IR-2022-232: Treasury, IRS issue guidance on their intent to publish regulations regarding clean vehicles

IRS Newswire December 29, 2022
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2022-232 Inside This Issue Treasury, IRS issue guidance on their intent to publish regulations regarding clean vehicles WASHINGTON – The Treasury Department and Internal Revenue Service today issued Notice 2023-01 of its intent to publish regulations related to the new clean vehicle credit.  The IRA provided a credit for qualified clean vehicles that are acquired and placed in service by the taxpayer during the taxable year. The IRA added certain requirements that any vehicle eligible for the new clean vehicle credit undergo final assembly in North America, and that no credit will be allowed for a vehicle with a manufacturer's suggested retail price more than an applicable limitation, depending on vehicle classification.  The guidance issued today informs taxpayers that the Department of the Treasury and the Internal Revenue Service intend to propose regulations addressing the definitions of certain terms in respect of the credit and lays out the expected content of those regulations.  The notice provides that the proposed regulations will include definitions of the following terms, which are relevant for new clean vehicles placed in service after December 31, 2022: Final Assembly; North America; Manufacturer's suggested retail price; Classifications for categories of vehicles, including vans, sport utility vehicles, pickup trucks, and other vehicles; and Placed in service. Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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