N-2019-22: Phase-out of Credit for New Qualified Plug-in Electric Drive Motor Vehicles
Internal Revenue Service (IRS) sent this bulletin at 03/26/2019 03:05 PM EDT
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Issue Number: N-2019-22Inside This IssueNotice 2019-22 announces the credit phase-out schedule for new qualified plug-in electric drive motor vehicles sold by General Motors, LLC. Section 30D of the Internal Revenue Code provides for a credit determined under § 30D(b) for certain new qualified plug-in electric drive motor vehicles. The new qualified plug-in electric drive motor vehicle credit begins to phase out for a manufacturer’s qualified plug-in electric drive motor vehicles in the second calendar quarter after the calendar quarter in which at least 200,000 of the manufacturer’s vehicles that qualify for the credit have been sold for use or lease in the United States (determined on a cumulative basis for sales after December 31, 2009). General Motors, LLC has submitted quarterly reports that indicate that its cumulative sales of qualified plug-in electric drive motor vehicles reached the 200,000-vehicle limit during the calendar quarter ending December 31, 2018. Accordingly, the credit for all new qualified plug-in electric drive motor vehicles sold by General Motors, LLC will begin to phase out on April 1, 2019. Notice 2019-22 will appear in Internal Revenue Bulletin 2019-14 to be published on April 1, 2019. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |