Tax News Update    Email this document    Print this document  

December 13, 2022
2022-1866

IRS publishes guidance for vehicle manufacturers and sellers seeking to qualify for EV credits

In Revenue Procedure 2022-42, the IRS has established procedures under IRC Section 30D(d)(3) governing agreements between qualified vehicle manufacturers and the Treasury regarding the production of automobiles that are eligible for a clean vehicle credit. The guidance also provides procedures for vehicle sellers that must report pertinent information to the IRS. For background, see Tax Alert 2022-1262. A Tax Alert is forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement