Scooby24
Well-Known Member
- First Name
- Greg
- Joined
- Jul 2, 2021
- Threads
- 24
- Messages
- 1,897
- Reaction score
- 2,871
- Location
- Olathe, KS
- Vehicles
- '21 MME-GT Star White; '22 MME Prem AWD DGM
- Occupation
- Perioperative Revenue Manager
- Thread starter
- #16
And guidance WAS provided, yesterday. MSRP rule was clarified to apply after 12/31. I can see why the IRS was hesitant to publish the MME....2 days away from EOY to make a decision if MSRP would have been a qualifier.
Sorry to scare folks - I'll update the thread title but keep the information
https://www.irs.gov/pub/taxpros/fs-2022-42.pdf
Sorry to scare folks - I'll update the thread title but keep the information
https://www.irs.gov/pub/taxpros/fs-2022-42.pdf
Topic C: When the New Requirements Apply to the New Clean Vehicle Credit Q1. On the day after the Inflation Reduction Act of 2022 became law (August 16, 2022), did any requirements for taxpayers or vehicles to qualify for the credit for new clean vehicles change? (added December 29, 2022) A1. Yes, after August 16, 2022, a new clean vehicle must have had its final assembly in North America to be eligible for the credit. There is a transition rule for vehicles purchased before August 16, 2022. Additional changes begin January 1, 2023. Q2. What additional changes to the credit apply for vehicles placed in service on or after January 1, 2023? (added December 29, 2022) A2. The most significant changes to the credit for vehicles delivered on or after January 1, 2023, include: • The minimum battery capacity is increased to 7 kilowatt hours • Vehicles must be made by a qualified manufacturer (see Topic A, FAQ 9 for more detail) • MSRP limitations apply, based on the type of vehicle (see Topic B, FAQs 2 and 5 for more detail) • Income limits apply to taxpayers (see Topic B, FAQ 1 for more detail) • The taxpayer must report the vehicle identification number (VIN) of the vehicle on the taxpayer's income tax return • Sellers must provide reports to the taxpayer and the IRS regarding the sale of the vehicle
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