Under IRC Sec. 30D(e)(2), the credit for new qualified plug-in electric drive motor vehicles is phased out over a period of four calendar quarters once the total number of qualifying vehicles sold by a manufacturer after 2009 reaches 200,000. In a recent Notice, the IRS announced that General Motors, LLC reached this limit during the calendar quarter ending 12/31/18. Therefore, qualifying General Motors vehicles are eligible for the full $7,500 credit if they are purchased before 4/1/19. A reduced credit of $3,750 applies to vehicles purchased from 4/1/19 through 9/30/19. From 10/1/19 through 3/31/20, the credit will be reduced to $1,875. After 3/31/20, no credit will be available. Notice 2019-22 and News Release IR 2019-57.
https://www.armcpa.com/wp-content/uploads/2015/05/IRS.png 236 383 Bill https://www.armcpa.com/wp-content/uploads/2018/02/logo.png Bill2019-04-09 04:35:292019-04-09 04:35:29Credit for Plug-in Electric Vehicles