IR-2024-197: Updated frequently asked questions on New, Previously Owned and Qualified Commercial Clean Vehicle Credits now available from the IRS

IRS Newswire

July 26, 2024

Issue Number: IR-2024-197

Inside This Issue

Updated frequently asked questions on New, Previously Owned and Qualified Commercial Clean Vehicle Credits now available from the IRS

WASHINGTON — The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2024-26 to provide guidance related to eligibility rules, income limitations, transfer rules and dealer registration for the New, Previously Owned and Qualified Commercial Clean Vehicle Credits.

These FAQs supersede earlier FAQs that were posted in FS-2024-14 on April 16, 2024.

The FAQs revisions are as follows:

Topic A: Eligibility rules for the New Clean Vehicle Credit: updated questions 2, 7, 8, 12 and 18, and added questions 15-17.
Topic B: Income and Price Limitations for the New Clean Vehicle Credit: updated questions 3, 4, and 7-10, and added questions 12-14.
Topic C: When the New Requirements Apply to the New Clean Vehicle Credit: updated questions 4 and 6.
Topic D: Eligibility Rules for the Previously Owned Clean Vehicles Credit: updated questions 3 and 12 and added questions 13-15.
Topic E: Income and Price Limitations for Previously Owned Clean Vehicles: updated question 2.
Topic F: Claiming the Previously Owned Clean Vehicles Credit: updated question 3.
Topic H: Transfer of New Clean Vehicle Credit and Previously Owned Clean Vehicle Credit: updated questions 1-3, 11, 12, 14-15 and 18, and added questions 23-30.
Topic I: Registering a Dealer/Seller for Seller Reporting and Clean Vehicle Tax Credit Transfers: updated questions 4, 13 and 14, and added questions 19-30.

More information on IRS FAQs can be found on IRS.gov.

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Issue Number: IR-2024-197

Inside This Issue