06 October 2023 IRS issues guidance on how buyers can transfer clean vehicle credits to dealers at time of purchase The IRS and Treasury Department have released proposed regulations (REG-113064-23) with guidance on how buyers can transfer clean vehicle credits under IRC Sections 30D (clean vehicles) and 25E (previously-owned vehicles) to eligible dealers through an advance payment program for vehicles purchased beginning on January 1, 2024. At the same time, the IRS released Revenue Procedure 2023-33, setting forth the procedures for dealers to register to be eligible to receive the advance credits, when that registration would be suspended or revoked and the details of the advance payment program. A Tax Alert is forthcoming. Document ID: 2023-1662 |
