The IRS has issued final regulations to clarify and modify the tax credits for new and previously owned clean vehicles. The credits are part of the Inflation Reduction Act, which allows a maximum credit of $7,500 for a new clean vehicle that meets certain requirements. The credit for previously owned clean vehicles is up to $4,000. To be eligible, the vehicle must have a sales price of $25,000 or less and meet other conditions. It must be purchased by a qualified buyer who meets the income limits, and it must be placed in service during the year. The final regs include information about transferring the credit and guidance for vehicle components. Here’s more: https://bit.ly/4aKNBaG. Contact us if you need help © 2024