Michael F. Donoughe Tax Credit for Off Road Electric Vehicles Act

Hozzl · 2022-12-21T20:15:19Z

Explore the details of House Bill 9481 Michael F. Donoughe Tax Credit for Off Road Electric Vehicles Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/21/2022, 8:15 PM

Summary of Bill HR 9481

Bill 117 HR 9481, also known as the Michael F. Donoughe Tax Credit for Off Road Electric Vehicles Act, is a piece of legislation introduced in the US Congress. The bill aims to provide tax credits for individuals who purchase off-road electric vehicles.

The tax credit would be available to individuals who purchase off-road electric vehicles for use on private property or off-road trails. The amount of the tax credit would be based on the cost of the vehicle, with a maximum credit of $2,500.

The bill is named after Michael F. Donoughe, a prominent advocate for electric vehicles and sustainable transportation. Supporters of the bill argue that it will incentivize the purchase of off-road electric vehicles, which are more environmentally friendly than traditional gas-powered vehicles. Opponents of the bill may argue that it could lead to a loss of tax revenue for the government, or that it unfairly benefits individuals who can afford to purchase off-road electric vehicles. Overall, the Michael F. Donoughe Tax Credit for Off Road Electric Vehicles Act is a proposed piece of legislation that aims to promote the use of electric vehicles for off-road purposes through the use of tax credits.

Congressional Summary of HR 9481

Michael F. Donoughe Tax Credit for Off Road Electric Vehicles Act

This bill allows a new tax credit for new off-road plug-in electric vehicles. The amount of the credit in a taxable year is the lesser of 10% of the cost of such vehicle, or $2,500. The bill defines a new qualified off-road plug-in electric vehicle to include any vehicle that has a capacity of not less than 6 kilowatt hours (currently, 7 kilowatt hours), has a dry weight of less that 3,500 pounds, has 3 or more wheels and 1 or more seats, is designed to be used primarily on rough terrain, and is capable of achieving a speed of 40 miles per hour.

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Current Status of Bill HR 9481

Bill HR 9481 is currently in the status of Bill Introduced since December 8, 2022. Bill HR 9481 was introduced during Congress 117 and was introduced to the House on December 8, 2022. Bill HR 9481's most recent activity was Referred to the House Committee on Ways and Means. as of December 8, 2022