This article will assist you with entering information related to the Qualified Plug-in Electric Drive Motor Vehicle Credit in the Corporate return.
There aren't any inputs related to this credit under Depreciation.
NOTE: Changes made to Form 8936 for TY23 include:
- A new clean vehicle credit for new electric vehicles meeting specific requirements
- A credit for previously owned clean vehicles
- A credit for qualified commercial clean vehicles
Tax-exempt and governmental entities may also elect to treat their credits as a payment of income tax. However, credit for plug-in electric-drive motor vehicles is no longer available for vehicles placed in service after 2022 and final assembly of the vehicle must occur within North America for vehicles purchased after August 16, 2022. See here for more details.
Follow these steps to enter information about the Qualified Plug-in Electric Drive Motor Vehicle Credit :
- Go to Input Return ⮕ Credits ⮕ General Business Credits (3800).
- Scroll down to Qualified Plug-In Electric Drive Motor Vehicle Credit (8936).
- Enter the applicable information in the Vehicle information, date placed in service, Kilowatt hour capacity, phaseout and business use (Click to expand) field.
- Enter an override for the credit amount in the Qualified plug-in electric drive motor vehicle credit [Override] field, if applicable.
For tax year 2023, Form 3800 is undergoing a major IRS rewrite that expands the form to 8 pages. This form is still in development, pending a future release. Form 1120S and 1065 filers that require Form 3800 may want to consider filing extensions.