Date: 05/03/2024
Type: Implementation of IRA
On May 3, 2024, Treasury finalized rules providing definitions and requirements on vehicle eligibility for tax credits for new and used clean vehicles under IRA sections 13401 and 13402. The rules address critical mineral and battery component requirements, Foreign Entity of Concern restrictions for battery components, and rules for transferring clean vehicle credits to dealers to make credits available to buyers at the point of sale. The final rules also provide that buyers may rely on vehicle eligibility information provided by manufacturers rather than be penalized for manufacturers’ mistakes. DOE also released final interpretive guidance on the Foreign Entity of Concern definition for the 30D clean vehicle credit.
Opportunities for Participation and Additional Resources:
- Treasury Press Release: https://home.treasury.gov/news/press-releases/jy2323
- IRS Press Release: https://www.irs.gov/newsroom/irs-releases-final-guidance-for-certain-clean-vehicle-credits-under-the-inflation-reduction-act
- Final Rules: https://www.federalregister.gov/documents/2024/05/06/2024-09094/clean-vehicle-credits-under-sections-25e-and-30d-transfer-of-credits-critical-minerals-and-battery