Lubbock Times

Today, House Budget Chairman Jodey Arrington introduced a bill aimed at repealing federal tax credits for electric vehicles and charging stations. The proposed legislation, known as the Eliminating Lavish Incentives to Electric (ELITE) Vehicles Act, seeks to halt government subsidies for luxury electric vehicle purchases by high-income individuals and corporations. Senator John Barrasso has filed similar legislation in the Senate.

Chairman Arrington stated, “Fueled by the climate-crazed Left, Democrats jammed through legislation that provided tax subsidies for expensive electric vehicles, which has worsened inflation for working families and stuck the American people with the bill - to the tune of billions of dollars.” He expressed pride in collaborating with Senator Barrasso and leading efforts in the House to repeal what he described as a "wasteful and heavy-handed tax law."

The ELITE Act proposes several changes: repealing the $7,500 tax credit for new electric vehicles, eliminating credits for used electric vehicle purchases, ending federal investment tax credits for charging stations, and closing a leasing loophole exploited by certain taxpayers and foreign entities like China.

Originally scored by the Joint Committee on Tax to cost $14 billion over ten years, private firms have since estimated these tax credits could actually cost over $390 billion.