IRS updates FAQs on clean vehicle credits
Guidance related to the critical mineral and battery component requirements for the clean vehicle credits
Guidance related to the critical mineral and battery component requirements
The IRS today updated the “frequently asked questions” (FAQs) in Fact Sheet 2023-29 [PDF 538 KB] to provide guidance related to the critical mineral and battery component requirements for the clean vehicle credits.
As described in the related IRS release—IR-2023-251 (December 26, 2023)—the updated FAQs supersede earlier FAQs that were posted in Fact Sheet 2023-22 [PDF 572 KB] on October 6, 2023, and relate to:
- Topic A: Eligibility Rules for the New Clean Vehicle Credit: Added Questions 13 and 14
Background
H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA)) provides taxpayers with credits for qualified new and previously-owned clean vehicles acquired and placed in service during the tax year. Beginning January 1, 2024, in certain situations, taxpayers will be able to transfer the new and previously-owned clean vehicle credits to eligible entities.
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