U.S. Senator James Lankford is joining forces with U.S. Senator John Barrasso on a bill which would repeal several electric vehicle related tax credits.
The Eliminating Lavish Incentives to Electric (ELITE) Vehicles Act repeals the $7,500 tax credit for purchasing a new EV, another tax credit for buying a used EV, the federal investment tax credit for EV charging stations. It also closes a “leasing loophole” that has allowed certain taxpayers and foreign entities to evade restrictions on EV incentives.
“The Biden Administration loves giving Americans’ hard-earned tax money away to his preferred voters. The latest examples are his tax breaks for luxury electric vehicles and free charging stations. We should lower the price of energy for all Americans, especially for those who need it most,” said Lankford.
