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UsedVehicles

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Dec 15th, 2021
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  1.  
  2.  
  3. SEC. 136402. CREDIT FOR PREVIOUSLY-OWNED QUALIFIED PLUG-IN ELECTRIC
  4. DRIVE MOTOR VEHICLES.
  5.  
  6. (a) In General.--Subpart C of part IV of subchapter A of chapter 1,
  7. as amended by the preceding provisions of this Act, is amended by
  8. inserting after section 36C the following new section:
  9.  
  10. ``SEC. 36D. PREVIOUSLY-OWNED QUALIFIED PLUG-IN ELECTRIC DRIVE MOTOR
  11. VEHICLES.
  12.  
  13. ``(a) Allowance of Credit.--In the case of a qualified buyer who
  14. during a taxable year places in service a previously-owned qualified
  15. plug-in electric drive motor vehicle, there shall be allowed as a
  16. credit against the tax imposed by this subtitle for the taxable year an
  17. amount equal to the sum of--
  18. ``(1) $1,250, plus
  19. ``(2) in the case of a vehicle which draws propulsion
  20. energy from a battery which exceeds 4 kilowatt hours of
  21. capacity (determined at the time of sale), the lesser of--
  22. ``(A) $1,250, and
  23. ``(B) the product of $208.50 and such excess
  24. kilowatt hours.
  25. ``(b) Limitations.--
  26. ``(1) Sale price.--The credit allowed under subsection (a)
  27. with respect to sale of a vehicle shall not exceed 30 percent
  28. of the sale price.
  29. ``(2) Adjusted gross income.--The amount which would (but
  30. for this paragraph) be allowed as a credit under subsection (a)
  31. shall be reduced (but not below zero) by $200 for each $1,000
  32. (or fraction thereof) by which the taxpayer's adjusted gross
  33. income exceeds--
  34. ``(A) $150,000 in the case of a joint return or a
  35. surviving spouse (as defined in section 2(a)),
  36. ``(B) $112,500 in the case of a head of household
  37. (as defined in section 2(b)), and
  38. ``(C) $75,000 in the case of a taxpayer not
  39. described in paragraph (1) or (2).
  40. ``(c) Definitions.--For purposes of this section--
  41. ``(1) Previously-owned qualified plug-in electric drive
  42. motor vehicle.--The term `previously-owned qualified plug-in
  43. electric drive motor vehicle' means, with respect to a
  44. taxpayer, a motor vehicle--
  45. ``(A) the model year of which is at least 2 earlier
  46. than the calendar year in which the taxpayer acquires
  47. such vehicle,
  48. ``(B) the original use of which commences with a
  49. person other than the taxpayer,
  50. ``(C) which is acquired by the taxpayer in a
  51. qualified sale,
  52. ``(D) registered by the taxpayer for operation in a
  53. State or possession of the United States, and
  54. ``(E) which meets the requirements of subparagraphs
  55. (C), (D), (E), (F), and (G) of section 36C(e)(1).
  56. ``(2) Qualified sale.--The term `qualified sale' means a
  57. sale of a motor vehicle--
  58. ``(A) by a seller who holds such vehicle in
  59. inventory (within the meaning of section 471) for sale
  60. or lease,
  61. ``(B) for a sale price not to exceed $25,000, and
  62. ``(C) which is the first transfer since the date of
  63. the enactment of this section to a person other than
  64. the person with whom the original use of such vehicle
  65. commenced.
