[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 327 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 327

To amend the Internal Revenue Code of 1986 to reduce the tax credit for 
new qualified plug-in electric drive motor vehicles by State subsidies 
                          for these vehicles.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 12, 2023

  Mr. Estes introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to reduce the tax credit for 
new qualified plug-in electric drive motor vehicles by State subsidies 
                          for these vehicles.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Close the Double Subsidy Loophole 
for Electric Vehicles Act''.

SEC. 2. QUALIFIED PLUG-IN ELECTRIC VEHICLE TAX CREDIT REDUCTION IN 
              CONNECTION WITH STATE SUBSIDY.

    (a) In General.--Subsection (f) of section 30D of the Internal 
Revenue Code of 1986 is amended by adding at the end the following:
            ``(12) Reduction for state subsidies.--
                    ``(A) In general.--The amount allowed as a credit 
                under this section (without regard to this paragraph) 
                with respect to a vehicle to which this section applies 
                shall be reduced (but not below zero) by the amount of 
                any subsidy in connection with the acquisition or 
                ownership of the vehicle made available by the State in 
                which such vehicle is registered and placed in service 
                by the taxpayer.
                    ``(B) Subsidy.--For purposes of subparagraph (A), 
                term `subsidy' means direct or indirect financial 
                assistance, including tax credits or deductions from 
                taxable income, grants, loans, rebates, vehicle license 
                tax discounts, and vouchers.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to property placed in service after the date of the enactment of 
this Act.
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