IRS Issues Final Regulations on Qualified Electric Vehicles and Clean Fuel Properties

Summary

The Internal Revenue Service (IRS) has released final regulations on the definition of qualified electric vehicles, the recapture of tax credits for these vehicles, and the recapture of deductions for clean-fuel vehicle properties, including refueling stations. These changes, made by the Energy Policy Act of 1992, affect taxpayers who own qualified electric vehicles, clean-fuel vehicles, and clean-fuel vehicle refueling properties.