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Section 30D of the Internal Revenue Code was enacted by Section 205(a) of the Energy Improvement and Extension Act of 2008, Division B of Public Law 110-343 (October 3, 2008), to provide a credit for purchasing and placing in service new qualified plug-in electric drive motor vehicles. The Code section has been amended several times since its enactment, most recently by the Inflation Reduction Act of 2022. In general, these amendments apply to vehicles placed in service after December 31, 2022. IRS just released procedures (Rev. Proc. 2023-33) under I.R.C. Sections 30D(g) and 25E(f) for the transfer of the clean vehicle credit or previously owned clean vehicle credit from the taxpayer who elects to transfer such credit to an eligible entity. These procedures will apply to transfers of credits after December 31, 2023. They include registration procedures with the IRS for qualified manufacturers and sellers, as well as procedures for dealer registration and the suspension and revocation of that registration. The revenue procedure also establishes a program to make advance payments of credit amounts to registered dealers.
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