Caution! Last EV Charging Station for the Next 200 Miles

Running the cost/benefit analysis of buying electric vehicles (EVs) can be a challenge. Plus, moving from combustion engines to EVs or other clean vehicles may take some planning. Will the credits offered by the Inflation Reduction Act result in a consumer buying surge and a sizable number of EVs and other clean vehicles on the road?

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• Industry Takeaways From IRS Guidance On EV Tax Credits
  Learn how an EV is not the only path to tax credits. The IRA expanded tax credits to clean vehicles generally, encompassing both qualified plug-in electric drive motor vehicles and fuel cell vehicles, affirming the administration's commitment to both EV and hydrogen technology deployment in U.S. markets.  

• Energy Tax Credits and Incentives
  See how taxpayers can qualify for a credit up to $7,500 under I.R.C. § 30D if they buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032. AGI limitations may apply.

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.    

• Tax Key Legal Developments Tracker (Federal)
  • Real Estate Transactions. IRS obsoletes  Proc. 92-29 and provides new rules and conditions for implementing the optional safe harbor method of accounting for real estate developers to determine when common improvement costs may be included in the basis of individual units of real property (units) in a real property development project held for sale to determine the gain or loss from sales of those units (Alternative Cost Method). Rev. Proc. 2023-9.
  • Individual Tax. IRS modifies Notice 2023-1 by revising the vehicle classification standard that Treasury and the IRS intend to propose in regulations under I.R.C. § 30D for classifying vehicles as vans, sport utility vehicles, pickup trucks, and other vehicles for purposes of the clean vehicle credit. Notice 2023-16.
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• The Practical Guidance Journal Climate Change Special Edition features guidance on insuring for climate change, renewable energy initiatives, and a guide for public and private projects related to sea level rise.
• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content. 
• Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: NFTs, Cannabis, COVID-19, and more.
• Check out the new Practical Guidance Author Center! Learn about the 1750+ leading attorney authors contributing to our 22 practice areas and find out how you can Become a Practical Guidance Author. 

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  • KPMG Report: Section 163(j) Considerations on the Disposition of Partnership Property and Partnership Interests
  • SECURE 2.0 Impact on Retirement Plan Compliance and Administration
  • Using Trusts to Hold and Sell Qualified Small Business Stock
  • KPMG report: Accounting Method Changes to R&E Expenses under Rev. Procs. 2023-8 and 2023-11
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