The IRS on Wednesday provided a safe harbor under the Sec. 45W commercial clean vehicle credit for commercial vehicles placed in service in 2024 (Notice 2024-5).Under the safe harbor, the credit will ...

Section 179 of the tax code states that vehicles with a gross vehicle weight rating (GVWR) of over 6,000 pounds are eligible for an immediate business tax deduction of up to $25,000.

Additionally, the battery capacity has to be at least 7 kWh if the gross vehicle weight rating is less than 14,000 lbs or at least 15 kWh if the GVWR is 14,000 lbs or more.

Correction January 4th, 2023, 1:08PM ET: A previous version of this article incorrectly connected the IRS’ gross vehicle weight ratings to EV tax credit eligibility. An analyst quote was also added.

· Vehicle Identification Number and taxable gross weight of each vehicle. ... Internal Revenue Service, P.O. Box 932500, Louisville, KY 40293-2500. Vehicle registration date.

New EV Tax Credits for 2025: Every Electric Vehicle Incentive. ... Have a gross vehicle weight rating (GVWR) of less than 14,000 pounds. Be made by a qualified manufacturer.

New guidance from the IRS in Notice 2024-05 provides a safe harbor for certain vehicles. New guidance from the IRS in Notice 2024-05 provides a safe harbor for ... an incremental cost analysis of ...