The Inflation Reduction Act amended the §30D new qualified plug-in electric drive motor vehicle credit to the “clean vehicle credit”, allowing taxpayers up to $7,500 in credits for new clean vehicles placed in service during the taxable year. The Treasury and the IRS have issued Rev. Proc. 2022-42 and proposed regulations that address the sourcing requirements for critical minerals and battery components for the clean vehicle credit.
This OnPoint roadmaps the significant tax provisions in the proposed regulations and both the general and special rules it entails, including:
- Key definitions of vehicle classification.
- Critical minerals requirement.
- Battery component requirement.
- And more.
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