Oklahoma U.S. Sen. James Lankford was among several Senators who joined Wyoming Sen. John barrasso in the introduction of legislation to bring an end to the federal electric vehicle and charging stations tax credit.
It’s called the The Eliminating Lavish Incentives to Electric (ELITE) Vehicles Act (S. 4237) And BArrasso said it would stop taxpayer money from subsidizing the purchase of luxury electric vehicles for high-income individuals and corporations.
This bill specifically repeals the $7,500 tax credit for new electric vehicles (EVs), eliminates the tax credit for purchasing used EVs, wipes out the federal investment tax credit for electric vehicle charging stations, and closes the “leasing loophole” that has allowed certain taxpayers and foreign entities to evade restrictions on EV incentives. This legislation would also prevent China from exploiting loopholes and circumventing guardrails to access U.S. tax credits associated with electric vehicles.
“The electric vehicle tax credit benefits the wealthiest of Americans and costs hardworking American taxpayers billions of dollars,” said Senator Barrasso in announcing the introduction of his bill.
He said working families in Wyoming should not be footing the bill for the luxuries of what he called “Biden’s climate elitists.”
“The federal government has no business pushing Americans into expensive electric cars they don’t want or can’t afford. Repealing these tax credits keeps China out of our markets and lets Americans, not Washington, use their hard-earned money to purchase the vehicles that are best for them.”
Co-sponsors of this legislation include U.S. Senators Mike Braun (R-Ind.), Shelley Moore Capito (R-W.Va.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Steve Daines, (R-Mont.), Joni Ernst (R-Iowa), John Hoeven (R-N.D.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), and John Thune (R-S.D.).
This legislation is supported by Americans for Prosperity, the National Taxpayers Union, and Heritage Action.
Full text of the legislation can be found here.
