American Vehicle Security Act of 2023 This bill requires the immediate implementation of amendments to the tax credit for new clean vehicles enacted by the Inflation Reduction Act of 2022. The amendments include requirements for vehicle assembly and critical mineral and battery sourcing for manufacturers.
Impact
If enacted, SB63 will influence state laws pertaining to automotive manufacturing and environmental regulations. It is designed to promote the production of clean vehicles in compliance with new sourcing requirements and assembly processes, which may necessitate changes in how state-level incentives for clean vehicle manufacturing are structured. The immediate effect of the bill means that manufacturers need to rapidly align with these new criteria to qualify for the tax credit, potentially affecting their operational strategies and supply chains.
Summary
SB63, also known as the American Vehicle Security Act of 2023, was introduced to amend the application of certain provisions related to the tax credit for new clean vehicles. The bill requires that amendments made by the Inflation Reduction Act of 2022, which impacts the tax credits for clean vehicles, be implemented immediately. These amendments involve specifications concerning where the vehicles need to be assembled and the sourcing of critical minerals and battery components essential for manufacturers. The adjustments aim to bolster the domestic automotive industry in the context of a shift towards cleaner vehicles.
Contention
During the discussions, there may be notable contention regarding the feasibility and implications of the immediate implementation of these amendments. Stakeholders in the automotive industry might express concerns about the challenges of meeting the new sourcing requirements, particularly regarding the availability of materials and the pace at which manufacturers can adapt to new regulations. Proponents of the bill argue that it is necessary to enhance national security and promote economic growth within the clean vehicle sector, while opponents may worry about the implications for smaller manufacturers who might struggle with the capital investment needed to comply.
Restoring Vehicle Market Freedom Act of 2025This bill repeals federal tax credits for the purchase of certain clean vehicles (generally electric vehicles, plug-in hybrid vehicles, and fuel cell vehicles) and certain vehicle refueling property.Specifically, the bill repeals the federal tax credits forthe purchase of a qualified used clean vehicle (tax credit of up to $4,000 for the purchase of a previously-owned clean vehicle before 2033),the purchase of a qualified new clean vehicle (tax credit of up to $7,500 for the purchase of a new clean vehicle before 2033),the purchase of a qualified commercial clean vehicle (business tax credit of up to $40,000 for the purchase of a commercial clean vehicle before 2033), andalternative fuel vehicle refueling property (tax credit of up to $1,000 for individuals or up to $100,000 for businesses for the installation of property before 2033 used to store or dispense clean-burning fuel or to recharge electric vehicles).
Stop Inflationary Spending Act This bill requires the Congressional Budget Office (CBO) to provide inflation projections for bills that Congress considers using the budget reconciliation process. Specifically, the CBO must estimate the impact on inflation that will occur from implementing each reconciliation bill, including the impact on inflation that will occur during each of the first five years after the enactment of the bill.
Close the Double Subsidy Loophole for Electric Vehicles Act This bill reduces the allowable amount of the tax credit for a new qualified plug-in electric drive motor vehicle by any subsidy made available by the state in which the vehicle is registered and was placed in service.