The IRS has issued proposed regulations for the new clean vehicle tax credit, which was part of the Inflation Reduction Act. The maximum credit is $7,500 per vehicle placed in service on or after April 18, 2023. A vehicle that meets the requirements for critical materials may qualify for a $3,750 credit. A vehicle that meets requirements for battery components may qualify for a $3,750 credit. Eligibility is generally based on the rules that apply as of the date the car is placed in service. Therefore, a vehicle placed in service before April 18, 2023, may or may not be eligible for the credit. Here’s an updated FAQ list from the IRS, reflecting the proposed regulations: https://bit.ly/3nARGey Contact Cg with questions. © 2023
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