[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1271 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 1271
To amend the Internal Revenue Code of 1986 to extend certain tax
credits related to electric cars, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 23, 2021
Mr. Welch (for himself, Mr. Khanna, Mr. Tonko, Mr. Cartwright, Mr.
Connolly, Mr. Cleaver, Ms. Pingree, Ms. Scanlon, Ms. Wasserman Schultz,
Mr. Carbajal, Mr. Grijalva, Ms. Matsui, Mr. Casten, and Mr. Huffman)
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 extend certain tax
credits related to electric cars, and for other purposes.
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 ``Electric Credit Access Ready at Sale
Act of 2021'' or the ``Electric CARS Act of 2021''.
SEC. 2. EXTENSION AND MODIFICATION OF NEW QUALIFIED PLUG-IN ELECTRIC
DRIVE MOTOR VEHICLES CREDIT.
(a) Extension.--
(1) In general.--Subsection (e) of section 30D of the
Internal Revenue Code of 1986 is amended to read as follows:
``(e) Termination.--This section shall not apply to any new
qualified plug-in electric drive motor vehicle placed in service after
December 31, 2031.''.
(2) 2- and 3-wheeled plug-in electric vehicles.--
Subparagraph (E) of section 30D(g)(3) of such Code is amended
by striking ``or'' at the end of clause (i), by redesignating
clause (ii) as clause (iii), and by inserting after clause (i)
the following new clause:
``(ii) after December 31, 2020, and before
January 1, 2032, or''.
(b) Credit May Be Assigned to Financing Entity.--Section 30D(f) of
the Internal Revenue Code of 1986 is amended by adding at the end the
following new paragraph:
``(8) Credit may be assigned to financing entity.--
``(A) In general.--The taxpayer to whom the credit
which would (but for this paragraph) be allowed under
subsection (a) for any taxable year with respect to a
vehicle may assign such credit to the person who
financed the purchase (or lease of at least 2 years) of
such vehicle. Any person to whom such credit is
assigned under the preceding sentence shall be treated
for purposes of this title as the taxpayer who placed
such vehicle in service.
``(B) Disclosure requirement.--Subparagraph (A)
shall not apply with respect to any vehicle unless the
person to whom the credit is assigned clearly discloses
in writing to the taxpayer the amount of the credit
allowable under subsection (a) with respect to such
vehicle (determined without regard to subsection
(c)).''.
(c) Carryforward of Unused Credit.--Section 30D of the Internal
Revenue Code of 1986 is amended by redesignating subsection (g) (as
amended by subsection (a)(2)) as subsection (h), and by inserting after
subsection (f) the following new subsection:
``(g) Carryforward of Unused Credit.--
``(1) In general.--If the credit allowable under subsection
(a) (after the application of subsection (e)) exceeds the
limitation imposed by section 26(a) for such taxable year
reduced by the sum of the credits allowable under this subpart
(other than subsection (a) of this section), such excess shall
be carried to the succeeding taxable year and treated as a
credit allowable under subsection (a) for such succeeding
taxable year.
``(2) Limitation.--No amount of credit may be carried
forward under this subsection to any taxable year following the
5th taxable year after the taxable year in which the credit
arose. For purposes of the preceding sentence, credits shall be
treated as used on a first-in, first-out basis.''.
(d) Effective Dates.--
(1) Extension.--The amendments made by subsection (a) shall
apply to vehicles acquired after December 31, 2020.
(2) Assignment.--The amendments made by subsection (b)
shall apply to vehicles acquired more than 60 days after the
date of the enactment of this Act.
(3) Carryforward.--The amendments made by subsection (c)
shall apply to vehicles sold after the date of the enactment of
this Act.
SEC. 3. EXTENSION OF THE ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY
CREDIT.
(a) In General.--Section 30C(g) of the Internal Revenue Code of
1986 is amended by striking ``2021'' and inserting ``2031''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2021.
SEC. 4. EXTENSION OF THE ALTERNATIVE MOTOR VEHICLE CREDIT.
(a) In General.--Paragraph (1) of section 30B(k) of the Internal
Revenue Code of 1986 is amended by striking ``2021'' and inserting
``2031''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2021.
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