Association Events
Learn about NHADA's major events and fundraisers.
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The following are highlights from the briefing:
- As part of the Inflation Reduction Act (IRA), vehicle buyers may be eligible to claim a tax credit of up to $7,500 for new clean vehicles and up to $4,000 for used clean vehicles. Visit FuelEconomy.gov for more information on eligible vehicles.
- Dealers must be registered with the IRS Energy Credits Online before they can start submitting the required time-of-sale reports for their buyers to take advantage of the tax credits in 2024.
- An initial authorized user of the dealership should register with the IRS Energy Credits Online ASAP.
- Starting in December 2023, the authorized user can begin to register additional users of the dealership.
- Starting January 1, 2024, buyers can choose to transfer a clean vehicle credit to a registered dealer in exchange for an equivalent reduction in the purchase price of the vehicle.
- IRS expects dealers will be paid for the credits within 72 hours of submission of the accepted time-of-sale report
- Dealers are NOT required to verify the income for the purposes of the tax credit’s income limitations.
- Registered dealers are NOT responsible for repaying the credit amount if the buyer ultimately does not qualify due to income limitations. Instead, the buyer will repay the credit on their individual income tax return.
- Public comment ends December 11, 2023. Visit regulations.gov to file and view public comments.
As January 1, 2024 approaches, the IRS will provide additional webinars and resources for dealers. In the meantime, visit IRS.gov/CleanVehicles to learn more. The ARB Dealer Service’s team will be monitoring and sharing new information as it becomes available.
