News & Analysis as of

Automotive Industry Internal Revenue Code (IRC)

McDermott Will & Emery

Weekly IRS Roundup July 8 – July 12, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 8, 2024 – July 12, 2024. ...more

Katten Muchin Rosenman LLP

US Treasury Releases Final Regulations for $7,500 EV Tax Credit, Maintains Exclusions for Foreign Entities of Concern

On May 3, the US Treasury Department (Treasury) released final regulations under Section 30D of the Internal Revenue Code. The Section 30D regulations provide guidance for the up to $7,500 electric vehicle (EV) tax credit...more

Kelley Drye & Warren LLP

The New “Clean Vehicle” Tax Credit

This Client Advisory describes requirements that must be satisfied to qualify for the new ​“clean vehicle” tax credit, following enactment of the Inflation Reduction Act of 2022 (the ​“IRA”)....more

Holland & Knight LLP

Treasury Department, IRS Release Foreign Entity of Concern Proposed Regulations

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS on Dec. 1, 2023, released proposed rules under Section 30D of the Internal Revenue Code, the Clean Vehicle Tax Credit, as they relate to the definition of "foreign entity of...more

Foley & Lardner LLP

Electrified Industrial Policy: IRS Proposed Regulations on Section 30D EV Tax Credits & EV Manufacturing Grants

Foley & Lardner LLP on

The Inflation Reduction Act of 2022 (the “IRA”) and the Infrastructure Investment and Jobs Act of 2021 (the “IIJA”) set in motion an ongoing series of changes that are aimed at transforming, among other things, the automotive...more

Sheppard Mullin Richter & Hampton LLP

Tax Credits for Electric Vehicle Batteries Under the Inflation Reduction Act: Free Trade Agreement Edition

On March 31, 2023, the U.S. Department of Treasury and Internal Revenue Service (IRS) released proposed guidance clarifying how manufacturers may meet the critical minerals and battery sourcing requirements for the clean...more

Perkins Coie

IRS Issues Guidance on Battery Sourcing Requirements for Clean Vehicle Tax Credits

Perkins Coie on

The Internal Revenue Service (IRS) published guidance on April 17, 2023, in the form of a Notice of Proposed Rulemaking (NPRM), detailing the critical minerals and battery components requirements under Section 30D of the...more

Mayer Brown

US Treasury Issues Proposed Regulations on Section 30D Clean Vehicle Credit

Mayer Brown on

Electric vehicle and electric battery manufacturers and critical mineral producers will want to take note of a notice of proposed rulemaking (NPRM) on Section 30D of the Internal Revenue Code of 1986, as amended, released by...more

Mayer Brown

IRS Guidance on Electric Vehicles

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IRS and Treasury today issued Revenue Procedure 2022-42, which includes procedures for manufacturers of electric vehicles...more

Mayer Brown

Electric Vehicle and Charging Station Tax Credits: Assessing Proposed Changes

Mayer Brown on

Section 30D of the US Internal Revenue Code (“IRC”) provides business and individual taxpayers that purchase new qualified plug-in electric drive motor vehicles (“EVs”), including passenger vehicles and light trucks, with a...more

Bradley Arant Boult Cummings LLP

Automotive Suppliers in 2019: New Hope for R&D Credits - Economic Development News

As automotive suppliers begin work on their 2018 tax returns and implement plans for their capital expenditures in 2019, suppliers should look at a potential tax credit to help offset the costs of tooling: the Research and...more

McGuireWoods LLP

Tax Policy Update

McGuireWoods LLP on

After Majority Leader Kevin McCarthy’s dramatic exit from the race last week, the House GOP conference is taking the week-long Columbus Day recess to do a bit of soul searching and reflect on the future of a party left in...more

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