Public comments on Inflation Reduction Act

Discussion in 'Fred's House of Pancakes' started by bwilson4web, Oct 23, 2022.

  1. bwilson4web

    bwilson4web BMW i3 and Model 3

    Nov 25, 2005
    Huntsville AL
    2017 Prius Prime
    Prime Plus
    Pasted from another forum:

    If you have questions or comments for the IRS or Treasury Secretary about the Inflation Reduction Act as it applies to clean vehicles (EVs, PHEVs, fuel cell), please submit them to the IRS by 11.4.22. To access the PDF, go to Inflation Reduction Act of 2022 | Internal Revenue Service then click on <Notice 2022-46> and download the PDF (21 pages). At the very end of the document there are instructions for submitting your comments and identifying areas which need clarification. One thing that has been unclear from the beginning is whether the tax credit will be refundable or non-refundable. The old tax credit was non-refundable, meaning the amount was limited to the amount of the tax liability. So if the tax credit was $7500 but the taxpayer liability was only $2,000, the credit was only $2,000 - and the balance of the credit could not be carried forward to future tax returns. This needs clarification in the Inflation Reduction Act. The more people who submit this as a question, the more likely it will be addressed.

    This is the time for public comment with your questions and requests for clarification for the Inflation Reduction Act and the soft deadline is 11.4.22.

    Bob Wilson
    ammdb likes this.