In the case of a qualified buyer who during a taxable year places in service a previously-owned clean vehicle, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the lesser of-
No credit shall be allowed under subsection (a) for any taxable year if-
For purposes of paragraph (1)(B), the threshold amount shall be-
For purposes of this subsection, the term "modified adjusted gross income" means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933.
For purposes of this section-
The term "previously-owned clean vehicle" means, with respect to a taxpayer, a motor vehicle-
The term "qualified sale" means a sale of a motor vehicle-
The term "qualified buyer" means, with respect to a sale of a motor vehicle, a taxpayer-
The terms "motor vehicle" and "capacity" have the meaning given such terms in paragraphs (2) and (4) of section 30D(d), respectively.
No credit shall be allowed under subsection (a) with respect to any vehicle unless the taxpayer includes the vehicle identification number of such vehicle on the return of tax for the taxable year.
For purposes of this section, rules similar to the rules of section 30D(f) (without regard to paragraph (10) or (11) thereof) shall apply for purposes of this section.
Rules similar to the rules of section 30D(g) shall apply.
No credit shall be allowed under this section with respect to any vehicle acquired after December 31, 2032.
26 U.S.C. § 25E
EDITORIAL NOTES
REFERENCES IN TEXTThe date of the enactment of this section, referred to in subsec. (c)(2)(C), is the date of enactment of Pub. L. 117-169, which was approved Aug. 16, 2022.
AMENDMENTS2022-Subsecs. (f), (g). Pub. L. 117-169, §13402(b), added subsec. (f) and redesignated former subsec. (f) as (g).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE Pub. L. 117-169, §13402(e), Aug. 16, 2022, 136 Stat. 1964, provided that:"(1) IN GENERAL.-Except as provided in paragraph (2), the amendments made by this section [enacting this section and amending this section and section 6213 of this title] shall apply to vehicles acquired after December 31, 2022."(2) TRANSFER OF CREDIT.-The amendments made by subsection (b) [amending this section] shall apply to vehicles acquired after December 31, 2023."
- joint return
- The term "joint return" means a single return made jointly under section 6013 by a husband and wife.
- person
- The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.
- taxable year
- The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.
- taxpayer
- The term "taxpayer" means any person subject to any internal revenue tax.