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Saving Americans from Vehicle Energy Costs Act

12/29/2022, 10:18 PM

Summary of Bill HR 7295

Bill 117 hr 7295, also known as the Saving Americans from Vehicle Energy Costs Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to reduce the energy costs associated with owning and operating vehicles in the United States.

One of the key provisions of the Saving Americans from Vehicle Energy Costs Act is the establishment of a grant program to incentivize the development and deployment of alternative fuel vehicles. This program would provide funding to states, local governments, and private entities to support the expansion of infrastructure for electric vehicles, hydrogen fuel cell vehicles, and other alternative fuel technologies.

Additionally, the bill aims to promote the use of renewable fuels by requiring federal agencies to prioritize the purchase of vehicles that run on biofuels or other renewable sources. This would help reduce the country's dependence on fossil fuels and lower greenhouse gas emissions. Furthermore, the Saving Americans from Vehicle Energy Costs Act includes measures to improve the energy efficiency of vehicles by encouraging the adoption of fuel-efficient technologies and promoting the use of lightweight materials in vehicle manufacturing. Overall, this bill seeks to address the rising energy costs associated with vehicle ownership and operation in the United States by promoting the use of alternative fuels, renewable energy sources, and energy-efficient technologies. If passed, it could have a significant impact on reducing the country's carbon footprint and promoting a more sustainable transportation system.

Congressional Summary of HR 7295

Saving Americans from Vehicle Energy Costs Act

This bill allows individual taxpayers a new refundable tax credit for owning or leasing a vehicle treated as a motor vehicle under the Clean Air Act and registered for highway use. The monthly amount of the credit is $300 times the number of such vehicles owned or leased by the taxpayer. Taxpayers whose adjusted gross income exceeds $200,000 ($400,000 in the case of a joint tax return) in any taxable year are not eligible for the credit.

The Department of the Treasury must establish a program for advance monthly payments of the credit.

Current Status of Bill HR 7295

Bill HR 7295 is currently in the status of Bill Introduced since March 30, 2022. Bill HR 7295 was introduced during Congress 117 and was introduced to the House on March 30, 2022.  Bill HR 7295's most recent activity was Referred to the House Committee on Ways and Means. as of March 30, 2022

Bipartisan Support of Bill HR 7295

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7295

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7295

Saving Americans from Vehicle Energy Costs Act
Saving Americans from Vehicle Energy Costs Act
To amend the Internal Revenue Code of 1986 to provide an advanceable refundable credit for individuals who own or lease certain motor vehicles.

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