WASHINGTON — The U.S. Treasury Department on Friday said it has modified how it is classifying vehicles that are subject to price caps in the Inflation Reduction Act's tax credit for consumers buying ...

Consumers and automakers have succeeded in convincing the U.S. Treasury Department to reassess how it classifies electric vehicles for the purposes of applying tax credits. That means, for example, ...

The saga of the federal electric vehicle tax credit overhaul continues as the Treasury Department announced today that the classification system used to determine if a vehicle qualifies for a credit ...

Previously, certain versions of Tesla’s crossover SUV, as well as several other EVs, were being classified as sedans and therefore weren’t eligible for the $7,500 credit. But now the Treasury is ...

The IRS said Friday in Notice 2023-16 that it will change the vehicle classification standard used to determine whether a vehicle is a van, SUV, pickup truck, or other vehicle for purposes of the ...

The Cadillac Lyriq luxury EV crossover now qualifies for a federal clean vehicle tax credit following updated vehicle classification standards from the U.S. Treasury Department. The U.S. Treasury ...

The Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle ...

In January, we shared a 2023 IRS Guide to the $7500 Clean Vehicle Tax Credit, noting that changes were expected. This post reflects the latest changes made on February 3, 2023 with additional guidance ...