H.R. 10881
21st Century Vehicle Choice Act
Sponsor: Greg Landsman · 0 cosponsors
Official summary
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Text of the bill
(a) Limitation to single vehicle. Section 30D(b) of such the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
(4) No credit for taxpayers allowed credit in previous taxable year. In the case of a new clean vehicle placed in service by a taxpayer to whom any credit is allowed under this section— paragraphs (2) and (3) shall be applied by substituting $0 for the dollar amounts in such paragraphs.
(A) in any previous taxable year, or
(B) with respect to any new clean vehicle placed in service by such taxpayer earlier in such taxable year,
(b) Increase in credit amount. Section 30D(b) of such Code is amended by striking $3,750 in paragraphs (2) and (3) and inserting $7,500.
(c) Modification of limitation based on modified adjusted gross income. Section 30D(f)(10)(B) of such Code is amended—
(1) by striking $300,000 in clause (i) and inserting $225,000,
(2) by striking $225,000 in clause (ii) and inserting $169,000, and
(3) by striking $150,000 in clause (iii) and inserting $112,500.
(d) Credit made permanent. Section 30D of such Code is amended by striking subsection (h).
(e) Conforming amendment. Section 30D(a) of such Code is amended by striking each and inserting a.
(f) Effective date. The amendments made by this section shall apply to vehicles placed in service after the date of the enactment of this Act.