Senator John Barrasso has put forth the ELITE Vehicles Act would take away a $7,500 tax credit for new electric vehicles, eliminate the tax credit for buying used EV's, wipe out federal investment tax credit for EV charging stations, and in Barrasso's words close the leasing loophole that allows certain taxpayers and foreign entities to evade restrictions on EV incentives.
Senator John Barrasso has put forth the ELITE Vehicles Act would take away a $7,500 tax credit for new electric vehicles, eliminate the tax credit for buying used EV's, wipe out federal investment tax credit for EV charging stations, and in Barrasso's words close the leasing loophole that allows certain taxpayers and foreign entities to evade restrictions on EV incentives.