Form 8910 - Alternative Motor Vehicle Credit

Use Form 8910 to figure your credit for alternative motor vehicles you placed in service during your tax year. The credit attributable to depreciable property (vehicles used for business or investment purposes) is treated as a general business credit. Any credit not attributable to depreciable property is treated as a personal credit.

Grant Deadline

Deadline not available

Funding Amount

Deadline not available

Type of Grant

Tax Credit, Market Expansion

Sectors

Automotive, Transportation

Demographics

Incorporation

For Profit

Perks

Region Restriction

This grant is restricted to whole of United States

Keywords

transforming, tax credit, property, Media/Arts, Regulatory, Attributable, Investment Purposes, Depreciable, Alternative Motor, Motor Vehicles

Age Restriction

This grant is age restricted from 18 to 100

Eligibility and Requirements

An alternative motor vehicle is a vehicle with at least four wheels that qualifies as a qualified fuel cell vehicle.

Qualified fuel cell vehicle. This is a new vehicle propelled by power derived from one or more cells that convert chemical energy directly into electricity by combining oxygen with hydrogen fuel, and that meets certain additional requirements.

Certification and other requirements. Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. The manufacturer or domestic distributor should be able to provide you with a copy of the IRS letter acknowledging the certification of the vehicle.If, however, the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement.If you purchased a vehicle and its certification was withdrawn on or after the date of purchase, you can rely on such certification even if you had not placed the vehicle in service or claimed the credit by the date the withdrawal announcement was published by the IRS. The IRS will not attempt to collect any understatement of tax liability attributable to reliance on the certification as long as you purchased the vehicle on or before the date the IRS published the withdrawal announcement.The following requirements must be met to qualify for the credit.

• You are the owner of the vehicle. If the vehicle is leased, only the lessor and not the lessee is entitled to the credit.
• You placed the vehicle in service during your tax year.
• The original use of the vehicle began with you.
• You acquired the vehicle for use or to lease to others, and not for resale.
• You use the vehicle primarily in the United States.

Exception. If you are the seller of an alternative motor vehicle to a tax-exempt organization, governmental unit, or a foreign person or entity, and the use of that vehicle is described in section 50(b)(3) or (4), you can claim the credit, but only if you clearly disclose in writing to the purchaser the amount of the tentative credit allowable for the vehicle (from line 6 of Form 8910). Treat all vehicles eligible for this exception as business/investment property. If you elect to claim the credit, you must reduce cost of goods sold by the amount you entered on line 6 for that vehicle.

Grant Application website

https://www.irs.gov/instructions/i8910

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