We have received text from H.R. 312: Restoring Vehicle Market Freedom Act of 2025. This bill was received on 2025-01-09, and currently has 2 cosponsors.
Here is a short summary of the bill:
The bill titled "Restoring Vehicle Market Freedom Act of 2025" proposes several amendments to the Internal Revenue Code that would repeal various tax credits related to alternative fuel vehicles. Below is a summary of the main provisions of the bill:
Repeal of Clean Vehicle Credits
Previously Owned Clean Vehicle Credit:
The bill would repeal the tax credit available for previously owned clean vehicles, removing the associated provisions from the tax code.
Alternative Motor Vehicle Credit:
This section of the bill aims to eliminate the tax credit for alternative motor vehicles, which include various eco-friendly vehicles.
Alternative Fuel Vehicle Refueling Property Credit:
The credit for property used to refuel alternative fuel vehicles would be removed, affecting installations intended for such vehicles.
Qualified Plug-In Electric Drive Motor Vehicle Credit:
The bill seeks to repeal the tax credit for new qualified plug-in electric vehicles, removing the financial incentive for buyers who choose these types of cars.
Credit for Qualified Commercial Clean Vehicles:
Similar to the above, this section would repeal the credit available for commercial clean vehicles.
Effective Dates
All amendments made by the bill include effective dates specifying that they would apply to vehicles and property acquired after the enactment of the bill.
Conforming Amendments
The bill also includes various conforming amendments to ensure the tax code remains coherent after these credits are repealed. This involves updates to other related sections of the Internal Revenue Code to remove references to the repealed credits.
Overall Impact
The overall effect of this legislation would be to eliminate tax incentives for purchasing alternative fuel vehicles, which could influence consumer choices and the market for eco-friendly transportation options.
Relevant Companies
TSLA
- Tesla, Inc.: This company produces electric vehicles (EVs) and could be significantly affected by the repeal of credits for electric vehicles, which could impact sales.
F
- Ford Motor Company: As a manufacturer of both traditional and electric vehicles, Ford may see changes in consumer purchase behaviors due to the loss of EV tax credits.
NIO
- NIO Inc.: As a prominent EV manufacturer, NIO could experience decreased attractiveness of its products without the available tax credits for customers.
VWAGY
- Volkswagen AG: This company has invested heavily in electric vehicle technology, and the repeal could affect its market share as incentives for consumers diminish.
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