The IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction Act of 2022 revised the credit available for new clean vehicles for individuals and businesses, in addition, they cover information on the credit available for previously owned clean vehicles for individuals and the new credit for qualified commercial clean vehicles. Previously, the Inflation Reduction Act of 2022 had made several changes to tax credit for qualified plug-in electric drive motor vehicles, fuel cell vehicles, previously owned clean vehicles and commercial clean vehicles.
FS-2024-14
IR-2024-111
