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ARTICLE · 06 MARCH 2024

Updates On EV Tax Credits

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Over the past several months the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) have been busy issuing regulations and administrative guidance with respect to Section 30D...

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Over the past several months the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) have been busy issuing regulations and administrative guidance with respect to Section 30D (New Clean Vehicle Tax Credit), Section 25E (Previously Owned Clean Vehicle Tax Credit) and Section 45W (Commercial Clean Vehicle Tax Credit) under the US Internal Revenue Code of 1986, as amended (Code). The following summary discusses important aspects of those regulations and administrative guidance as they relate to the availability of electric vehicle (EV) tax credits to businesses engaged in selling or leasing EVs, including:

EV Tax Credit Transfers. Treasury and the IRS released proposed regulations on October 10, 2023, addressing the transferability of EV tax credits from qualified EV purchasers to qualified EV dealers at the point of sale in exchange for cash back or a reduction in the sale price of the EV (the Proposed Transferability Regulations).

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