The Treasury Department and the IRS issued a revenue procedure on modifications to electric-vehicle tax credits Monday.
The modifications under Section 30D and 25E, enacted as part of the Inflation Reduction Act, provide a maximum of $7,500 in credits for electric vehicles only if their final assembly occurred in North America.
Manufacturers that want to take advantage of the clean vehicle credit will have to make written reports to Treasury by the 15th of the month to ensure eligiblity.
The Rev-Proc 2022-42 clarifies what should be included in the qualified manufacturer’s written agreement and the timeline for submitting ...