The tax credits provided in the Inflation Reduction Act, specifically 26 U.S.C. § 30C and § 45W, are critical to many ZETA members and will help ensure the continued availability of products necessary for a fully-electrified transportation sector. ZETA provided guidance on how to appropriately define several key terms and concepts in the legislation such as “comparable in size and use,” “property of a character subject to an allowance for depreciation,” “single item” and “eligible census tract.” Additionally, ZETA urged Treasury to require the IRS maintain data on taxpayers claiming tax credit under 30D and interpret the phrase “significant extent” to describe vehicles that can operate solely on battery power. ZETA also provided guidance on factors and definitions of qualified alternative fuel vehicle refueling property that is also bidirectional charging equipment. Full text here.
