Rev. Proc. 2024-26: Procedures for qualified manufacturers, dealers and sellers of certain qualified clean vehicles under IRA

The U.S. Treasury Department and IRS today released Rev. Proc. 2024-26 for the submission of information by qualified manufacturers of new clean vehicles and dealers and sellers of new clean vehicles and previously-owned clean vehicles, established under H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA)).

Rev. Proc. 2024-26 provides additional procedures for qualified manufacturers to submit attestations, certifications and documentation demonstrating the qualified manufacturer’s compliance with certain requirements regarding new clean vehicles placed in service after December 31, 2024.

The guidance updates procedures for qualified manufacturers to submit information regarding new clean vehicles for upfront review by the IRS, with analytical assistance from the Department of Energy, to provide that the vehicles satisfy relevant requirements for the calendar year and are eligible for the new clean vehicle credit.

Finally, the revenue procedure provides rules regarding seller report updates and rescissions and provides clarification for qualified manufacturers for the transition rule for impracticable-to-trace battery materials.

Read a related IRS release—IR-2024-158 (June 7, 2024)