IRS updates FAQs for new, previously owned, and qualified commercial clean vehicle credits
Adapted from the GCADA Newsletter
The Internal Revenue Service updated frequently asked questions to provide guidance related to eligibility rules, income limitations, transfer rules and dealer registration for the mew, previously owned and qualified commercial clean vehicle credits.
The FAQs revisions are as follows:
- Topic A: Eligibility rules for the New Clean Vehicle Credit: updated questions 2, 7, 8, 12 and 18, and added questions 15-17.
- Topic B: Income and Price Limitations for the New Clean Vehicle Credit: updated questions 3, 4, and 7-10, and added questions 12-14.
- Topic C: When the New Requirements Apply to the New Clean Vehicle Credit: updated questions 4 and 6.
- Topic D: Eligibility Rules for the Previously Owned Clean Vehicles Credit: updated questions 3 and 12 and added questions 13-15.
- Topic E: Income and Price Limitations for Previously Owned Clean Vehicles: updated question 2.
- Topic F: Claiming the Previously Owned Clean Vehicles Credit: updated question 3.
- Topic H: Transfer of New Clean Vehicle Credit and Previously Owned Clean Vehicle Credit: updated questions 1-3, 11, 12, 14-15 and 18, and added questions 23-30.
- Topic I: Registering a Dealer/Seller for Seller Reporting and Clean Vehicle Tax Credit Transfers: updated questions 4, 13 and 14, and added questions 19-30.
Click the link below for the full updated FAQ PDF document.
