Treasury Issues Revenue Procedure on Section 25E, 30D, and 45W Tax Credits

On December 12, 2022, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a Revenue Procedure setting out key processes for manufacturers and sellers to claim tax credits under the Previously-Owned Clean Vehicle credit program in Internal Revenue Code (IRC) section 25E, the Clean Vehicle credit program under IRC section 30D, and the Commercial Clean Vehicle credit program under IRC section 45W. The document provides guidance on entering into required agreements with IRS and providing periodic written reports about clean vehicles manufactured or sold.