taxnews.ey.comPrint

31 March 2023

IRS issues proposed regulations on critical mineral and battery component requirements for the IRC Section 30D income tax credit for clean vehicles

The IRS has issued proposed regulations (REG-120080-22) providing guidance on the federal income tax credit under IRC Section 30D, added to the Code by the Inflation Reduction Act of 2022, on the purchase of qualifying new clean vehicles, including the critical mineral and battery component requirements for new electric vehicles powered by certain electric batteries and new qualified fuel cell vehicles. The IRS invites comments and requests for a public hearing to be submitted by June 16, 2023. A Tax Alert is forthcoming.

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

Document ID: 2023-0623

 

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