The IRS has issued Revenue Procedure 2024-26, which provides guidance for manufacturers, dealers, and sellers of qualified clean vehicles under the IRA. The guidance includes the definition of qualified clean vehicles, the certification process, and the tax credit amounts for different types of vehicles. This guidance is important for businesses looking to take advantage of the tax incentives for promoting clean energy vehicles.
The U.S. Treasury Department and IRS today released Rev. Proc. 2024-26 for the submission of information by qualified manufacturers of new clean vehicles and dealers and sellers of new clean vehicles and previously-owned clean vehicles, established under H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA)).
Rev. Proc. 2024-26 provides additional procedures for qualified manufacturers to submit attestations, certifications and documentation demonstrating the qualified manufacturer’s compliance with certain requirements regarding new clean vehicles placed in service after December 31, 2024.
The guidance updates procedures for qualified manufacturers to submit information regarding new clean vehicles for upfront review by the IRS, with analytical assistance from the Department of Energy, to provide that the vehicles satisfy relevant requirements for the calendar year and are eligible for the new clean vehicle credit.
Finally, the revenue procedure provides rules regarding seller report updates and rescissions and provides clarification for qualified manufacturers for the transition rule for impracticable-to-trace battery materials.
Read a related IRS release—IR-2024-158 (June 7, 2024)
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