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The latest new green energy bill proposed that would restore EV tax credits to Tesla and GM also restores the 3 wheel EV credit that expired a long time ago. Below is what the original credit said, and the new changes just reinstate it until January 2027.
(g) Credit allowed for 2- and 3-wheeled plug-in electric vehicles
(1) In general
In the case of a qualified 2- or 3-wheeled plug-in electric vehicle-
(A) there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of the applicable amount with respect to each such qualified 2- or 3-wheeled plug-in electric vehicle placed in service by the taxpayer during the taxable year, and
(B) the amount of the credit allowed under subparagraph (A) shall be treated as a credit allowed under subsection (a).
(2) Applicable amount
For purposes of paragraph (1), the applicable amount is an amount equal to the lesser of-
(A) 10 percent of the cost of the qualified 2- or 3-wheeled plug-in electric vehicle, or
(B) $2,500.
(3) Qualified 2- or 3-wheeled plug-in electric vehicle
The term "qualified 2- or 3-wheeled plug-in electric vehicle" means any vehicle which-
(A) has 2 or 3 wheels,
(B) meets the requirements of subparagraphs (A), (B), (C), (E), and (F) of subsection (d)(1) (determined by substituting "2.5 kilowatt hours" for "4 kilowatt hours" in subparagraph (F)(i)),
(C) is manufactured primarily for use on public streets, roads, and highways,
(D) is capable of achieving a speed of 45 miles per hour or greater, and
(E) is acquired-
(i) after December 31, 2011, and before January 1, 2014, or
(ii) in the case of a vehicle that has 2 wheels, after December 31, 2014, and before January 1, 2021.6
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