Vehicle Energy Performance Act of 2024

The Vehicle Energy Performance Act of 2024 creates a tax credit for new passenger automobiles and light trucks with better-than-average fuel economy and a fee for vehicles with worse-than-average fuel economy. The credit amount, capped at $5,000 per vehicle, is calculated based on how much a vehicle's fuel efficiency exceeds the median for its model year. This applies to new vehicles meeting specific fuel economy standards starting with the 2026 model year, with manufacturers required to report fuel economy data annually. The credit is refundable and can be transferred to dealers at the time of purchase, while the fee applies to vehicles below the median fuel economy starting in 2028. The bill amends the Internal Revenue Code and establishes new reporting requirements for vehicle fuel economy data.