Minnesota congressman Dean Phillips (D) has launched a bipartisan invoice co-sponsored by Consultant Brian Ok. Fitzpatrick (R) of Pennsylvania, that would offer a $2500 tax credit score for off-road EV purchases.
The invoice reads that, “there shall be allowed as a credit score in opposition to the tax imposed by this chapter for the taxable 12 months an quantity equal to the sum of the relevant quantity with respect to every such new certified off-road plug-in electrical car positioned in service by the taxpayer in the course of the taxable 12 months …”
If it’s handed, the Michael F. Donoughe Tax Credit score for Off Highway Electrical Automobiles Act (aka, H. R. 9481) would offer a ten% federal tax credit score on qualifying off-road electrical autos, and be capped at $2,500. That implies that, for instance, you would purchase a $15,000 HiSUN ATV and get a ten% tax credit score of $1,500. Alternatively, you would purchase a $34,950 Vanderhall Brawley and get an analogous tax credit score, however at “simply” $2,500, as an alternative of the “full” 10% of $3,495.
The invoice was named for former Polaris Chief Know-how Officer Michael F. Donoughe, who handed away unexpectedly earlier this 12 months. Donoughe was recognized for pushing Polaris all through his Polaris profession, and till his sudden demise this summer time.
“On behalf of the whole Polaris group, we are also honored and deeply appreciative of Rep. Phillips’s choice to call the invoice after the late Mike Donoughe, a Polaris chief who handed away unexpectedly final summer time,” mentioned Polaris CEO Mike Speetzen, in an announcement. “Mike was really obsessed with advancing electrification in off-road autos and he performed a guiding function in our efforts.”
The invoice is at present written to use to EVs weighing lower than 3,500 lb., with two or extra seats, and three or extra wheels — grime bikes, in different phrases, received’t qualify. You possibly can try the complete textual content of H.R.9481 within the official public document right here, then tell us what you consider the newly proposed invoice within the feedback part on the backside of the web page.
Supply: 117th Congress, through Journey Aside.
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