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December 13, 2022

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