Phase-out of Credit for Plug-in Electric Drive Motor Vehicles
Notice 2019-22 announces the credit phase-out schedule for new qualified plug-in electric drive motor vehicles sold by General Motors, which sold more than 200,000 vehicles eligible for the credit during the fourth quarter of 2018, thereby triggering a phase-out. Qualifying vehicles by the manufacturer are eligible for a $7,500 credit if acquired before April 1, 2019. Beginning April 1, 2019, the credit will be $3,750 for General Motors’ eligible vehicles. On October 1, 2019, the credit will be reduced to $1,875 for the next two quarters. After March 31, 2020, no credit will be available.