The IRS has updated its FAQs on the new previously owned and qualified commercial clean vehicle credits. The FAQs provide guidance on the eligibility requirements, credit amounts, and other important information for taxpayers claiming these credits. Taxpayers should review these FAQs carefully to ensure they are properly claiming the credits and avoiding any potential penalties or audits.
The IRS today updated the “frequently asked questions” (FAQs) in Fact Sheet 2024-14 to provide guidance related to the new, previously owned, and qualified commercial clean vehicle credits.
As described in the related IRS release—IR-2024-111 (April 16, 2024)—the updated FAQs supersede earlier FAQs that were posted in Fact Sheet 2023-29 on December 26, 2023, and relate to:
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