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16 January 2025

Treasury Department, IRS Release Section 45W Clean Commercial Vehicle Guidance

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The U.S. Department of the Treasury and IRS released proposed regulations on Jan. 10, 2025, regarding the qualified commercial clean vehicle credit...
United States Tax

The U.S. Department of the Treasury and IRS released proposed regulations on Jan. 10, 2025, regarding the qualified commercial clean vehicle credit under Section 45W of the Internal Revenue Code, as enacted by the Inflation Reduction Act (IRA).

Section 45W is effective for vehicles acquired after Dec. 31, 2022, and before Jan. 1, 2033. The credit equals the lesser of 1) 15 percent of the vehicle's basis (30 percent for vehicles not powered by a gasoline or diesel internal combustion engine), and 2) the incremental cost of the vehicle.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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