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- Clean Vehicle Credit - Corporation - Please help!
Clean Vehicle Credit - Corporation - Please help!
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mattgutz
Level 3
10-15-2024
08:13 AM
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I have a client that purchased a Rivian in 2022 (prior to August 15, 2022) and took delivery in 2023. The vehicle is eligible for the Clean Vehicle Credit. I can not get the $7,500 credit to come through on the 2023 Form 1120!
What am I missing?
Thank you in advance!!
1 Comment 1
qbteachmt
Level 15
10-15-2024
12:38 PM
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You might be spanning too many years?
"If you entered a written binding contract to buy a vehicle after December 31, 2021, and before August 16, 2022, but took delivery on or after August 16, 2022, you may elect to claim the credit based on the prior rules. To elect the credit under the prior rules you must elect the credit on your 2022 tax return after you take delivery of the vehicle. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return."
The following rule is:
"If you purchased a vehicle between August 16, 2022 and December 31, 2022 but don't take delivery of the vehicle until 2023..."
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