Tax News Update    Email this document    Print this document  

January 3, 2023
2023-0007

IRS issues guidance on intent to publish regulations regarding clean vehicles

Treasury and the IRS have issued three pieces of guidance pertaining to the recently amended clean vehicle credit. Notice 2023-01 announces the government's intention to publish regulations related to the new clean vehicle credit under IRC Section 30D. The proposed regulations will (1) provide guidance on the critical mineral and battery component requirements under IRC Section 30D(e), and (2) define certain terms relevant to the clean vehicle credit requirements under IRC Section 30D. Notice 2023-9 provides a safe harbor regarding the incremental cost of certain qualified commercial clean vehicles placed in service during 2023 for purposes of the credit provided under IRC Section 45W. And new frequently asked questions (FAQs) address how the credit applies to purchases of clean vehicles that are new, previously owned or commercial. 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