March 31, 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