  66. ``(3) Qualified buyer.--The term `qualified buyer' means,
  67. with respect to a sale of a motor vehicle, a taxpayer--
  68. ``(A) who is an individual,
  69. ``(B) who purchases such vehicle for use and not
  70. for resale,
  71. ``(C) with respect to whom no deduction is
  72. allowable with respect to another taxpayer under
  73. section 151,
  74. ``(D) who has not been allowed a credit under this
  75. section for any sale during the 3-year period ending on
  76. the date of the sale of such vehicle, and
  77. ``(E) who possesses a certificate issued by the
  78. seller that certifies--
  79. ``(i) that the vehicle is a previously-
  80. owned qualified plug-in electric drive motor
  81. vehicle,
  82. ``(ii) the vehicle identification number of
  83. such vehicle,
  84. ``(iii) the capacity of the battery at time
  85. of sale, and
  86. ``(iv) such other information as the
  87. Secretary may require.
  88. ``(4) Motor vehicle; capacity.--The terms `motor vehicle'
  89. and `capacity' have the meaning given such terms in paragraphs
  90. (2) and (4) of section 36C(e), respectively.
  91. ``(d) VIN Number Requirement.--No credit shall be allowed under
  92. subsection (a) with respect to any vehicle unless the taxpayer includes
  93. the vehicle identification number of such vehicle on the return of tax
  94. for the taxable year.
  95. ``(e) Application of Certain Rules.--For purposes of this section,
  96. rules similar to the rules of paragraphs (1), (2), (4), (5), (6) and
  97. (7) of section 36C(f) shall apply for purposes of this section.
  98. ``(f) Certificate Submission Requirement.--The Secretary may
  99. require that the issuer of the certificate described in subsection
  100. (c)(3)(E) submit such certificate to the Secretary at the time and in
  101. the manner required by the Secretary.
  102. ``(g) Treatment of Certain Possessions.--
  103. ``(1) Payments to possessions with mirror code tax
  104. systems.--The Secretary shall pay to each possession of the
  105. United States which has a mirror code tax system amounts equal
  106. to the loss (if any) to that possession by reason of the
  107. application of the provisions of this section. Such amounts
  108. shall be determined by the Secretary based on information
  109. provided by the government of the respective possession.
  110. ``(2) Payments to other possessions.--The Secretary shall
  111. pay to each possession of the United States which does not have
  112. a mirror code tax system amounts estimated by the Secretary as
  113. being equal to the aggregate benefits (if any) that would have
  114. been provided to residents of such possession by reason of the
  115. provisions of this section if a mirror code tax system had been
  116. in effect in such possession. The preceding sentence shall not
  117. apply unless the respective possession has a plan which has
  118. been approved by the Secretary under which such possession will
  119. promptly distribute such payments to its residents.
  120. ``(3) Mirror code tax system; treatment of payments.--Rules
  121. similar to the rules of paragraphs (4) and (5) of section 21(h)
  122. shall apply for purposes of this section.
  123. ``(h) Termination.--No credit shall be allowed under this section
  124. with respect to any vehicle acquired after December 31, 2031.''.
  125. (b) Conforming Amendments.--
  126. (1) Section 6211(b)(4)(A), as amended by the preceding
  127. provisions of this Act, is amended by inserting ``36D,'' after
  128. ``36C,''.
  129. (2) Section 6213(g)(2), as amended by the preceding
  130. provisions of this Act, is amended--
  131. (A) in subparagraph (S), by striking ``and'' at the
  132. end,
  133. (B) in subparagraph (T), by striking the period at
  134. the end and inserting ``, and'', and
  135. (C) by adding at the end the following:
  136. ``(U) an omission of a correct vehicle
  137. identification number required under section 36D(d)
  138. (relating to credit for previously-owned qualified
  139. plug-in electric drive motor vehicles) to be included
  140. on a return.''.
  141. (3) Paragraph (2) of section 1324(b) of title 31, United
  142. States Code, as amended by the preceding provisions of this
  143. Act, is amended by inserting ``36D,'' after ``36C,''.
  144. (c) Clerical Amendment.--The table of sections for subpart C of
  145. part IV of subchapter A of chapter 1, as amended by the preceding
  146. provisions of this Act, is amended by inserting after the item relating
  147. to section 36C the following new item:
  148.  
  149. ``Sec. 36D. Previously-owned qualified plug-in electric drive motor
  150. vehicles.''.
  151. (d) Effective Date.--The amendments made by this section shall
  152. apply to vehicles acquired after December 31, 2021.
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