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Tax Credit

A direct reduction in the amount of tax a person or business owes, rather than a deduction from taxable income. For example, a $100 tax credit reduces your tax bill by $100.

Internal Revenue Code of 1986

The official body of tax law in the United States, which this bill would amend to add new tax provisions.

Basis

For tax purposes, the original cost of an asset, which is used to calculate depreciation, amortization, depletion, and capital gains or losses when the asset is sold. If a tax credit is allowed for an expense related to property, the property's basis might be reduced by the credit amount.

Trust Fund

A special account in the U.S. Treasury that holds money for a specific purpose, usually from dedicated taxes or fees. Funds can only be spent for the program they were created to support.

Lithium Battery

A type of battery that uses lithium ions as a key component, commonly found in portable electronics, electric vehicles, and energy storage systems due to their high energy density.

Secretary of Energy

The head of the U.S. Department of Energy, responsible for national energy policy and research.

Administrator of the Environmental Protection Agency (EPA)