Date: 06/07/2024
Type: Implementation of IRA
On June 7, 2024, Treasury and IRS announced updated procedures for manufacturers and sellers of vehicles seeking to demonstrate eligibility with the IRC section 30D New Clean Vehicle Credit extended by IRA section 13401. The guidance provides procedures for qualified manufacturers to demonstrate compliance with requirements for new clean vehicles placed in service after December 31, 2024. The revenue procedure also updates existing procedures regarding seller report updates and rescissions.
Opportunities for Participation and Additional Resources:
- Revenue Procedure 2024-26: https://www.irs.gov/pub/irs-drop/rp-24-26.pdf
- Correction to Revenue Procedure 2024-26: https://www.irs.gov/pub/irs-irbs/irb24-27.pdf
- Press Release: https://www.irs.gov/newsroom/treasury-irs-update-procedures-for-qualified-manufacturers-dealers-and-sellers-of-certain-qualified-clean-vehicles-under-the-inflation-reduction-act
- IRS Clean Vehicle FAQs: https://www.irs.gov/pub/taxpros/fs-2023-29.pdf