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May 3, 2024

IRS releases final regulations for IRC Section 30D and 25E clean vehicle credit, critical mineral standards

The IRS and Treasury on May 3 released final regulations (TD 9995) on the new and used clean vehicle tax credits under IRC Sections 30D and 25E. The final regulations contain the requirements for qualified manufacturers of new clean vehicles to determine if their vehicles qualify for 30D credits and if the battery components and applicable critical minerals contained in a vehicle battery are foreign-entity-of-concern compliant, as well as extending the transition rule until January 1, 2027. The final regulations also address the transfer of credits to eligible dealers under IRC Sections 30D and 25E and the advanced payment program established by the Inflation Reduction Act. A Tax Alert is forthcoming.

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Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor