Areas
- Hybrid, electric, and advanced technology vehicles
- Income tax credits
Alternate Title(s) of Bill HR 3796
ELITE Vehicles Act
To amend the Internal Revenue Code of 1986 to terminate the credit for new qualified plug-in electric drive motor vehicles.
ELITE Vehicles Act
Eliminate Lavish Incentives To Electric Vehicles Act
Comments
Sponsors and Cosponsors of HR 3796
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